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Smart ways to spend an inheritance

If you're fortunate enough to get an inheritance, here's what Money Expert Nathan Bachrach suggests you do with it.

The first thing, is nothing at all.

Before you start spending that money, make a plan.

Write down your long-term goals before you start any of your short-term spending.

Also, make sure you know the tax implications of your inheritance as well.

And if you're counting on an inheritance from your parents or grandparents, here's some more advice - don't!

Seniors are living longer, medical costs are rising, and many investments are still beat up from the great recession.

So Bachrach says it's better that you're pleasantly surprised by a windfall than plan on money that you never see.

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