After the passing of a loved one, you may discover that you’re receiving an inheritance. While you might be grateful for an influx of wealth, you may be anxious about how to utilize your inheritance properly. That’s why it is crucial to act slowly and carefully when inheriting part of someone’s estate, especially when considering the emotional difficulties of losing someone close to you.

If you are wondering what you should do with the money, here are four steps to help you make smart decisions about your newfound inheritance.

Take a Deep Breath

It is normal to feel confused, upset or overwhelmed. Give yourself a couple months to cope with the event before taking action on the windfall. In the meantime, it’s a good idea to park your inheritance in a high-interest savings account or certificate of deposit.

Understand What You Inherited

Before determining what to do with your inheritance, you need to know what assets you have received. A typical legacy will come with one of these four forms:

Cash

It is available to be allocated in any means without liquidating. However, you may need to keep most of the money in hand for taxes purposes.

Real Estate

If you receive real estate assets, transfer of deed paperwork needs to be completed before you can do anything with the property. Then, as the inheritor, you must decide whether to sell or keep the property.

Trust Account

If you inherit assets through a trust, the documents stipulate how the assets are divided or who manages the trust assets. Trust assets can be distributed at once or in installments.

Retirement Accounts

Retirement accounts can be one of the most complicated inheritances due to the strict guidelines and tax implications. Depending on your relationship with the deceased person, you may have to take the money out of the account by a specific time frame. Consult a financial professional to educate you about the best route for these inherited assets.

Once you have a solid understanding of the assets you have received, it’s time to analyze your financial needs and goals.

Discuss Your Goals and Dreams

Have you ever thought about what you would want to accomplish if you had more money? An inheritance might be an opportunity to make those dreams a reality.

For example, you may want to use your inheritance to tackle some things you have been putting off because of financial reasons, such as buying a house or taking a family vacation.

On the other hand, you may want to help save for a grandkid’s college education or help fund your retirement account.

While you may have inherited enough to cross off many of the goals on your list, it is critical to invest for your future. In many cases, you will have to prioritize and find a balance.

Here are some good areas to start with:

Contribute to an Emergency Fund

An emergency fund is a savings account that protects you from financial emergencies, like medical bills or home maintenance costs.

Tackle High-Interest Debt

Paying off high-interest debt, like credit cards or student loans, can help you save on hefty interest charges.

Reduce or Pay Off Your Mortgage

Reducing or paying off your mortgage can help you save on future interest payments and lower your monthly expenses.

Watch Out for Taxes

It is uncommon for someone to receive an inheritance large enough to trigger federal estate taxes. However, estate taxes will vary at the state level. Therefore, depending on which type of assets you inherit, you may owe inheritance or estate state taxes on some of your assets. In addition, if you decide to sell some of your inherited assets, you could trigger a capital gains tax.

Since everyone’s situation is unique and tax laws change frequently, I suggest consulting with a professional when liquidating your inheritance.

Make The Windfall Count

Receiving an inheritance can change your financial picture. When considering what to do with your windfall, give yourself time to grieve and evaluate your options. Don’t be afraid to lean on a tax, law, or financial expert to get up to speed on any tax and legal implications.

Taking the time to consider your options and being responsible with your inheritance will help ensure your financial future and honor your loved one’s legacy.

Let’s Have a Conversation:

What are some difficulties you have experienced with inherited assets? If you have received inherited assets, how did you decide how to use them? How did you make a windfall count?

Lisa Rinna’s Black Tuxedo Jumpsuit on Instagram

Real Housewives of Beverly Hills 2022 Instagram Fashion

It’s been a hot minute since I’ve covered a tuxedo-style jumpsuit. I feel like for a while they were happening somewhat often. But that’s the thing about fashion is some pieces can stand the test of time no matter how long it may be. Like Lisa Rinna’s hot black tuxedo jumpsuit she posted up in. Though one thing that does not stand the test of time is the stock. So take a second to shop it (or one like it) below!

Sincerely Stylish,

Jess

Click Here to Shop Her Michael Kors Jumpsuit

Photo + Info: @lisarinna

Originally posted at: Lisa Rinna’s Black Tuxedo Jumpsuit

Tracy Tutor’s Black Crop Top on Her Instastories

Million Dollar Listing Los Angeles 2022 Instagram Fashion

Tracy Tutor is one of my fav Bravo celebs for fashion inspo. She always looks so snatched even when she’s just wearing a simple black crop top like she is here. During this time of year black is my go to color (okay let’s face it- it’s always my go to color). I think plain and neutral is the way to go for day-to-day styles right now. Which is why we all should be totally sold on getting one into our million dollar home asap.

