Bookmark this page on your mobile

QR Code image

What is this?

Daily Court Reporter - News Survey finds most people willing to share portion of financial windfall


Survey finds most people willing to share portion of financial windfall

BRANDON KLEIN, Daily Reporter Staff Writer

People who receive a sudden fortune are more likely to be charitable, generous and financially responsible.

More than half of Americans say they would share their sudden financial windfall with family, friends and charity, according to a survey BMO Wealth Management released last month.

"Receiving an unexpected amount of money or assets can bring feelings of relief, joy and responsibility, so it's critical to take time to consider all the options," said Tania Slade, national head of wealth planning of BMO Wealth Management, in a statement. "Engaging a team of experts to discuss options and provide insight on decisions, outline the impact on lifestyle cash flow requirements and estate planning goals and, most importantly, advise on growing and preserving that new wealth will set the scene for a successful financial future."

The survey was based on more than 1,000 Americans age 35 and older.

It highlights the objectives and psychological effects from receiving a significant amount of money as baby boomers inheriting about $12 trillion in financial and non-financial assets.

"Receiving unplanned wealth without fully comprehending what to do or how to manage it can be overwhelming, but with the help of experts people can feel more at ease and better prepared to move forward," the firm said in a press release.

Other goals for the money would be paying off debts and investing in the stock market, a business or property, according to the survey findings.

A third of the respondents cited the importance of seeking advice to invest wisely in their investments and retirement plans.

In addition, the top concerns in such an event were helping others at 29 percent, how to create a legacy with the funds (16 percent) and how to avoid family conflict over the money at 15 percent.

BMO Wealth Management encourages clients to seek experts such as financial planner, tax adviser and estate planning attorney to understand how to manage the newfound wealth, followed by finding a place for it, make plans, understanding the tax implications and creating a legacy with the wealth.

"Determine what contribution you would like to make to your family and community, and communicate these desires to your family, especially if you want them to continue your legacy," the firm said in a statement. "As aging Americans transfer trillions of dollars in wealth to their heirs, it is even more essential to understand how retirement and estate planning can help to preserve wealth and leave a meaningful legacy."

Date Published: January 23, 2019


Copyright © 2019 The Daily Reporter - All Rights Reserved


Attorney who neglected immigration matter suspended

The Ohio Supreme Court recently suspended a Cleveland attorney for two years, with 18 months stayed, for neglecting the immigration matter of a Bulgarian ballroom dancer, then lying about his legal misconduct.

Woman indicted for robbing the same store on consecutive days

A Maple Heights woman was indicted for robbing the same store on Chagrin Boulevard in Woodmere on consecutive days.

State to invest nearly $10 million to help protect Lake Erie

The Ohio Department of Natural Resources (ODNR) and the Ohio Environmental Protection Agency (EPA) recently received approval from the State Controlling Board to begin funding nearly $10 million in projects aimed toward helping to keep dredged material out of Lake Erie. These projects are part of Ohio’s “Healthy Lake Erie Fund” efforts and will be managed by local officials and sponsors from Toledo, Lorain and Conneaut, the communities where these monies are being invested. These projects represent a portion of Ohio’s dredged material management program developed jointly by the Ohio EPA, ODNR and the U.S. Army Corps of Engineers with input from local stakeholders.

Honda sedan sales sink as SUV sales remain hot

While some of Honda's sedan models built at the Marysville Ohio Auto Plant had strong sales in December, all models suffered sales losses domestically on annual basis last year.

Board must reconsider change to wind farm construction plan

Altering a wind farm’s construction timeline is an “amendment,” and a proposal for a 91-turbine farm must return to state regulators for an extension, potentially subjecting the facility to stricter state rules, the Ohio Supreme Court ruled recently.

Job hopping can have impact on retirement

Employers are seeing more new hires rotate out of a position sooner, according to one Columbus firm.

Best retirement location? Try the Mount Rushmore State

No state income tax and easy access to health care are a couple of the reasons South Dakota takes top honors when it comes to states where retirees wanting to make the most of their retirement dollar.

In civil settlements with the United States, Fiat Chrysler will resolve allegations of cheating on federal and state vehicle emission tests

Fiat Chrysler will recall and repair vehicles, pay civil penalties, implement corporate governance reforms, and fully mitigate excess pollution. total value of settlements will exceed $500 million

How will trended credit data help my credit scores?

(BPT) Ever since the dawn of credit reporting, the information has looked relatively the same. Your lenders reported information to one, two or all three of the national credit reporting companies (CRCs) based on your most recent loan payment activities and balances.

Survey finds more people moving into Ohio

Ohio ranked as the 15th best growth state last year, up from its previous ranking of 34th, according to U-Haul's data analysis of U.S. migration trends for 2018.

Two Toledo men charged in federal court for stealing dozens of guns in firearms store burglary

Two Toledo men were charged in federal court after allegedly stealing dozens of guns from a firearms store in Oregon, Ohio.

A growing list: 2019 threats to first amendment freedoms

First Amendment threats and defenses have, for much of the past 100 years, largely focused on protecting individual speech — the rights of any one of us to express ourselves without interference or punishment by the government.

Flu activity increasing in Ohio; still time to get a flu shot

Geographic spread of flu activity elevated to “widespread,” highest level

Report: Ohio ranked 40th for health

Grappling with challenges from the high prevalence of smoking, low immunization coverage among children and high levels of air pollution, Ohio is ranked the 40th healthiest state, according to the United Health Foundation's American Health Rankings 2018 report, which was released last month.

Retirement planning: How 'life' gets in the way and how to overcome the obstacles

(BPT) If you're like many Americans, retirement planning may not be high on your "to-do" list. When life is busy and you're shouldering the burden of looking out for yourself and your family, setting up a retirement plan can slide down the priority list - especially if you're hoping it will somehow be easier in a year, two or more.

OSU study: Your face has 17 different ways to express happiness

The human face employs more than a dozen ways to demonstrate happiness, according to an Ohio State University-led study.

Wright State plans normal hours of operation, following faculty union issuing Jan 22 strike notice

Wright State University will maintain its normal operating hours following a strike notice filed today by the union representing nearly 560 of the university’s more than 1,700 faculty members. The notification indicates the strike may begin on Tuesday, January 22 at 8 a.m.

Toledo couple indicted for conspiracy to use explosives and firearms to kill and injure others

A Toledo couple was indicted in federal court for their roles in a conspiracy to use explosives and firearms to kill and injure others.

Attorney General DeWine announces $12 million in debt relief for Ohioans in multistate settlement with for-profit college

Ohio Attorney General Mike DeWine recently announced a multistate settlement with Career Education Corporation, a for-profit college provider that operated several schools, including Sanford-Brown, Le Cordon Bleu, and International Academy of Design & Technology.

Study finds Ohio among states least impacted by shutdown

While it's unclear when the federal government's partial shutdown will end, Ohio is among the least affected, according to a new study.