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Handling A Windfall

What To Do With A Sudden Financial Blessing


VIRGINIA BEACH, Va. — Sometimes a windfall ends in financial disaster for an unprepared household. The Federal Reserve shows that over nine million U.S. homes received at least $100,000 in recent inheritance. Baby boomers may well receive over $8 trillion over the next few decades in inheritance as well. Enrolled Agent and tax expert, Frank D. Tehel EA, offers some insider knowledge on how to prevent the worst from happening.

“Before any spending happens, take a look at your life goals,” Tehel said. “How will this money help you achieve those goals? Just because you have more money than you used to doesn’t mean your life has to radically change. It may become easier … but leaving behind your original life goals will make it harder”

Should you suddenly receive a small fortune, consider these three ways to better manage:

  1. Immediately, give some of it away. Allow that money to lose its grip on you. Giving it away can help that process significantly. It will allow your character to be less affected by the sudden wealth.
  2. Do some tax planning. Review your tax strategy. Every gift has a variety of ways by which it can affect your taxes.
  3. Select an advisor to be a buffer. Have someone who can help navigate with you, objectively. Work with someone with experience handling the finances for people of means.

Frank Tehel, EA has been providing accounting, tax and advisory services since 1972. His business, The Investor’s Tax Service, provides stock, bond, mutual fund, and real estate investors with the appropriate tax and planning services they require. He also helps individuals and families save money on taxes. Give him a call (757) 497-2735, email or visit his website


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