Receiving an inheritance can seem like winning the lottery. A financial windfall lands on your doorstep and promises to change your life for the better. But an inheritance and lottery winnings differ in many important ways, starting with the likelihood of receiving one.
You are much more likely to receive an inheritance than win the lottery, especially if you are already well off. About 20 percent of Americans inherit money at some point in their lives, but that number jumps to almost 40 percent for people in more affluent households.
Lottery winners, on the other hand, tend to be less well off, and they often have trouble managing their newfound wealth. They may also view their windfall differently.LEARN MORE
In the next three decades, trillions of dollars is expected to transfer from Baby Boomers to their children in what’s being called the Great Wealth Transfer. For those of us whose parents are still living, it’s natural to wonder whether a share of this wealth will wind up in our bank accounts. Broaching the subject…LEARN MORE
Life insurance. The very mention of the term conjures up images of smooth-talking salesmen and glossy brochures. The truth is that life insurance is about security. It provides a financial cushion to those closest to you so they can carry on seamlessly after you are gone. Life insurance can also make administering your estate easier,…LEARN MORE
Britney Spears, the “Princess of Pop,” has had a royal mess on her hands ever since her father become her legal “conservator.” According to Britney, her father has so overstepped his authority to manage her finances that his behavior has amounted to abuse. The ordeal has become the stuff of tabloid journalism. Fans and detractors…LEARN MORE