How you can use your inheritance to increase your personal wealth

Inheritance is a valuable asset that can be used to increase personal wealth if managed carefully. Here are some ways to leverage an inheritance to increase personal wealth:

  1. Pay off debts: One of the best ways to use inheritance is to pay off debts. This can include credit card debt, student loans, and even mortgages. By paying off debt, you can improve your credit score, reduce your monthly expenses, and free up cash flow to invest in other wealth-building opportunities.
  2. Invest in stocks or real estate: Investing in stocks or real estate can be a great way to grow your wealth over time. By using inheritance to invest in high-performing stocks or real estate, you can potentially earn significant returns on your investment.
  3. Start a business: If you’ve always dreamed of starting your own business, an inheritance can provide the necessary capital to get started. Starting a business can be a great way to increase personal wealth and create a steady stream of income.
  4. Build an emergency fund: Having an emergency fund can provide a safety net in the event of unexpected expenses or income loss. Using inheritance to build an emergency fund can help you avoid going into debt when unexpected expenses arise.
  5. Invest in education: Investing in education can be a great way to increase earning potential and build wealth over time. Using inheritance to pay for higher education, professional certifications, or training programs can provide valuable skills and knowledge that can lead to higher paying jobs and increased income.

There are some more options to look at here.

SHARE ON
TwitterFacebookGoogle+BufferLinkedIn
My Husband has no Will and I worry about our future

A worried wife worries about what will potentially happen to her husband’s retirement property if he dies. He has left no Last Will and Testament in place, despite the wife’s constant prompts to get one done. The wife is understandably worried about their future.

In situations where someone dies without a will, their estate is distributed according to the laws of intestacy. These laws vary depending on where you live can be complex, but generally, they dictate that the deceased person’s assets will be distributed to their closest living relatives, such as their spouse, children, parents, or siblings.

Close relatives may be entitled to a share of the husband’s estate, depending on the laws of the state/province and the family’s specific circumstances. However, it is important to note that without a Will, the distribution of assets can be a lengthy and complicated process that can cause family disputes and other issues.

It is also important to gather as much information as possible about your spouse’s assets, debts, and financial affairs. This includes bank accounts, real estate, investments, retirement accounts, and any other assets they may have owned. This information will be needed to determine the value of the estate and to distribute the assets according to the laws of intestacy. 

Gathering all of this information may help the husband start to plan for his estate, or at the very least, start with his Last Will. The couple in question live in Florida. After 25 years of marriage, the husband still has not gotten his Will complete. Is she right to worry about their future? If the husband isn’t sick, then is this something to worry about at the very moment? What do you think? Check out the article below:

My husband bought a retirement property….

SHARE ON
TwitterFacebookGoogle+BufferLinkedIn
Elderly caregiver distraught over not inheriting family house

It can be a heartbreaking situation when an adult child takes care of their elderly parent, only to find out that they have been slighted by that elderly mom. In this case, an elderly caregiver, around the age of 60, is upset after learning that she won’t be inheriting her mother’s house. She is worried that she won’t be inheriting anything because her mother “doesn’t take initiative.”  After dedicating time, energy, and resources to ensuring their parent’s wellbeing, it can be difficult to come to terms with the fact that she feels slighted and used by her mother. 

The woman took a lower-paying job which allowed her the flexibility to take care of her mother, and she had very little time off. It’s no wonder that she is feeling left out. She is one of the invisible caregivers who spend a lot of time taking care of their parents. 

The elderly caregiver in question has a sister and a brother. The sister lives out of town and balked when the elderly mother wanted to leave behind her house to the daughter. The sister cited that it would be “unfair” to leave the house to the caregiver sister, who has spent over a decade taking care of her mother. 

While this may be difficult to accept, the decision is ultimately up to the mother in question. There is a good alternative, whereas the  caregiver in question could “suggest to   that she leave  a life estate where you remain in the house for the rest of your life, and then the house goes to your brother and sister, or your sister’s children.”

You can read about her situation here: 

“I’m so hurt! I might get nothing in my mom’s Will”

 

SHARE ON
TwitterFacebookGoogle+BufferLinkedIn
My father-in-law needs to protect my child’s inheritance!

A woman wrote about protecting her father-in-law’s inheritance from her “narcissistic” mother-in-law (who is suffering from dementia), and her brother-in-law (who is a moocher). She wants her father-in-law to protect his grandchild’s inheritance by not having her son-in-law blow it. But is she entitled to it? The woman in question  hasn’t mentioned what her husband does, or what she does for a living, but leaving behind an inheritance is up to the father-in-law in question. 

The woman is worried about the inheritance being drained, in particular by the brother-in-law. 

Here are a few things the woman could do: 

  1. Start a Conversation: The first step is to start a conversation with your in-laws. Express your desire for them to leave an inheritance to their grandchildren and ask if they have considered this in their estate planning. Try to have an open and respectful conversation to understand their perspective and priorities.
  2. Offer Suggestions: If your in-laws are open to the idea of leaving an inheritance, offer suggestions on how they can do so. This may include setting up a trust for their grandchildren or designating them as beneficiaries on life insurance policies or retirement accounts.
  3. Seek Professional Advice: It may be helpful to seek the advice of a financial planner or attorney who specializes in estate planning. They can help you understand the different options available and provide guidance on how to navigate the process.
  4. Respect their Decisions: Ultimately, it is up to your in-laws to decide how they want to distribute their assets. While you can make suggestions and offer advice, it is important to respect their decisions and not pressure them into doing something they are not comfortable with.
  5. Focus on the Relationship: While an inheritance is a nice bonus, it is important to focus on the relationship between your in-laws and their grandchildren. Encourage them to spend time together and create memories that will last a lifetime. In the end, these memories will be far more valuable than any material inheritance.
A distraught daughter-in-law asks the following question: my father-in-law has no Last Will. How do I ensure that my husband receives his inheritance to take care of our family?” The woman receives the following scathing reply:  “My father-in-law is selfish”
SHARE ON
TwitterFacebookGoogle+BufferLinkedIn