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Manage an Inheritance

Manage an Inheritance

Receiving an inheritance can be a welcome financial windfall, but it may also create new challenges in your financial life. Be sure any decisions you make about inherited assets are done with careful preparation.

You may have already received or soon be in a position to inherit assets from a loved one or other benefactor. The question now becomes “what will you do next?” Whether it was expected or not, proper management of an inheritance can be complex. It’s important to carefully assess your inheritance in the context of your overall financial circumstances. U.S. Bank and U.S. Bancorp Investments, Inc. can offer products and services to help.

Inheritance Takes Different Forms

The common perception is that inheritance involves money passing to a beneficiary. While that is often the case, you also may inherit other types of assets, such as property, a business, family heirlooms or stocks and bonds. Today, many older Americans have accumulated sizable sums in workplace savings plans such as 401(k) plans or IRAs, and assets left in those accounts also need to be distributed to beneficiaries.

A Windfall or Financial Security

What should you do with your inheritance? Receiving a sizable sum of money or other assets of value can seem like a windfall that suddenly gives you more financial freedom. Many feel a sense of wealth they are not accustomed to, and can become less cautious with how they spend their money. We believe this can be a mistake.

  • An inheritance should help support your long-term financial plan. Inherited assets can contribute to your key lifetime goals such as:

    • Building your retirement assets
    • Accumulating savings to help pay for college
    • Potentially protecting your family with adequate insurance
    • Saving for other important goals in your life
    • Supporting your favorite charitable causes

    In some cases, the assets left to you could potentially provide you with a stream of income. For example, inheriting a Roth IRA has the potential to generate regular payments of tax-free income that could continue through your life.

Thinking Ahead

Before any decisions are made about what to do with your inheritance, contact a financial professional to discuss options.

  • It is also important to confer with your accountant and attorney on certain matters, as neither U.S. Bank, U.S. Bancorp Investments or their respective representatives provide tax or legal advice. You may need to determine what, if any tax consequences will result and how to make the most of the assets left to you.

    This event in your financial life may serve as a reminder of the importance of having your own estate plan in place. That includes working with your tax and legal advisor to ensure you have an up-to-date will, medical directives and trusts.

Next Steps

Financial Planning

Investment Management

More Investment Products

We’ll work with you to develop a plan that reflects your goals and dreams, and help you make informed choices about your future.

We offer sophisticated investment management experience and a wide range of investment options.

We offer investment products and services to help you work toward your goals and simplify your financial life.

Investment products and financial services are provided through U.S. Bank and/or its affiliate, U.S. Bancorp Investments.

Investment products are:

Not a Deposit Not FDIC Insured May Lose Value Not Bank Guaranteed Not insured by any Federal Government Agency

U.S. Bank, U.S. Bancorp Investments, Inc. and their representatives do not provide tax or legal advice. Each individual's tax and financial situation is unique. Clients should consult their tax and/or legal advisor for advice and information concerning their particular situation.

For U.S. Bank:

U.S. Bank is not responsible for and does not guarantee the products, services or performance of affiliates.

For U.S. Bancorp Investments, Inc.:

Investment products and services are available through U.S. Bancorp Investments, Inc., member FINRA and SIPC, an investment adviser and a brokerage subsidiary of U.S. Bancorp and affiliate of U.S. Bank.

Insurance products, including annuities, are available through U.S. Bancorp Insurance Services, LLC, U.S. Bancorp Investments, Inc., in Montana: U.S. Bancorp Insurance Services of Montana, Inc., and in Wyoming: U.S. Bancorp Insurance & Investments, Inc. All are licensed insurance agencies and subsidiaries of U.S. Bancorp and affiliates of U.S. Bank. Insurance and annuity policies are underwritten by unaffiliated insurance companies and may not be available in all states. California Insurance License #OE24641.

The Financial Industry Regulatory Authority (FINRA) Rule 2267 provides for BrokerCheck to allow investors to learn about the professional background, business practices, and conduct of FINRA member firms or their brokers. To request such information, contact FINRA toll-free at 1.800.289.9999 or via www.finra.org. An investor brochure describing BrokerCheck is also available through FINRA.

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Call to Invest

Talk to a Financial Consultant at U.S. Bancorp Investments. For people with $1,000 - $100,000 to invest.

Invest on Your Own

Set up a self-directed online brokerage account or IRA account with U.S. Bancorp Investments.

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