When you think of the transfer of wealth and mistakes that come from this, your mind drifts to news articles of famous people who died without a will or estate plan. This is definitely a mistake but not a common one.
You have just received an inheritance. What do you do now? You could spend it on some extravagance, but you would be better off doing two things first: assessing the tax ramifications and thinking about some investment options.
As baby boomers move into and through retirement, they will pass on substantial wealth to younger generations. This financial shift will impact each generation (and each family) differently, but we’re likely to see a few common themes and trends emerge.