Young Americans, particularly millennials and Gen Z, are anticipating a significant wealth transfer, with an average expected inheritance of $335,000. Some are even expecting $1 million or more. The importance of managing such windfalls carefully is emphasized, as the survey reveals that savings, investments, housing, and debt repayment are common plans for inheritance funds. Tax implications, asset management, and the importance of avoiding excessive spending or lifestyle upgrades are key considerations for those who inherit substantial amounts of money.

Inheritors are advised to pay off debt, build an emergency fund, and invest wisely to ensure their wealth lasts. Strategies like diversifying investments, following Warren Buffett’s asset allocation advice, and considering exchange-traded funds (ETFs) are recommended. Early retirement may be possible with a sizable inheritance, but careful planning is essential to sustain income over the long term. Seeking guidance from financial advisors can help individuals make informed decisions to secure their financial future and potentially provide for future generations.

Read more at Yahoo Finance: I’m 42 and my dad just died leaving me $4M. How do I protect and grow this windfall so that it lasts me long term?