Michael Milazzo photo

Michael A. Milazzo, CLU, ChFC

Registered Principal

 

The Meridian Financial Company

3350 Club Villas Dr SE, Unit #1303

Southport, NC 28461

 

Phone:  631-979-4223

Fax:      910-854-0002

 

Email: meridian@ae.cadaretgrant.com

Website: www.merfinco.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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Securities and Advisory Services offered through Cadaret, Grant & Co, Inc, a Registered Investment Advisor and Member FINRA/SIPC. The Meridian Financial Company and Cadaret, Grant & Co., Inc. are separate entities. I am registered to sell Securities in the following States: NY, NJ, PA, NC, FL, ID.
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