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Receiving an inheritance can be both a blessing and a challenge. While it offers a financial boost, it also requires careful planning to maximise its benefits. At MLS Financial in Penrith, we specialise in providing advice that helps you make informed decisions and reach your goals. Here’s why seeking professional financial planning can make a significant difference to making the most of your inheritance.
Why Seek Advice on Your Inheritance?
1. Maximise Your Inheritance
An inheritance can come in various forms—cash, property, investments, or personal items. Understanding how to best use these assets can significantly impact your financial future. Professional advice ensures you make the most of your inheritance, whether it’s through investing, saving, or spending wisely.
2. Tax Implications
Navigating the tax implications of an inheritance can be complex. In Australia, while there is no inheritance tax, there are other taxes that may apply, such as capital gains tax on inherited assets when and if you sell them. Our Penrith-based financial planners can help you understand and minimise these tax burdens.
3. Debt Management
An inheritance can be an excellent opportunity to pay off existing debts. However, it’s essential to assess your overall financial situation and prioritise which debts to pay off first. Our experts provide tailored advice to help you manage debts efficiently.
Steps to Take When You Receive an Inheritance
1. Pause and Plan
Before making any decisions, take a moment to assess your financial situation and what you want to achieve. Rushing into decisions can lead to missed opportunities and potential financial pitfalls.
2. Consult with a Financial Planner
A professional financial planner can help you to identify and articulate your own goals and offer personalised advice based on your unique circumstances to achieve those goals. At MLS Financial, we have helped many of our clients maximise the inheritance they receive.
3. Assess Immediate Needs
Identify any immediate financial needs, such as debt repayment, emergency funds, or necessary expenses. Prioritising these can provide financial stability and peace of mind.
4. Plan for the Future
Consider your short and long-term financial goals such as retirement planning, purchasing a home, or funding education. Strategic planning ensures that your inheritance supports your future aspirations.
5. Take Action for the Future
Taking action on your plan will help your inheritance be used to fund the important goals in your plan. Our financial advisers offer expert guidance on implementing the right strategies to help you achieve your goals.
The Benefits of Financial Advice
1. Customised Advice
Everyone’s financial situation is unique. Our financial advisers provide tailored advice that fits your specific needs and goals.
2. Expert Knowledge
With expertise in inheritance and estate planning, our team in Penrith is equipped to handle the complexities of managing inherited assets.
3. Peace of Mind
Knowing that your finances are in capable hands provides peace of mind. Our advisers help you to maximise your inheritance, ensuring your financial future is secure and working towards your goals.
Contact MLS Financial for Inheritance Advice in Penrith
At MLS Financial, we understand the importance of making informed decisions about your financial situation. Our team of experienced financial planners in Penrith is here to provide the guidance you need to maximise your financial future. Contact us today to schedule a consultation and take the first step towards smart inheritance management.
If you want to discuss any strategies for your financial plan, contact MLS Financial today through our online contact form or on 1300 791 800.
Disclosures:
- This information has been compiled from sources considered to be reliable, but is not guaranteed.
- The information contained on this website is of a general nature only and neither represents nor is intended to be specific advice on any particular matter. MLS Financial and Infocus Securities Australia Pty Ltd strongly suggests that no person should act specifically on the basis of the information contained herein but should seek appropriate professional advice based upon their own personal circumstances.
