I’m receiving an inheritance
Depending on the size of your inheritance, you will need to make a plan for your new financial situation.
Rethink your finances – There are many options when it comes to an inheritance. Paying off high interest debt is a good place to start. Decide what debts you want to pay off first. If you have enough money, consider paying off multiple debts or funding your child’s college savings plan. Maybe the inheritance is large enough to supplement or replace your current income – or provide for future income. What does all this mean from a tax perspective? Your Customer Service Representative can connect you with a financial advisor who can help you make the best decisions for your situation.
Evaluate insurance – Consider whether you should carry insurance to replace your income in the event that something unfortunate happens to you. Your inheritance may reduce or eliminate your need to have this. At the same time, you may want to consider an umbrella liability policy to protect your assets in the event someone sues you.
Investigate estate planning – At the very least, you should update your will. You may want to consider other planning tools such as a living trust that helps you save on taxes and pass more of your wealth on to your beneficiaries.
The information provided in these articles is intended for informational purposes only. It is not to be construed as the opinion of Central Bancompany, Inc., and/or its affiliates and does not imply endorsement or support of any of the mentioned information, products, services, or providers. All information presented is without any representation, guaranty, or warranty regarding the accuracy, relevance, or completeness of the information.