If you’re accustomed to living on a certain amount each year, with fairly stable savings account balances, it can be a real shock to the system when you suddenly receive a large influx of money that alters your current financial situation.
While a small percentage of people achieve this through winning some kind of cash prize, more often than not it comes about through an inheritance. Even if that inheritance was expected, the resulting “shock” can be either a good thing or a bad thing. It all comes down to planning.
How can you help your heirs potentially avoid the so-called “Sudden Wealth Syndrome?” Join podcast host Johnny Dean and “Professor” Rick Plum, CFP® along with their special guest, Joe P. Lucia, wealth advisor and President of Lucia Capital Group for answers to that important question on this week’s episode of Managing Your Financial Future!
