Though most of us will inherit only a modest amount of money, if any, there are certainly people out there who will inherit millions of dollars. I spend a good part of my day setting up estate plans for those who are going to leave that money behind for their children. But what about the children who inherit large estates? What is it like for them to suddenly have to deal with money they aren't used to having?
While we may smile and think it's a great problem to have, the fact remains that someone unprepared to receive a large amount of money may not deal with it wisely. They may blow the money, cause tax problems for themselves or even get swindled. Click here to read an article from the Globe and Mail that gives some great tips and perspective on this topic. Note that this article is not just about those who inherit money, but encompasses those who sell businesses or win lotteries as well. However, I definitely see the need for this kind of advice for heirs who come into money.