By SJS Investment Services Senior Advisor Andrew Schaetzke, CFP®.
Suddenly receiving wealth can be life-changing, allowing you to make purchases or investments, pay down debts, and / or give you more financial freedom to accomplish your goals and dreams. At the same time, receiving a large amount of wealth can also complicate your life - financially, psychologically, and relationship-wise.
The good news is that you don’t have to figure out everything on your own. There are many good people and resources available that can help answer your questions and offer you guidance. By knowing some of the issues ahead of time, you may better handle the situation if you do ever find yourself with a lot more wealth.
To identify some considerations that may arise if you suddenly receive a large amount of wealth, we offer the guide below. From this, you may come away with answers and action items for the following:
How may surplus wealth impact my spending habits and annual cash flow?
What tax considerations should I be aware of?
Should I pay off or restructure certain debts, such as student loans, mortgages, family loans, etc.?
What long-term planning issues should I consider, such as philanthropy, gifting, retirement changes, etc.?
As always, we are here to help you evaluate your personal situation and help you better handle the present while also planning for the future. Please feel free to reach out to us if you have any questions.
Important Disclosure Information & Sources:
There is no guarantee investment strategies will be successful. Past performance is no guarantee of future results. Diversification neither assures a profit nor guarantees against a loss in a declining market.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide tax advice. Please consult your tax professional for specific advice. This material has been prepared for informational purposes only.
Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.
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