Inherited money has its own unique challenges unlike other forms of sudden wealth. As a financial planner who specializes in inheritance planning and working with clients who come into money suddenly, I have seen what works well.
Many economic factors have taken their toll on seniors' nest eggs in recent years. Thus, if you were counting on a sizeable inheritance to help finance your own retirement, you may want to rethink that strategy.
Divvying up personal possessions among adult children or other loved ones is a task that many parents dread. Deciding who should get what without showing favoritism, hurting someone's feelings or causing a feud can be difficult, even for close-knit families.
To My Darling Children, I hope you don't mind, but your father and I are spending your inheritance. Actually, it doesn't matter if you do mind because we are spending it anyway and we don't need your permission to do so.
Money can bring power and security, but it also can bring insecurity. People who are rich never know if someone likes them for who they are or for their money. Many develop the attitude that everyone wants something from them, and they are often right.