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But thats the worst way you might think about it, say experts.
The foundation is unstable and can disappear in an instant, leaving you vulnerable and unprepared, he explained.
Shahnazari said this scenario underscores the unpredictability of inherited wealth and the importance of building your own financial foundation.
Marty Burbank, elder law attorney and owner ofOC Elder Lawhas witnessed the same.
Relying on a promised inheritance to achieve financial goals is risky.
Below are some more reasons why you shouldnever rely on a promised inheritance.
It Strains Family Relationships
According to Shahnazari, relying on an inheritance can strain family relationships.
Shahnazari explained these emotional costs can far outweigh any potential financial gains.
He said this mindset hindered their financial growth, leaving them unprepared when the inheritance fell short.
Ive also noticed that depending on an inheritance can lead to missed opportunities in wealth building, he said.
A strategic approach aligns immediate steps with long-term goals, fostering resiliency amid unpredictable family dynamics, he added.
This proactive strategy provided more security and financial independence, regardless of inheritance outcomes.
Emphasizing self-reliance and introspective financial planning, he noted, is crucial for ensuring a stable financial future.
Shahnazari also noted that another critical factor is the changing landscape of wealth transfer.
Tax laws and estate planning strategies are constantly evolving.
What seems like a guaranteed inheritance today could be significantly reduced byfuture legislative changes, he said.
I always advise clients to treat potential inheritances as windfalls rather than cornerstones of their financial planning.
An inheritance should be viewed as a potential bonus, not a guaranteed safety net, Shahnazari said.
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