• calendar_month May 20, 2024
• folder Wealth Building

Managing an Inheritance: When Mom's Money Becomes Yours

Reaction to sudden wealth is not unusual. It is a big emotional and financial shock, and most people are not prepared. It is recommended that beneficiaries not make any financial decisions for the first six months because they are still grieving.

Research shows that more adult children may unexpectedly inherit wealth over the next two decades. The silent generation/baby boomers, born between 1928 and 1945, are expected to transfer significant wealth to their families. Most inheritances are less than $50,000, but boomers reaching 80 and beyond family members may begin inheriting more wealth.

Something to think about when that time comes. It is recommended that you take a long-term view because whatever you spend your inheritance on could change your life decades into the future.