Karen Petrucco Photo
Prudential Logo

1021223-00006-00

Advisor Name, designations

Financial Professional

 

Prudential Advisors

236 Broadway

Menands, NY 12204

 

Phone:  800-243-5334

Fax:      800-720-0780

 

 

Email: sales@ltmclientmarketing.com

Website: letstalkfinancialwellness.com

July/August 2024

Handling an Inheritance

3d man giving golden key to another person.

Millennials who are expecting a substantial inheritance from their baby boomer parents may be in for a surprise. Studies show a significant gap between what millennials expect to inherit and how much their parents plan to leave them.*


What’s Stopping Them?
Despite having accumulated more wealth than any other generation in history, boomers may be reluctant to consider passing that wealth to their children until they have a clearer view of their own future. Because people are living longer, the cost of potential long-term care is a major concern, as is the risk that inflation will reduce the buying power of their savings. Many baby boomer parents are supporting their children financially, as well, making planning problematic.


Nobody Talks About It
Whether you’re the parent or the child, you may dread talking about money. But it’s important for parents to discuss any plans they have in place with children. Wills, trusts, advance directives, and powers of attorney are legal documents that parents should have, and children should know they exist and where to find them.


When You Do Inherit
You’ve probably read about wealthy people who wind up penniless and in debt because they spent money haphazardly. If you do receive an inheritance, take steps to preserve it.


  • Put the bulk of the funds in a money market or high-yield savings account until you have a plan in place.

  • Assemble a team of professionals to help you, including a financial professional, CPA, and attorney.

  • Add to your emergency fund.

  • Pay off student loans, credit cards, and other debt.

  • Put a down payment on a house if you’re not already a homeowner.

  • Invest the rest of the money or add it to your retirement accounts.


Treat Yourself
Set aside a modest amount for a splurge. Spending some of the money on yourself can prevent you from feeling deprived and make it more likely you’ll stick with your plan.


*Alliant Credit Union, 2023


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

Life insurance is issued by The Prudential Insurance Company of America, Newark, NJ, and its affiliates. Securities products and services are offered through Pruco Securities, LLC (Pruco) (member SIPC). Prudential and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Prudential, the Prudential logo, and the Rock Symbol are service marks of Prudential Financial Inc., and its related entities, registered in many jurisdictions worldwide. Prudential Advisors is a brand name of The Prudential Insurance Company of America and its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
Prudential Advisors and LTM Marketing Specialists LLC are unrelated companies. This publication was prepared for the publication’s provider by LTM Marketing Specialists LLC, an unrelated third party. Articles are not written or produced by the named representative.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.