Sincerely Stylish,

Jess

Click Here to Shop Her Alexander Wang Top

Photo Credit: @tracytutor

Originally posted at: Tracy Tutor’s Black Crop Top

September hits, the grandkids are back to school, you fit in one last trip to the beach and before you know it, the stores are filled with Halloween candy and the Holiday season is rolling in!

The holidays can be a joyful time filled with tradition, family, and magic but they can also be stressful, filled with too much family (wink wink), extra activities adding more stress to your schedule, and lots and lots of sweet treats and richer foods that can quickly drag you down and pack on the extra pounds.

How would it feel if you welcomed the New Year feeling healthy, full of energy, and stronger instead of run down, tired, and carrying extra pounds? It’s absolutely possible, check out these tips. 

Stay Consistent with Healthy Habits

It can be really tempting to skip your workouts, be too rushed to hydrate fully, or miss out on a full night’s sleep from so many holiday events. The more consistent you are with your healthy habits, the better you will feel.

Keeping up with your workouts, making them a priority on your calendar or adding in a walk after a family meal can help you to get your blood flowing, boost endorphins, keep your energy high and stop you from feeling sluggish, and even improve your mood.

With our live online workout programs at Vitality Fitness and Wellness, our members are staying active, keeping their energy up, and getting their workouts in throughout the holiday season. Check out this quick exercise snack to get you moving, even if you only have 10 minutes:

Strive to stay hydrated with clear liquids including broths, herbal teas, and water. This improves your energy, keeps your mind and skin clear and keeps the holiday germs away. Too much sugar, including in drinks, can help mucus to build up in your system making it easier for germs to take hold! 

With ever changing schedules and fun holiday events, it can be tough to get a full night’s sleep. Try to stick to a similar schedule most days and add an evening wind down routine that helps you sleep. Your routine might be to stop eating two hours before bedtime, reduce screen time in the evenings and add in some gentle stretching or guided meditation before bed. 

Focus on What Really Counts

Traffic, long lines, higher prices at the stores, and extra events may have you feeling stressed out. Take some time to prioritize the moments and events that are important to you for the holiday season. Think about your favorite traditions like walking around to see the lights, gathering with family, cooking or baking together.

Are there other events that you can kindly decline? Be realistic with your calendar. When you say yes to everything, you may find you are more stressed out and have more occasions to indulge in more decadent foods than if you were at home. There may be opportunities for you to create a new healthier tradition for your family and generations to come! 

Indulge within Reason

One of the best parts of the holidays is the incredible food. Think about how you have felt after holidays past where you may have overindulged not only at one meal, but at event after event. Before you know it, you are ringing in the New Year heavier than before and feeling more sluggish. 

Before going to a holiday event, be sure to stay hydrated and fuel your body with healthy foods including lean proteins, lots of veggies and fruits, and complex carbs. Don’t restrict your calories leading up to an event so that you can use your calories there, this only causes you to over-indulge.

And try not to restrict yourself too much, because depriving yourself can make it too easy to binge. Choose as many healthy choices as possible and pick one or two items or even a smaller portion of those items that allow you to enjoy but not over-indulge. 

These tips can help you to feel your best throughout this holiday season. Check out my Healthy Holiday Recipe Book for some tasty ideas.  

Let’s Have a Conversation:

How do you make sure you stick with your habits during the holidays? Do you make compromises or do you make time for what really counts?

Nicole Martin’s Beige Track Jacket on Her Instastories

Real Housewives of Miami 2022 Instagram Fashion

Nicole Martin was killing time on her Instastories while riding the ferry. Little did she know she was also killing the athleisure fashion game in her beige track jacket and crop top. And I’m not the only one that thought so because she said her DM’s were flooding with questions about where her jacket was from. Thankfully she shared the deets and you’ll be pleased to know you’re right on track to shopping it considering it’s located just below!

Sincerely Stylish,

Jess

Click Here to Shop Her Track Jacket on Amazon

Click Here to Shop Her Crop Top on Amazon

Photo + Info: @drnicolemartin

Originally posted at: Nicole Martin’s Beige Track Jacket