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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

November/December 2022

Plan Carefully Around an Inheritance

Last Will and Testament, typed on an old typewriter. Document Ready to Sign. Last will document

You've probably heard stories about athletes and other famous people squandering their wealth and ending up broke and in debt. Spending money irresponsibly without having a strategy can quickly reduce millioins of dollars to zero. If you receive an inheritance, planning with the aid of your financial and tax professionals can help you preserve your windfall and honor your benefactor's legacy.


Avoid Emotional Decisions
The death of a loved one can cause a variety of emotions: shock, grief, sadness, and others. Before you make any decisions about what to do with an inheritance, take time to reflect on your loved one's life and contributions while you process the loss.


Consider Your Options
Inheriting substantial assets can be life changing but only if you plan carefully. Your short - and long-term goals can help you determine yoru best options for using your new-found wealth.


You could:

  • Pay off debt

  • Build up your emergency fund

  • Retire your mortgage

  • Put money in a college fund

  • Add to your investments

  • Give to charity


Assemble a Team
Put together a team of professionals to help you make prudent decisions that take taxes into account. The team might consist of your tax advisor, financial professional, an estate planning attorney, and your insurance agent. You could also add a real estate professional if you plan to buy or sell property.


Beyond Cash and Investments
An inheritance often includes a house and its contents. Once you've chosen the items you want to keep, you'll need to find a way to dispose of the rest. Start by obtaining an appraisal for anything valuable, such as jewelry, artwork, or antiques. Ask the appraiser to recommend a buyer who might want to purchase some of these items. Then hold a garage sale or contact an estate liquidation company to dispose of the remaining contents of the house.


Don't Forget to Treat Yourself
Set aside some of your inheritance to spend on yourself. You're more likely to stick with. your plan for your windfall if you don't feel deprived.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
Insurance and annuity products are not sold through Fusion Capital Management. Fusion does not endorse any annuity or insurance product, nor does it guarantee any insurance or annuity performance. Annuity and life insurance guarantees are subject to the claims-paying ability of the issuing insurance company. If you withdraw money from or surrender your contract within a certain time after investing, the insurance company may assess a surrender charge. Withdrawals may be subject to tax penalties and income taxes. Persons selling annuities and other insurance products receive compensation for these transactions. These commissions are separate and distinct from Fusion's investment advisory fees.
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