|
‘I think I could be done': Jon Jones gives update on UFC future MMA FightingUFC's Jones needs hip replaced, still wants fight at White House ESPNJon Jones Reveals That He Might Be 'Done' Fighting SherdogJon Jones Sends Concerning Message to Dana White as UFC White House Card Looms Sports Illustrated
|
|
3 Doors Down lead singer Brad Arnold dies at 47 BBCBrad Arnold, lead singer of Grammy-nominated rock band 3 Doors Down, dies at 47 cnn.comBrad Arnold, Rocker Who Fronted 3 Doors Down, Dies at 47 The New York TimesRockers Pay Tribute to 3 Doors Down Frontman Brad Arnold YahooTrump's Top Rock Foe Demands President's Arrest for Racist Video The Daily Beast
|
|
Moderate Republican willing to break with party is set to lead ICE hearing The Washington PostHomeland Security Immigrations & Customs Officials Testify at Oversight Hearing C-SPANColorado Congressman Gabe Evans to grill top immigration officials at congressional hearing cbsnews.com
|
|
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.
SEE MORE How Much of Your Estate Will Be Lost to Taxes?
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
|
|
