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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.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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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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