Expert Offers Guidance on Managing Inherited Funds
On WDIO.com's 'Money Matters' segment, financial expert Barry Bigelow provided advice for managing inherited money. Key recommendations included taking time before making financial decisions, understanding tax implications, and a three-bucket approach for allocating funds towards debt/emergency savings, future investments, and…
Duluth Superior, MN, November 2, 2026 — A recent appearance on WDIO.com’s ‘Money Matters’ segment highlighted essential strategies for individuals navigating the process of managing inherited money. Financial expert Barry Bigelow shared several key recommendations aimed at helping beneficiaries make informed decisions during what can often be an emotionally challenging time.
Bigelow emphasized the importance of a measured approach, advising recipients of inherited funds to take time before making any significant financial decisions. This period allows for thoughtful consideration rather than rushed choices that may not align with long-term financial goals.
Another critical aspect discussed was the necessity of understanding the tax implications associated with inherited assets. Tax laws can vary significantly depending on the type of asset and the jurisdiction, and failing to grasp these complexities can lead to unexpected liabilities. Bigelow indicated that seeking professional tax advice might be beneficial in this regard.
Furthermore, the expert outlined a practical framework for allocating inherited wealth, referred to as a three-bucket approach. This method encourages beneficiaries to divide the funds into distinct categories to address different needs and priorities:
- The first bucket is designated for immediate financial needs, such as paying off debts or bolstering emergency savings. This step aims to provide a stable financial foundation.
- The second bucket is intended for future investments, supporting long-term financial growth and security.
- The third bucket is allocated for purposes related to honoring the deceased. The specifics of this category would depend on the wishes of the estate or the beneficiary’s personal sentiment.
While specific details regarding the size of the inherited sums or the beneficiaries’ situations were not provided in the segment, Bigelow’s advice offers a structured pathway for prudent financial management of inherited assets.
Story summarized from the original created by Sierra Naess on www.wdio.com, see more information here.
