You’ve inherited wealth—now what?
We've compiled a practical guide to turning a windfall into a financial foundation
Receiving an inheritance can be emotional and overwhelming. It’s a gift wrapped in memories—and financial decisions. Whether it’s a modest sum or a significant estate, this moment is an opportunity to honor your loved one’s legacy by building a secure, meaningful future.
But where do you start? With a plan—and a team of trusted professionals to help guide you.
Receiving an inheritance is often bittersweet—an emotional gift wrapped in financial complexity. While it may feel overwhelming, this windfall presents a powerful opportunity to honor your loved one’s legacy by building a secure and meaningful financial future. But where do you begin? The answer: with a plan—and a team of trusted professionals to help guide you through it.
Did you know:
- Only 35% of Americans currently use a financial advisor, and those who do report 62% higher satisfaction with their financial decisions.
- A Vanguard study estimates that working with a financial advisor can add up to 3% in net returns annually through better decision-making and planning.
- The financial advisory services market is projected to reach $146.8 billion by 2032, reflecting growing demand for expert guidance.
These numbers underscore a simple truth: professional advice isn’t just helpful—it’s transformative.
A gift and a responsibility
An inheritance is more than a financial windfall—it’s a legacy. Whether you’re receiving generational wealth or preparing your heirs for the future, the decisions you make today will shape your family’s financial narrative for years to come. The opportunity is significant—but so is the responsibility. This is where experienced, professional guidance becomes indispensable.
What to do after receiving an inheritance
Pause before you act
It’s okay to take a breath. You don’t need to make big decisions right away. In fact, Comerica recommends taking time to process the emotional side of your inheritance before diving into financial planning.
Build a financial safety net
Before investing or spending, make sure your financial foundation is solid:
- Emergency fund: Aim for 3–6 months of essential expenses in a high-yield savings account.
- High-interest debt: Pay it down—especially credit cards, which averaged over 22% APR in 2024.
This gives you peace of mind and flexibility for future decisions.
Understand the tax implications
Depending on what you inherited—cash, property, retirement accounts—there may be tax consequences. A financial advisor or tax professional can help you:
- Navigate estate or capital gains taxes
- Understand inherited IRA rules
- Avoid costly mistakes
Align your inheritance with your goals
This is a great time to reflect on what matters to you. Ask yourself:
- What are my short- and long-term goals?
- Do I want to buy a home, start a business, or go back to school?
- How can I use this money to build a life I’m proud of?
A financial advisor can help you create a personalized investment strategy that supports your vision.
Invest with purpose
Once your foundation is in place, consider how to grow your inheritance:
- Diversify across stocks, bonds, real estate, and other assets
- Explore ESG or impact investing if values-based investing matters to you
- Use tax-efficient strategies like Roth conversions or tax-loss harvesting
Educate yourself and your family
If you’re new to managing wealth, don’t worry—you’re not alone. Many young adults feel unprepared. Start with the basics:
- Learn about budgeting, investing, and taxes
- Attend financial workshops or webinars
- Involve family members in conversations about legacy and planning
You don’t have to do this alone
Navigating an inheritance doesn’t have to feel overwhelming. With Comerica by your side, you can build a personalized, multigenerational plan rooted in your values and goals. Take control of your legacy—and let it grow for generations.
Let’s build your future together.
Connect with Comerica’s experienced team today and begin building a stronger financial future, for you and those who follow with a personalized investment strategy tailored to your goals.
NOTE: IMPORTANT INFORMATION
Comerica Wealth Management consists of various divisions and affiliates of Comerica Bank, including Comerica Bank & Trust, N.A. and Comerica Insurance Services, Inc. and its affiliated insurance agencies. Non-deposit Investment products offered by Comerica and its affiliates are not insured by the FDIC, are not deposits or other obligations of or guaranteed by Comerica Bank or any of its affiliates, and are subject to investment risks, including possible loss of the principal invested. Comerica Bank and its affiliates do not provide tax or legal advice. Please consult with your tax and legal advisors regarding your specific situation.
This is not a complete analysis of every material fact regarding any company, industry or security. The information and materials herein have been obtained from sources we consider to be reliable, but Comerica Wealth Management does not warrant, or guarantee, its completeness or accuracy. Materials prepared by Comerica Wealth Management personnel are based on public information. Facts and views presented in this material have not been reviewed by, and may not reflect information known to, professionals in other business areas of Comerica Wealth Management, including investment banking personnel.
The views expressed are those of the author at the time of writing and are subject to change without notice. We do not assume any liability for losses that may result from the reliance by any person upon any such information or opinions. This material has been distributed for general educational/informational purposes only and should not be considered as investment advice or a recommendation for any particular security, strategy or investment product, or as personalized investment advice.