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Eileen M. Carrero, CPA
Financial Advisor, CPA
Eileen Carrero Financial Services, LLC
Wealth Management, Tax & Accounting
4917 West 144th Place
Midlothian, IL 60445
Phone: 708-489-1035
Fax: 708-489-1036
Email: eileen.carrero@ceterafs.com
Website: www.myecfs.com
September/October 2025
Preserving an Inheritance
A sudden inheritance can catch you off guard. One minute your life is status quo; the next minute, you have additional assets to plan for. While it may be tempting to spend your windfall, take a step back. Reckless spending has decimated many an inheritance, so sit down with your financial professional to develop a plan for managing and preserving your wealth. Here are a few ideas to get started.
Stash the cash in a money market account or other short-term investment until you have a plan in place.
Create a saving and investment plan. If you don't have an emergency fund with 6-to-12 months of living expenses, start there. Invest extra money in investment vehicles that reflect your time frame and risk tolerance.
Pay off personal loans and credit card debt, and don't run up new debt.
Plan a legacy that leaves wealth to your loved ones or to charity. An estate planning attorney can help you navigate the options to minimize any tax bite.
Splurge just a little. Setting aside some money to spend on yourself can keep you from feeling deprived.
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