Managing an inheritance or other wealth windfall

A wealth windfall may include legal settlements, such as an inheritance, or perhaps lottery winnings.

While you can pursue new goals, you also may require more sophisticated approaches to investing, taxes and retirement. The Wealth Services team at Synovus can help you think carefully about what you want your money to do next.

You can typically do three things with money, after you pay taxes, – give it away, save it or spend it. Similarly, managing a windfall wisely starts with three steps – take your time, keep it quiet (at least at first) and get professional advice.

Updating your investment strategy

You’ll need a sound investment strategy to help you achieve your objectives, whether that’s reducing your reliance on earned income, enhancing your nest egg, or rebalancing your portfolio to your individual risk tolerance. Your Synovus advisor can make sure your overall asset allocation matches your new financial circumstances, as well as protect the tax-deferred status of any portion of your inheritance that comes from a retirement plan.

Protect your legacy

If you have a will to indicate how your assets should be transferred, an estate plan to reduce taxes, or both, we can help you update them to reflect your new assets and the new goals those assets may help you attain, such as including charitable giving into your estate plan. (If you don’t have a will or an estate plan, now’s the time to create them with guidance from your Synovus advisor.)

The complexities of inheriting

Administering a large inheritance requires specialized planning, tax, and investment expertise. Your advisor can help with identifying your long-term priorities and establishing goals designed to help you achieve them and improve your quality of life.