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Managing sudden wealth takes good planning efforts.
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Managing Sudden Wealth

An inheritance. A lump-sum retirement distribution. Proceeds from the sale of a business. An insurance settlement.

If you receive a large amount of money, you’ll want to develop a plan for managing your windfall wisely. Coming into a large sum of money is great, but you need to take steps to keep what you’ve got with good planning.

You might be tempted to spend your newfound wealth on luxury cars, travel, or other expensive things. But spending the money quickly can deplete your assets and leave you without the resources to accomplish more important long-term goals.

Your COUNTRY Financial® representative is backed by a team of experts to help you make the most of your newfound wealth.

Financial Considerations

  • Investments

    It may make sense to put your money into an investment account where experts invest your money for you. Depending on the amount of return you experience, you might be able to live on the earnings, or you can let that money compound for your future security.  

  • College

    Setting up or adding to a college fund for a child or grandchild may be one of your priorities. Putting that money aside now will allow it to grow with a specific future purpose.  

  • Retirement

    How much money you have, your age, and your specific circumstances will influence if you continue to work. It’s a good idea to talk to a COUNTRY Financial representative first for an evaluation. If you continue to work, contributing to a retirement plan could be a good use of some of your funds to help ensure that your future years are comfortable.  

  • Trusts

    Putting your money in a trust is a great way to protect your assets while maintaining control of when and how those funds are distributed. There are a wide array of trusts available, and each one is customized with the help of your attorney. Appropriate planning techniques can help you control estate taxes and pass your wealth to your loved ones or other beneficiaries.  

Insurance Considerations

  • Personal umbrella insurance

    There’s a trend toward liability claims, and the more you have, the more you have to lose. Protect what you’ve received with a personal umbrella policy. If you already have a policy, consider increasing your coverage. Not only will it help protect you financially, it may help relieve the stress of a claim or lawsuit filed against you.  

  • Home insurance

    Having extra money may prompt you to renovate or upgrade your home, buy a boat, or buy some jewelry. Make sure those upgrades and new possessions are adequately protected with a review of your homeowner’s coverage.  

Putting It All Together

Making the most of your assets takes a thoughtful plan, so consider leaving any investments untouched until you’ve evaluated the situation with your COUNTRY Financial representative. Think about putting any cash you receive into investments that earn income but can be easily liquidated, such as a money market account. And don’t sell assets without first reviewing the tax implications.

COUNTRY Financial is here to help with investment, trust and planning expertise. Together, we’ll analyze your financial situation and help you develop a tangible plan External Link for meeting your goals. You can put our experience and financial strength to work for you by contacting a COUNTRY Financial representative near you.   

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Investment management, retirement, trust and planning services provided by COUNTRY Trust Bank®. Please see our Terms and Conditions for more information about COUNTRY Trust Bank® and its affiliates.

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