Three Essential Strategies for Managing Your Inheritance

Before you start spending your windfall, take some time to figure out your taxes, how you might invest and what your long-term plan looks like.

A couple smile as they work on paperwork at a desk, across from a financial adviser.
(Image credit: Getty Images)

Inheriting wealth can be a life-altering event. While it may seem like a straightforward financial boon, it comes with its own set of complexities and emotional nuances. Whether it's a modest sum or a significant estate, managing an inheritance responsibly requires careful thought and planning. Here are three key considerations to keep in mind when you find yourself the beneficiary of inherited wealth.

1. Understand the tax implications.

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Christopher C. Giambrone, CFP®, AIF®
Co-founder, CG Capital™

Chris Giambrone is a co-founder of CG Capital™, a boutique wealth management firm based in New Hartford, N.Y.  He is a CERTIFIED FINANCIAL PLANNER™ and Accredited Investment Fiduciary® (AIF®). Chris has also earned a Certificate in Retirement Planning from the Wharton School of Finance at the University of Pennsylvania.