Transition Planning For Inheritors

Making the Most of Your Gift

Receiving an inheritance or life insurance proceeds can be quite overwhelming. The idea of receiving a large sum of money may seem exciting, but the reality can be much different. Typically someone close to you has passed away, so you might still be grieving. You might be pressured to share money with relatives, or sense that those around you have ulterior motives. You aren’t sure who to trust or what to do.

During this transition, it’s important to seek the advice of a trustworthy financial planning firm that specializes in financial transition planning for those who have received an inheritance. At the Enrichment Group, we want to guide you to make wise financial decisions that will protect not only your money, but also your future. That is why we offer financial planning services for inheritance situations, to help you manage your financial transition after receiving an inheritance.

Answering Tough Questions about Money Management and Inheritance

It’s common to have tough questions about money management and receiving an inheritance. As a part of our financial planning services for inheritance, we will help you answer your questions, like:

  • What should I do with my inheritance?
  • Will there be taxes due?
  • Should I spend, save, pay off debt or invest?
  • How can I protect my inheritance?
  • How should I deal with family members who want to share my inheritance?
  • Should I share this with my spouse or should I keep it separate?
  • Should I continue working or consider retirement?


Antonio & Carmen

Just Receieved an Inheritance

Antonio & Carmen are new parents, and they truly enjoy caring for their six-month old Marcus. Carmen recently returned to work after taking a 3-month maternity leave, but she would really like to work part-time.

In the midst of everything, Carmen has just received a sizeable inheritance from her grandfather’s trust and they aren’t quite sure how to spend it.

  • Should they invest it to provide income and growth so Carmen can stay at home part-time?
  • Should they make a down payment on the new house they’ve been thinking about, even though it comes with a higher mortgage?
Not sure what to do with your inheritance?

Contact the Enrichment Group for Advice >>

The Transition Process for Receiving an Inheritance

Our team has extensive experience helping clients make wise choices after receiving an inheritance. Our experienced and credentialed financial planners will guide you through our proven step-by-step Transition Process, which has been used for more than 26 years to help clients protect their inheritance future.

Here’s a glance of what the process might look like if you’ve recently received an inheritance:

Step 1: Evaluate

Assess the Situation

What is the situation? What does this mean for your life? When do you expect to get the money?  Where will you put it? Do you have or need a team of advisors?

Step 2: Organize

Categorize the Situation into Logical Groups

  • Investments: What decisions need to be made? How much should remain in cash and CD’s? How should you invest?
  • Protection: What steps need to be taken to protect your new wealth? Do you have adequate liability coverage?
  • Cash Flow: Should you pay off debt? Should you stop working? What can you afford to do?

Step 3: Prioritize

Define what is Urgent and Important

Which decisions need to be made now, and which ones can wait until later? Protection, taxes and initial investment decisions are important.

Step 4: Stabilize

Deal with the Most Critical Issues

Have we made all of the critical decisions and taken those immediate steps? Do you have your team in place? Is your money protected?

Step 5: Insulate

Create a Decision-Free Zone

Take time to adjust to your new situation, to make your plans, to think about gifting and sharing. Set aside time to think, dream and assimilate to this sudden change in your life.

Step 6: Financial Life Planning and Investment Management

Start Planning & Living Your Goals

What dreams and goals are possible as a result of your inheritance? How will your life be different now? Will you move? Buy a new car or house? Give gifts to friends, family or charities? Will you continue to work? Is your estate plan current, accurate and adequate or will you need changes? Do you have the appropriate amount and types of insurance to protect your new status?

What rate of return do you need to achieve your goals? How much risk are you willing to take? How much risk can you tolerate? Will you need cash flow from your portfolio? What is an appropriate investment portfolio?

If you, or someone you know, is expecting or has received an inheritance and need a trusted advisor to help protect their wealth, please consider The Enrichment Group. You can give us a call at (305) 274-1600 or contact us online today.