A Schwab Financial Consultant can help you:
- Put the money in a safe, accessible account while you create a longer-term investment plan.
- Assess your current assets and liabilities to decide where your new money should go first (i.e. debt reduction vs. new investments).
- Review your financial portfolio, adjust your long-term financial strategy, and create an investment plan for your newfound wealth.
- Decide whether updates are potentially needed to your estate plan; if so, your Financial Consultant can connect you with a Schwab Tax, Trust, and Estate specialist.
- Discuss the implications of taxes as well as the tax advantages of gifting and charitable giving.
- Review your insurance needs and consider whether to increase any of your coverage levels.
Call us at 877-302-5886 or visit your local branch.
What to do on your own:
- Consult with a tax professional regarding tax treatment of the money; if it is taxable, put aside the amount that you will have to pay in taxes.
The information provided here is for general informational purposes only and should not be considered an individualized recommendation, personalized investment advice, or specific tax or legal advice. Where specific advice is necessary or appropriate, Schwab recommends consultation with a qualified tax advisor, CPA, financial planner, estate planning attorney, or investment manager. Wealth Strategist consultations with a Schwab Tax, Trust, and Estate specialist are only available to clients with at least $1 million at Schwab or enrolled in Schwab Private Client. The Schwab Wealth Strategies Group also offers the Single Topic Solution consultation, which is a one-time, no-fee financial planning consultation that helps clients address a single specific planning need; it may include conversations regarding tax, trust, or estate matters. This consultation may be arranged by appointment only through a Schwab Financial Consultant.