Thoughtfully managing a windfall
Receiving a substantial sum of money presents opportunities, but also challenges. This contradiction extends to the emotions you may feel after a windfall, whether through inheritance, the sale of a business, lottery, divorce or a legal settlement. That’s why it’s important not to rush into anything. As your experienced guide, we give you the time needed to acclimate to your new situation and face crucial decisions with clarity of mind.
Our team provides a thoughtful approach to this transition, along with experience, deep resources and long-term planning tools. As you go about creating a life you have envisioned, we can help you reflect on the possibilities for your future. We then craft strategies that are designed to go far beyond the basics to help make your vision a reality.
If needed, we can also assist in coordinating a team of professional advisors who put your interests first. The result is a comprehensive financial plan that helps give you the confidence that your goals are within reach.
Services Include
- Wealth & Investment Management
- Banking & Lending Solutions1
- Insurance & Annuities2
- Estate Planning
- Charitable Giving
- Risk Management
- Business Sales and Valuations
- Cash Management
1Lending Services provided by Raymond James Bank, member FDIC, affiliated with Raymond James Financial Services and Raymond James & Associates, Inc. Raymond James & Associates, Inc., Raymond James Financial Services, Inc., and your Raymond James financial advisor do not solicit or offer residential mortgage products and are unable to accept any residential mortgage loan applications or to offer or negotiate terms of any such loan. You will be put into contact with a Raymond James Bank employee for your residential mortgage needs.
2Insurance and annuities offered through Raymond James Insurance Group. Raymond James & Associates, Inc., and Raymond James Financial Services, Inc. are affiliated with Raymond James Insurance Group.
Raymond James and its advisors do not offer tax advice. You should discuss any tax matters with the appropriate professional.
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Client: Doug inherited his father’s estate, which resulted in a sizeable windfall. He was wondering what the tax impact would be and how to incorporate the assets into his own portfolio.
Course of action: We would work with Doug’s CPA to determine the tax ramifications, if any. This would include determining the cost basis for the inherited investments, should Doug want to sell them. We would also advise Doug about the IRS rules regarding inherited IRAs and estimate how much he would be required to withdraw each year. We would then work with Doug to consolidate accounts and outline our strategy for the trades we would recommend making in the coming years in order to bring the portfolio in line with his goals and risk tolerance.
This hypothetical example is for illustrative purposes and is not representative of any actual experience. Individual results will vary. This is not a recommendation and you should consult with your financial advisor for advice based on your personal situation, financial goals and objectives. Raymond James does not offer tax or legal advice. Please consult the appropriate professional before making any decision that may affect your tax or legal situation.
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