{"id":4660,"date":"2022-10-26T16:51:50","date_gmt":"2022-10-26T20:51:50","guid":{"rendered":"https:\/\/www.dupreefinancial.com\/?post_type=blogs&p=4660"},"modified":"2024-01-02T20:43:01","modified_gmt":"2024-01-03T01:43:01","slug":"inheritance-planning-how-an-advisor-can-help-you-manage-your-inheritance","status":"publish","type":"post","link":"https:\/\/www.dupreefinancial.com\/inheritance-planning-how-an-advisor-can-help-you-manage-your-inheritance\/","title":{"rendered":"Inheritance Planning: How an Advisor Can Help You Manage Your Inheritance"},"content":{"rendered":"

I know that inheritance planning might be the last thing on your mind right now.<\/p>\n

I\u2019m sorry for your loss\u2026<\/p>\n

And I know that reading, \u201cI\u2019m sorry for your loss\u201d, just doesn\u2019t quite fill the void.<\/p>\n

Grieving the loss of a loved one is the most painful experience that many of us will ever experience. And if you were fortunate enough to have received an inheritance, you can be filled with gratitude and pain. You may even feel like the funds don\u2019t even belong to you.<\/p>\n

When you look at your bank balance, you might even feel guilty about having so much in the bank. And it can be a constant reminder that you don\u2019t have them anymore.<\/p>\n

Consider the story of a young man named Dean, his dad died in 2017 and one of the first people to reach out to him was his dad\u2019s company. Between his dad\u2019s last paycheck, bonuses, stocks, and his dad\u2019s life insurance policy he received about $400,000. Years later, he reportedly still feels \u2018dirty\u2019 when looking at his bank account. It is a constant reminder that he doesn\u2019t have his dad anymore. And he doesn\u2019t know what to do with it.<\/p>\n

It is important to remember that it is, in fact, your money. But also consider what your loved one would want you to do with this inheritance. Through a free counseling session, a registered investment advisor can help you prevent major mistakes with the burden and gift of inheritance planning in several ways.<\/p>\n

Prevent Self Sabotage Through Proper Inheritance Planning<\/h2>\n

\"Inheritance<\/p>\n

One reason you should seek a financial advisor when planning your inheritance is to prevent self-destructive behaviors. If you are like that young man Dean, this may be the first time you have had a large amount of money to handle. If so, it can become overwhelming and may seem like an insurmountable sum. You may not have the skills necessary to properly manage these assets. And this mismanagement tends to fall into two categories.<\/p>\n

Don’t hoard cash<\/h4>\n

I am not telling you to not have an emergency fund of three to six months of expenses. I am telling you that you should. At this time, you may need to take time away from gainful employment to grieve. This is normal and healthy, don\u2019t feel guilty. What I am saying is that it is not in your best interest to leave funds that you don\u2019t need immediately invested in extremely low interest cash accounts. This is especially true today in a period of high inflation<\/a>. By leaving the money entrusted to you invested in cash, the real value of this inheritance may very well be eroded by inflation and at a rapid pace.<\/p>\n

Consider Dean for a moment. The $400,000 he received in 2017 without proper inheritance planning would be worth $327,440 <\/a>in 2022. Even though the market has fallen<\/a> this year, that same money invested in the S&P 500 in 2017 could have grown to over $736,000 for a real spending power of over $600,000. I am not telling you that the next five years will be as great as the past five because it is next to impossible to predict the future. However, by hoarding cash, you have very little chance to outpace inflation.<\/p>\n

Don\u2019t sit on cash!<\/strong><\/p>\n

Don’t take too much risk<\/h4>\n

There is an even more insidious activity that plagues the beneficiary\u2019s assets. Oftentimes, without proper inheritance planning, recipients take too much risk. This may be due to an unhealthy relationship with money from the start, or out of guilt. You will likely be inundated with all types of investment ideas from friends and family. And without a trusted advisor to rely on, you could have a very difficult time with two very important letters, \u201cN\u201d and \u201cO\u201d. You may even feel obliged to offer help, especially before you realize that it is your money. But it was entrusted to you for a reason.<\/p>\n

With a trusted financial advisor, you can at least have a chance to pause and say that you need to check with your money manager first and get a second unbiased opinion.<\/p>\n

We can say no for you.<\/strong><\/p>\n

Wait a Year Before Making Any Major Decisions<\/h2>\n

\"wait<\/p>\n

It is important to seek out a financial advisor quickly for inheritance planning. You need a trusted partner to help you manage your assets and get a plan in place as soon as possible. Other than investing wisely, it is also important to delay most other major decisions.<\/p>\n

This is an emotional time, and many times beneficiaries want to do \u2018something big\u2019 with the money. Family and friends have needs, and you may want to help.<\/p>\n

This bears repeating… we can say no for you!<\/strong><\/p>\n

But I have personally seen widows make large purchases for their grandchildren like a house or pay for their college education very quickly after receiving an inheritance. On the surface, it may even feel right to do this. But again, this is your money. Even though the amount you receive may feel so large that you couldn\u2019t possibly spend it, I have seen the money disappear time and time again.<\/p>\n

It is hard not to help, and I get it.<\/strong><\/p>\n

But don\u2019t let your emotions cripple your ability to live and give later in life.

Please seek consultation before you make any big decisions this first year.<\/p>\n

Selling Off Unaffordable Assets is Proper Inheritance Planning<\/h2>\n

\"unaffordable<\/p>\n

Another costly mistake I have seen beneficiaries make is keeping a large physical asset that they cannot afford. Oftentimes, an inheritance will take the shape of a house or a boat. If this has happened to you, you may want to keep it. This is a reminder of them and the times you have shared together. I understand the desire to keep the house, and there may be others that might apply emotional pressure to hang on to it. They may even say they will help.<\/p>\n

But a financial advisor can help you paint a realistic picture of your overall financial health. It may very likely be the case that you can afford it with proper inheritance planning. It might be that by investing in revenue-generating investments you can generate enough cash flow to maintain them. However, it might be possible that you need to liquidate the asset and convert it to long-term value-oriented investments.<\/p>\n

You won\u2019t know if you don\u2019t ask<\/strong><\/p>\n

Dupree Financial Group, LLC Can Help<\/h2>\n

\"\"<\/p>\n

We can help you create a comprehensive financial plan and help with your inheritance planning. At Dupree Financial Group, LLC, we have been helping hundreds of clients like you manage their investable assets for over 40 years. And we can do it for you too. It is imperative that you delay making any large decisions other than making wise investments with this inheritance. Get a hassle-free second set of eyes on your financial plan and rid yourself of the burden of making these decisions all on your own.<\/p>\n

Contact <\/a>us today.<\/p>\n","protected":false},"excerpt":{"rendered":"

I know that inheritance planning might be the last thing on your mind right now. I\u2019m sorry for your loss\u2026 And I know that reading, \u201cI\u2019m sorry for your loss\u201d, […]<\/p>\n","protected":false},"author":2,"featured_media":4494,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[17],"tags":[],"class_list":["post-4660","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog"],"acf":[],"yoast_head":"\nInheritance Planning: How an Advisor Can Help You Manage Your Inheritance - Dupree Financial<\/title>\n<meta name=\"description\" content=\"In this time of grief, I know that inheritance planning is the furthest thing from your mind. 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