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Dianne Williams Wildt, MBA

Certified Retirement Counselor®

Since 1983 in the financial services and investment industry

 

Retirement Pathways, Inc.

4500 Bowling Blvd., Suite 100

Louisville, KY 40207

 

Phone:  502-797-1258

 

Email: dianne@retirementpathways.com

Website: www.retirementpathways.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


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Investment advisory services offered through American Capital Management, Inc., a State Registered Investment Advisor. Retirement Pathways, Inc. is independent of American Capital Management, Inc.
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