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Grief Takes Time To Process

GriefAfter the death of a loved one, grieving is a process that simply can’t be rushed especially if that death means a very different future from the one you planned. Death is never easy even after a long illness; it takes time.

Receiving an inheritance can inspire mixed emotions. Often an inheritance can change your life for the better. However, if you are grieving, it may be hard to move forward with plans for your future and that means financial planning as well. Wait until you’re ready. At that point, you’ll be ready to look at these Do’s and Don’ts  guidance in order to make wise and informed decisions.

What not to do with an inheritance

There’s no rush. Don't go nuts and spend every dollar immediately. Don't invest in long term or risky projects. Be patient.

Don't pay too much in taxes. Work with an estate planning attorney so you pay the appropriate amount to the IRS.

Don't pay off the mortgage. Although this can be emotionally fulfilling, it may not be the best use of your money. Take advantage of today's low interest rates and the tax-advantaged deductible mortgage payments. Create a financial plan so that you don’t run out of retirement funds.

Don't go on a mad spending spree. Self-explanatory.

Don't be pressured. Don’t be surprised if many people suddenly come out of the woodwork to offer their unsolicited advice—relatives, old pals, insurance agents, bankers and investment advisers. Just say, "No, I am not ready to make a decision yet." Likewise, don't get pressured into sharing your money with a friend or family member.

What to do with an inheritance

Save it. Deposit the money in the bank, a money market account or a short-term CD.

Pay off debt. Get rid of credit card balances and other high-interest debts that don't have tax benefits.

Do some financial planning. Figure out your long-range financial plan before spending any of this new found wealth and make plans for your retirement.

Update your estate plan. Make sure that your estate plan is up-to-date so your assets go to the intended persons, and you don’t waste it on probate fees and unnecessary taxes.

Hire an attorney. Your estate plan is important, so be certain it is drafted by a qualified attorney and regularly update your plan to keep current with your situation and changes in the economy and the law.  We made it easy to book your complimentary consultation – just call 757.259.0707 or 'request a consultation' online.

Reference: Reading (PA) Eagle Business Weekly (January 17, 2017) “Office Space: What to do and what not to do with your inheritance”

 

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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
  • Live video workshops will be produced as quickly as possible and certainly ahead of our previous schedule; we will keep you posted as these events become available. Given the ‘boutique’ nature of the firm, we rarely have more than ten people in our office including team members at any one time. During this period of ‘social distancing,’ we promise to have no more than 8 people at any time.   This allows us to comply with the Governor’s directive to limit in-person gatherings.
  • The best way to communicate with us is still by phone during regular office hours of 8:30 to 5:00, Monday through Friday, or, you can email any of our team members (that is, their first name followed by @zarembalaw.com).  We will respond to these emails as quickly as possible.
  • Please continue to follow the directives of our local, state, and federal agencies. For your health and in consideration of our team who is assisting you, if you’ve scheduled an office appointment or planned to drop off paperwork and are experiencing a fever, dry cough, or shortness of breath, please contact your primary care doctor for guidance and then our office to reschedule.

Thank you, Walt and the Zaremba Team

Coronavirus/Covid-19
Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.