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"Advice offered by Marc Hebert, president of\u00A0The Harbor Group Inc., a certified financial planner.According to a 2011 study by the Center for Retirement Research baby boomers are expected to inherit $8.4 trillion -- they have already received $2.4 trillion. This leaves $6.0 trillion left to go. Of all boomers, two-thirds will receive a median amount of $64,000.If you are one of them, here are some tips to help you manage your inheritance:-- Decide on a strategy. Access your current financial picture. Do you have an adequate emergency reserve? Do you have debt? How is saving for retirement going? Do you have children that will need to be educated?-- Develop a debt repayment strategy. List all your debt, the kind, amount, and terms. Consider eliminating high-rate credit card debt. Paying off your mortgage requires a bit more review, unless owning your home outright is an important goal for you. Your mortgage interest rate is likely low, and the money may be better used elsewhere. The same goes for paying off college loans that have low interest rates.-- Save, save, save. Funding an appropriate emergency fund, retirement, and education are just a few of the savings goals to consider.-- Don't rush to spend. Some heirs don't know how to handle a windfall and end up no better off than they were before. Take time to consider your decisions and then taking small steps might be better than large ones. For example, if you are thinking about purchasing a luxury sports car, try renting one first. The goal is to avoid making irrational decisions you might later regret.-- Do your research. Determine what pay out choices you have when the inheritance consists of IRAs or other retirement plans. Inherited annuities might also have benefit options. Be sure to consider the tax implications of any choice you make.-- Find a suitable long-term investment strategy. Construct a portfolio that meets your needs. Decide on an appropriate level of risk and what type of investments should be included. Take the time horizon for needing the money into consideration. The point is to make the money work for you without unnecessary risk.-- Get help. Managing an inheritance gets easier with professional financial help. A financial planner can help you develop a plan if you don't have one. Once you have a plan in place a professional can help you keep on track."^^<http://www.w3.org/2001/XMLSchema#string>
<http://www.wmur.com/article/money-matters-how-to-manage-an-inheritance-1/5190710>