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It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
SEE MORE How Much of Your Estate Will Be Lost to Taxes?
I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
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ON A nippy January evening, Clare walks the streets of north London, armed with a file of addresses and maps. She wants to interview people for Britain's Labour Force Survey (LFS), which is the basis for a host of important economic statistics including the unemployment rate. Her job, like that of many surveyors across the rich world, has been getting harder.
Corralling interviewees has always been tough, particularly in London. Clare sometimes feels like a private detective as she befriends porters to enter gated communities. "It was the rule to be welcomed in, whereas now you can't count on it," she says. Of the five doorbells she rings, the most positive answer is that now is "not a good time". Clare is hopeful about the phone call arranged for the following day.
Response rates to surveys are plummeting all across the rich world. Last year only around 43% of households contacted by the British government responded to the LFS, down from 70% in 2001 (see chart). In America...Continue reading
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