Got an inheritance?

Can you imagine getting $2 million in tax-free money in your checking account tomorrow? Getting an inheritance can be life-changing, but most individuals have never managed that kind of money and find that overseeing that money can be a daunting task! SIX POINTERS FOR MANAGING AN INHERITANCEMoney is not infinite. That means that it can quickly disappear if it isn’t managed correctly—even when you start with millions! Proper money management should be able to augment your lifestyle while also providing for your future.Before spending anything, you should establish a financial plan to help you manage the money wisely. A basic financial plan should detail how much money you should keep in reserve, how much you’ll spend on non-productive assets (such as cars and houses), and how much you’ll allocate towards investing.Beware of family and friends you never knew you had—they appear out of nowhere and will try to pull on your heartstrings to get a portion of your inheritance. While generosity is the pinnacle of wealth, be careful to only give from your excess and not your basis. On that note, never loan money to family or friends.When getting a significant inheritance, most people immediately think of living a celebrity lifestyle—nice cars, a large house, yachts, tons of clothes, etc. The problem is that those things will drain the money instead of keeping it going.It would help if you surrounded yourself with wise advisors—a good CPA, attorney, and financial advisor are good to keep on speed dial. This point is especially true if you haven’t managed millions of dollars before. Not every professional is good at their craft, so interview many people before selecting your team.And lastly, don’t do anything reckless—consult wise individuals who are experienced in managing significant sums of money to help prevent you from doing something you’ll regret. Good luck with your inheritance, and congratulations!