Financial Strategies to Consider When Inheriting Money

In this episode, I discuss some of the financial strategies you can implement into your own personal finances as the recipient of a financial windfall from a parent.

More specifically, I discuss:

• Strategies when inheriting property from a parent
• Strategies when inheriting cash and investments from a parent
• Tax considerations and planning when inheriting various types of assets
• How and why these strategies may be beneficial to you
• How to incorporate these strategies into your own personal finances
• Avoiding reckless spending and burning through a potential inheritance

Resources:

• Retired-ish Newsletter Sign-Up
• Begin Creating Your Own Financial Map After An Inheritance
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!
• Get Episode Show Notes Here

The key moments in this episode are:

00:00:00 - Incorporating an Inheritance into Your Life

00:01:46 - Strategies for Inheriting Property

00:06:47 - Selling Inherited Property

00:11:31 - Managing Cash Proceeds

00:14:46 - Allocating Inherited Money 

00:15:55 - Tax Planning and Roth IRAs

00:18:14 - Benefits of Funding Roth IRAs

00:20:36 - Inheriting Pretax Retirement Accounts

00:25:13 - Having a Plan for Inherited Money