A lot of people think that receiving their inheritance will solve all of their problems.

The fact of the matter is, your inheritance could end up hurting you.

One of my dear friends, and clients, inherited a large sum of money before he was ready to manage it. He chose to ignore my advice and ended up wasting it all on expensive, big ticket items like cars, a boat, and an RV.

Statistics show that 1 in 3 heirs will spend their entire inheritance within the first 24 months.

These heirs often walk away with more debt, a bigger house than they need or can afford, and multiple large purchases they can’t maintain.

If you are expecting an inheritance or already received one, here are 3 things you need to do:

1. First, be honest about what you want this inheritance to do for you and your family.
2. Secondly, talk to your family. Share your vision with them and hear what your loved ones have to say. What are their hopes for your future?
3. Lastly, talk to professionals. A fiduciary financial advisor can help you design a plan, grow your money, and make it work for you.

The money your parents or even grandparents pass on to you can be a tremendous blessing. But, if you’re not careful, you could end up more miserable in the long run.

Don’t let this happen to you.

Let’s schedule a quick phone call.

The post Unpopular Opinion: Your Inheritance Is Not Your Friend appeared first on AWM.

People often think that their last will and testament is the best way to manage and distribute their estate after death.

But is that enough to protect your heirs? Or, is it going to give them access to a large, unrestricted amount of cash?

One of my clients, that I worked with for many years, was so excited to share her life savings with her only child. Against my recommendation, she only wrote a will, leaving everything to her daughter in a large sum. Unfortunately, this heir spent all of her inheritance within just a few months.

In fact, 1 in 3 heirs will spend their inheritance within the first two years.

More often than not, they are not equipped to handle so much money suddenly and responsibly.

So, what’s my advice?

1. First, talk to your heirs about money. Share your intentions for the inheritance and make your wishes clear.
2. Secondly, set up a trust. This will preserve their inheritance, limit their spending, and will help in teaching your kids money management.
3. Lastly, seek professional help. Talk to an estate planning professional, who will educate you on various options to help your kids preserve their future.

Remember, you are investing in yourself and in your family. How awesome is it to leave an impactful inheritance?

With the right planning, you can set your loved ones up for success. If you have questions, schedule a quick call with me.

Let’s bless your children and leave an enduring legacy.

The post How to Protect Your Children from Financial Disaster appeared first on AWM.