Recent Inheritance

Cindy

AGE: 48

TOP GOALS:
Maximize potential impact of her recent inheritance for her and her son. Retire earlier than planned if possible.

THE OBSTACLES

Cindy lost both of her parents in the past year and is an only child so ALL of the stress and responsibility has fallen on her.  It’s been a trying time with a lot of emotional and financial stress.

Her parents were both retired and in their 80’s but with their passing has come a flood of healthcare bills, credit card bills, and general maintenance costs on their home.

She’s not sure what to do about any of it but knows that the $400,000 she inherited can’t be wasted and she should use it to help secure her future.

Cindy has a 13 year old son from her first marriage that ended over 10 years ago and is engaged to be married next year so protecting her inheritance is also important to her.

THE STRATEGY

Cindy works for a corporation and doesn’t want to work longer than she has to.  She missed being home with her son but knows she needs the income in order to stay on track to pay for his college and to fund her retirement.

She has everything organized and keeps paying the bills as they come in but wants to minimize her stress and worry so selling the house is step one before she does anything else.  She’s not attached to the home and has no need for it.

Once the bills are paid and the house settled, she consolidated the accounts and developed an income plan that will allow her to retire several years earlier than originally planned.

Her attorney advised asset protection strategies to protect her wealth and insulate her assets from her new marriage.

OUR APPROACH

Cindy has moved from a place of stress to a place of empowerment.  She has access to her inheritance when surprise expenses come up but is excited by the opportunity to retire at 60 instead of 68 (or later!).  She even got to spoil her son with a couple of small trips, paid for by her investment gains.

Her parents estate is settled and because she had guidance, was able to keep the expenses down on the settlement and tax costs.  Tax strategy was a big part of making sure her inheritance wasn’t eaten up by the IRS!

RECENTLY INHERITED WEALTH OR CONCERNED ABOUT THE FUTURE?

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Note: These retirement planning stories are hypothetical, do not involve specific clients of Two Waters Wealth, and should not be viewed as a guarantee of results or success.
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