The market goes up and down, and unless you want to become a trader, don’t try to time it. Updated Aug 12, 2019. I hope that you get a lot of value from my articles, and would love to hear from you! Doing so lets you continue enjoying tax-free growth, and it can help you pass along more money to your heirs tax-free when you pass away. An aunt who had no children left her only nephew and his wife a $500,000 inheritance. This will be reiterated again, but it cannot be stressed enough. New comments cannot be posted and votes cannot be cast, Press J to jump to the feed. Freedom from debt goes beyond your financial well-being to your emotional well-being as well. There are many ways to use a large inheritance, and we’ll look at several of them in this article. . Paying off a mortgage is a dead certain locked in return. Those on the receiving end of a generous bequest can make a real impact on their financial well-being, but only if they make the right choices in the short and long term. But again, spend your money as though you just received $500k, and I promise you that you will be back in nearly the exact same situation as you were before you received the inheritance. Start by paying your highest interest credit card debts and then move to car loans, bank loans and mortgages. Although withdrawals from Roth accounts might not be taxed, I still think converting these accounts to your name makes sense. Notify me of follow-up comments by email. So, pay off your debts and then you can play around with some of the leftover money to see what you can do. Rental properties are a fantastic option provided that the housing market goes up after you purchase the property. First thing is do absolutely nothing. As I finish out 2014 I will have more serious decisions to make regarding cash that is sitting in my business PLLC SCORP account untouched. If you were to follow this path, you will essentially be debt free looking to the future, with huge potential to save on a salary of $750k/year if that's sustainable. To reduce the risk of that happening to you, don't be afraid to lean on your team of advisors as a go-between. Here are some tips for building your team: Are you inheriting a trust? You need a plan. There are many ways to use a large inheritance, and we’ll look at several of them in this article. It can be incredibly tempting to start spending your inheritance right away, but it can be smarter to establish a "spending timeout" instead. Also, don't forget to provide the trustee with your contact information so that you can receive regular updates on the trust's investments and performance.
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