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Kapolei CPA On How To Manage Sudden Inheritance

Upon Receiving A Small Fortune, Handle Strategically


Kapolei, HI - Federal Reserve research shows nine million households in the United States received an inheritance of at least $100K in coming decades. CPA and accounting expert, Alexandra Hernandez, shares some advice.

“Often financial “blessings” will end up as curses for people who aren’t prepared. One example is former baseball or sports stars, who file for bankruptcy after previously having a net worth in the millions,” Hernandez said.

Hernandez offers three key points to consider, upon receiving a sudden large sum:

  1. Take it easy in the beginning and don’t move too fast. Many poor decisions made with sudden wealth will happen in the first months. Wait a solid three months before making any major decisions.
  2. Find an advisor who can provide objective guidance. Preferably, work with someone who has experience helping with inheritance, or who has managed finances for people of wealth. They can help avoid, or better handle, decisions made on emotion.
  3. As always, review tax strategy. This may seem obvious, but receiving inheritance certainly has tax implications. A good tax plan can protect a family greatly.

Alexandra Hernandez CPA offers accounting and tax planning services to small businesses and business owners. Give her a call 808-445-2354, email or visit her website


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