Rubino & Liang Wealth Partners

You’ve Inherited Money, Now What Should You Do?

If you’ve recently inherited money, you might be feeling a lot of emotions.

Losing a loved one is hard, and you need time to process the loss of your loved one, but an inheritance can improve your financial situation, help offer peace of mind, and it can also remind you of your loved one’s legacy and how much they cared for you.

Sometimes people who receive an inheritance don’t know how to properly manage it, so in this episode of After The Paycheck, Sam and Adam discuss:

  • the types of inheritance you might receive
  • your options for each type
  • how you might want to think about your estate planning strategy going forward


Understand The Type Of Inheritance You’ve Received

It’s also important to consult a professional so you understand what type of inheritance you’ve received. Knowing the type of inheritance you’ve received involves understanding how to access the inheritance, any taxes that may be associated with it, and what your options are to move forward.

Common types of inheritances include:
  • A trust account or cash
  • A retirement account such as an IRA or 401(k)
  • A house or other property
Take Account Of Your Financial Situation

Once you understand the type of inheritance you’ve received, you’re in a better position to align your plans for the inheritance with your other financial/retirement goals.

For example, you might be debt-free and have a comfortable emergency fund, but there are other areas in your life you may need to catch up on, such as:

  • Contributing/catching up on your retirement accounts
  • Paying down your mortgage
  • Saving for your (grand)children’s college education
  • Giving to a charity or foundation you care deeply about


Flipping the script

Now that we know what it is like to RECEIVE an inheritance – you may now be thinking about how you want to bequeath your assets TO your loved ones after you pass. What are the first steps you should take? Sam and Adam discuss on the video:

  • How soon (or late) into life should you start thinking about setting up your estate plan?
  • Are the actions you take final? What if you want to change something?


Looking for easy access to the audio of these episodes?

You should subscribe to the After The Paycheck Podcast!

Head to where you stream your podcasts and search for “After The Paycheck” to take the audio from these episodes on the road. Enjoy!

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Thinking about your retirement situation?

Let’s chat. Find a time on our calendar to reserve a 15 min. phone call with either Sam, John, or Ryan - we'll use this time to get to know you and your needs and talk about the retirement planning obstacles you may be facing.

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