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David P. McCabe,
WMCP®, ChFC®, CLU®
Financial Planner
Nathaniel D. High, RICP®
Financial Planner
Nicholas J. Over, CFP®
Financial Planner
Sara E. Martin
Client Relations Manager
Jennifer A. McCabe
Client Relations Specialist
jennifer.mccabe@prudential.com
Centuria Financial Group
2333 Baltimore Blvd Suite B
Finksburg, MD 21048
Phone: 443-952-7232
November/December 2022
Plan Carefully Around an Inheritance
You've probably heard stories about athletes and other famous people squandering their wealth and ending up broke and in debt. Spending money irresponsibly without having a strategy can quickly reduce millioins of dollars to zero. If you receive an inheritance, planning with the aid of your financial and tax professionals can help you preserve your windfall and honor your benefactor's legacy.
Avoid Emotional Decisions
The death of a loved one can cause a variety of emotions: shock, grief, sadness, and others. Before you make any decisions about what to do with an inheritance, take time to reflect on your loved one's life and contributions while you process the loss.Consider Your Options
Inheriting substantial assets can be life changing but only if you plan carefully. Your short - and long-term goals can help you determine yoru best options for using your new-found wealth.You could:
- Pay off debt
- Build up your emergency fund
- Retire your mortgage
- Put money in a college fund
- Add to your investments
- Give to charity
Assemble a Team
Put together a team of professionals to help you make prudent decisions that take taxes into account. The team might consist of your tax advisor, financial professional, an estate planning attorney, and your insurance agent. You could also add a real estate professional if you plan to buy or sell property.Beyond Cash and Investments
An inheritance often includes a house and its contents. Once you've chosen the items you want to keep, you'll need to find a way to dispose of the rest. Start by obtaining an appraisal for anything valuable, such as jewelry, artwork, or antiques. Ask the appraiser to recommend a buyer who might want to purchase some of these items. Then hold a garage sale or contact an estate liquidation company to dispose of the remaining contents of the house.Don't Forget to Treat Yourself
Set aside some of your inheritance to spend on yourself. You're more likely to stick with. your plan for your windfall if you don't feel deprived.1062044-00001-00
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Centuria Financial Group is not affiliated with Prudential Financial. Centuria Financial Group sells insurance products of Prudential Financial's affiliated insurance companies in addition to products of non-affiliated insurance companies. Centuria Financial Group is authorized to sell and service certain insurance products of Prudential Financial companies as well as use this material. Centuria Financial Group and its representatives do not give tax or legal advice. Please consult with your own advisors regarding your particular situation. Offering financial planning and investment advisory services and programs through Pruco Securities, LLC (Pruco), under the marketing name Prudential Financial Planning Services (PFPS), pursuant to a separate client agreement. Offering insurance and securities products and services as a registered representative of Pruco, and an agent of issuing insurance companies. 1-800-778-2255. Sara E. Martin and Jennifer McCabe are employed by David McCabe and not The Prudential Insurance Company of America or its subsidiaries.
This newsletter is general educational information provided by a Prudential Financial Professional and is not intended to market or sell any specific products and services, but rather provide general information about the subject matter covered only.
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