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Managing an Inheritance: When ‘Mom's Money' Becomes Yours

·1 min

Michael Hay recently inherited a significant sum of money from his late mother, which has had a profound impact on his life. Many adult children are expected to inherit wealth from their parents and grandparents over the next two decades, as the silent generation and baby boomers pass on their assets. According to a survey, more than half of millennials anticipating an inheritance expect to receive at least $350,000. Adjusting to sudden wealth can be emotionally and financially challenging, and experts recommend taking time to grieve and not rush into making financial decisions.