Financial Advice for Inheritance

What is the best use of an inheritance or other windfall?

Handled properly, the money or asset can boost your retirement savings, give you financial security, finance a career change or college for the kids, or just let you have a little fun.

Before you rush out and spend all of the money, think about the following questions:

  • What are your medium and long-term goals?
  • What debts do you have?
  • What assets or investments do you already have?
  • How close to retirement are you?
  • How much super do you have?
  • How do you think your benefactor would have liked it to be used?

How can financial advice help?

  • Determine any tax consequences on the inheritance received.
  • Work out what records you need to keep.  The Australian Tax Office has a good guide on records you may need to keep should you inherit.
  • How to protect your inheritance.
  • Determine the best use of the inheritance or windfall taking into account your goals and current circumstances.

Make sure you’re being smart with your money and if you would like further information, please download the free White Paper. If you would like specific and personal advice on the best uses for your inheritance or other windfall, contact Prudentia Financial Planning today for a free initial consultation.

Sofie Korac is an Authorised Representative (No. 400164) of Prudentia Financial Planning Pty Ltd, AFSL 544118 and a member of the Association of Financial Advisers.

Financial Advice Sydney and the North Shore Office based in Gordon NSW

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