How to Make the Most of Your Inheritance & Avoid the Pitfalls - E15
Michael and Brady delve into the complexities of managing an inheritance. They guide listeners through the steps of handling an inheritance wisely—from understanding what assets are inherited to aligning the windfall with personal financial goals and avoiding common pitfalls. The episode emphasizes the immense $84 trillion wealth transfer expected by 2045 and the importance of planning for both the giver and the receiver. Key topics include maintaining emotional discipline, understanding tax implications, and the necessity of clear communication within families. Key takeaways and actionable steps are highlighted to ensure listeners can make purposeful financial decisions that align with their long-term goals.
Key Takeaways:
• What are the key steps you should take immediately after receiving an inheritance?
• How can understanding the types of assets you inherit affect your financial planning?
• Why is it important to seek professional advice before making decisions about your inheritance?
Key Timestamps:
(00:00) - The Emotional Impact of Inheritance
(03:57) - Statistics and Trends in Inheritance
(08:33) - Proactive Planning and Communication
(14:15) - Steps to Take After Receiving an Inheritance
(21:31) - Understanding Different Types of Inherited Assets
(24:10) - Key Considerations for Inherited Assets
(32:54) - Immediate Gratification
(37:10) - Common Pitfalls in Inheriting Money
Key Topics Discussed:
Financial Fortitude, Genesis Wealth Planning, Brady Hemmerle, Michael Acosta, financial wellness, wealth building, financial psychology, financial advisor, finance therapist, student loan debt, finance guidance for high earners, business owner finances, inheritance, financial windfall, financial goals, managing inheritance, windfall proceeds, legacy, wealth transfer, financial plan, estate planning, tax efficient, financial success, cash flow, investment account, financial decision.
Mentions:
Website: https://www.genesiswealthplanning.com/
Michael’s LinkedIn: https://www.linkedin.com/in/michaelracosta/
Brady’s LinkedIn: https://www.linkedin.com/in/brady-hemmerle-cfp%C2%AE-75043013a/
Financial Health Checkup: https://www.livingbalancesheet.com/lbsVision/lite/michaelracosta
This podcast is for informational purposes only and is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary. Therefore, the information should be relied upon only when coordinated with individual professional advice. Guest speakers and their firms are not affiliated with or endorsed by PAS, Guardian, or Genesis Wealth Planning and opinions stated are their own. Guardian, its subsidiaries, agents, and employees do not provide tax, legal, or accounting advice. Consult your tax, legal, or accounting professional regarding your individual situation. All investments and investment strategies contain risk and may lose value.
Michael Acosta is a Registered Representative and Financial Advisor of Park Avenue Securities LLC (PAS). OSJ: 6115 PARK SOUTH DRIVE, SUITE 200, CHARLOTTE NC, 28210, 704-5528507. Securities products and advisory services offered through PAS, member FINRA, SIPC. Financial Representative of The Guardian Life Insurance Company of America® (Guardian), New York, NY. PAS is a wholly owned subsidiary of Guardian. Genesis Wealth Planning is not an affiliate or subsidiary of PAS or Guardian. CA Insurance License # 0M50974. 7237198.2 Expiration 2/27.
