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Stock futures fall after Trump team says tariffs will go into effect on Aug. 1: Live updates CNBCAsia stocks slip amid US tariff confusion, oil skids ReutersDow Jones Futures Fall: New Trump Tariffs Coming, But Here's The Real Deadline; Tesla's Musk Forms Political Party Investor's Business DailyWeek Ahead for FX, Bonds: Tariff Deadline, Asia Rate Decisions in Focus WSJ
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Oil prices fall as OPEC ramps up production; U.S. stock futures decline as tariffs to go into effect Aug. 1 MarketWatchOPEC members agree to larger-than-expected oil production hike in August CNBCOPEC's New Supply Shock Locks In Oil Market's Return to Surplus BloombergOPEC Plus Agrees to Pump More Oil in August The New York Times
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It's no surprise that many people who inherit millions of dollars are uncertain about what to do with their newfound wealth. The possibilities of becoming a multimillionaire overnight can be overwhelming, especially during a period when most are grieving the loss of a parent or other loved one.
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I often work with people in many different age groups who have suddenly become wealthy as the result of a windfall inheritance. While there is a need to develop a comprehensive financial plan, it's not the first step. Instead, I try to determine each person's starting point with money. Many people fall into one of three categories:
They are anticipating how they will handle their wealth, but the money hasn't yet arrived.They have their inheritance — often several million dollars — but they are still grieving the loss of a loved one and are looking for guidance on next steps.
The inheritance has been in their bank account for a long period, but they still lack direction and can't make any decisions.
It is important to listen to each person's personal story with a windfall of money. Losing an important person in your life is difficult, and reflecting on the impact that person made is just as important. Many people express a desire to do something to honor a parent's wishes.
Figuring out how to make the best use of an inheritance
Here is how I generally approach these conversations to help a person make the best use of their inheritance:
Define their relat
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