Yahoo Finance
By 2048, an estimated$124 trillion in wealthwill change hands as older generations pass away.
Much of this wealth will pass from parents to children, but it's also possible to inherit from other loved ones.
Let's pretend, for example, that Leah is 72 and retired, but her sister Paige passed away and left her $40,000.
Leah isn't sure how to handlethe windfall.
She doesn't want to let her sister down and she wants to make the most of the funds, but doesn't know what that looks like.
Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 —6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake.Here's what it is and 3 simple steps to fix it ASAP Millionaires under 43 hold only 25% of their wealth in stocks.Here's where their money is actually going Fortunately, she has multiple options.
Here's what experts recommend Leah do with the cash.
The best use ofan inheritanceisn't the same for everyone, so Leah needs to consider the state of her finances.
"At age 72, a $40,000 inheritance may not change your retirement, but the best use of it depends on your personal circumstances and greatest financial need,"Tom Buckingham, an actuary and chief growth officer at Nassau Financial Group, told Moneywise.
Cody Schuiteboer,president and CEO of Best Interest Financial, agrees.
"Make sure you consider this within the larger context of your situation," he advised.
However, Schuiteboer and other experts also warned that Leah's first focus must be understanding the tax implications and technical requirements of theinheritance.
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