As an estate planning attorney, I have had the opportunity to work with numerous individuals who have inherited significant sums of money. While these lucky inheritors may be thrilled at the prospect of a windfall, they also face the challenge of managing and preserving their inheritance.
One such lucky individual was Jane, a young woman who inherited a small fortune from her great-uncle, a successful businessman who had no children of his own. When Jane came to me for help, she was overwhelmed by the size of her inheritance and wasn’t sure what to do with all the money. Working with Jane, we were able to develop a financial plan that allowed her to invest her inheritance wisely and secure her financial future. We also worked with Jane to create a will and other estate planning documents to ensure that her assets were protected and distributed according to her wishes.
Another lucky inheritor was John, a young man who inherited a large sum of money from his grandfather, a self-made millionaire who had built a successful business from the ground up. John was excited about his inheritance but was also concerned about preserving and growing his wealth. Working with John, we were able to create a financial plan that balanced his short-term needs with his long-term financial goals. We also helped John set up trusts and other estate planning tools to protect his assets and ensure that his wealth was passed down to his heirs according to his wishes.
But not all luck stories have such happy endings. Take the case of Emily, a young woman who inherited a large sum of money from her aunt, a successful author. Emily was thrilled to receive the inheritance and was eager to use the money to live a lavish lifestyle. However, she quickly discovered that she had no financial skills or knowledge, and she ended up squandering her inheritance on frivolous purchases and risky investments. When Emily came to me for help, it was too late to salvage her inheritance, and she was left with nothing but regret.
These stories illustrate the crucial role that luck can play in our lives and the importance of being prepared to manage and preserve an inheritance. Whether you are the recipient of a sudden windfall or the inheritor of a long-planned legacy, it is essential to have a solid financial plan in place and to work with a skilled estate planning attorney to ensure that your money is working for you and providing for your future. With the right planning and a little bit of luck, you can make the most of your inheritance and secure your financial future.
Schedule your FREE consultation today: mcelderlaw.com/scheduling or Call: 1-888-999-6600.
Greg McIntyre
Estate Planning & Elder Law Attorney
