The Best Thing to Do When You Receive an Inheritance Highlights From ‘Wealth From Wisdom Radio’
You’re receiving an inheritance — here’s what you need to know.
beneficiaries. We don’t always think about what we as beneficiaries need to do when we receive the inheritance. Too often, people look at money and think, “How can I spend this?” And they end up spending it right away, often on things they wouldn’t ordinarily buy with their own earned money. In reality, the first thing you should do is nothing . If you get the money on a Tuesday, it will still be there on Wednesday. It’s not going to go anywhere if you sit on it for a while. You need to give yourself a financial time out. Don’t spend, don’t quit your job, and don’t do anything impulsive or out of the ordinary. Give a lot of thought to your next step and what you really want to do with that money. That is to say, develop a plan.
For instance, if you want to pay off debt, plan for that. A lot of people also see an inheritance as an opportunity to pay off all their debt and rush into it. Paying off all your debt might not be the best move. That isn’t to say paying off debt is a bad idea, but having a plan will make a huge difference. You might put together a plan that eliminates your high-interest credit-card debt but keeps your mortgage intact. A financial advisor will help walk you through the process to determine your best next step. After all, when you receive an inheritance, you want to be a good steward for that money. Someone worked hard for that money and would probably like to see it passed on to be used in the best way possible.
Over the next several years, baby boomers will inherit north of $11 trillion from their parents, the “greatest generation.” At the same time, 1 in 3 people who end up with that inheritance will be broke within two years of receiving it. While most of us don’t think about it until the time comes, inheriting money can be a lot of work for the beneficiary. It takes serious planning to avoid overspending or ending up in debt, as host Paul West and special guest Jeremy Willner discuss in this edition of “Wealth From Wisdom Radio,” dated 06/02/2018 (WealthFromWisdomRadio.com). Think about it. When a person is putting together trusts or a will, they’re planning for the future of their family or other
Sudoku
Grilled Leg of Lamb
INGREDIENTS •
1 4–5-pound boneless leg of lamb, not butterflied
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8 cloves garlic, smashed and coarsely chopped
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1/4 cup extra-virgin olive oil
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2 tablespoons fresh rosemary, minced
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Salt and pepper, to taste
INSTRUCTIONS 1. On a large cutting board, cut between the muscles on the leg of lamb to divide into 4 pieces, pulling apart with your fingers if need be. 2. In a mixing bowl, combine olive oil, garlic, and rosemary. Add lamb and toss to coat. Marinate for 4 hours at room temperature. 3. Heat grill to medium-high. Season lamb with salt and pepper and grill until lamb reaches an internal temperature of 130 F (medium rare). Cook time will vary depending on size of lamb pieces. 4. Let lamb rest, covered with tin foil, for 15 minutes. Slice thinly and serve.
Answer on page 4
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