Blog & Media

Many people who inherit money are surprised at how quickly it disappears. In fact, many inheritances are spent down or depleted within just a few years. It’s not always because of reckless spending — often it’s because managing and keeping wealth is a skill most people haven’t been taught. If you want your inheritance to truly last and support your family for years to come, one of the best things you can do is slow down and avoid big decisions right away. Taking time to create a plan and working with a trusted professional can help you make your wealth last a lifetime — and even become part of your legacy. If this resonates with you, join the family and subscribe to our channel here: ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

If you’ve recently inherited assets, you’ve probably heard the term “step-up in cost basis.” But what does it really mean — and how does it affect your taxes? In this video, Rachael breaks down what cost basis is, how capital gains taxes work, and how the step-up rule can help minimize taxes on inherited assets. You’ll also learn why not every account type qualifies and why it’s so important to talk with a financial or tax professional before making decisions about what to sell. 👉 If this resonates with you, join the family and subscribe to our channel here: ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

The biggest mistake people make when they inherit money is feeling like they need to do something with it immediately. In reality, one of the best steps you can take is to do nothing – except maybe place it in a safe account for six months to a year. Inheritance often comes during an emotional time, and that’s rarely the right moment for big financial decisions. Remember, it's okay to treat yourself a bit – consider setting 5% aside for immediate use – but avoid the temptation of rushing into big decisions, such as paying off your house. ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Karen inherited $2 million when her parents passed away in 2020. But instead of diversifying, she held onto a single stock out of loyalty and sentiment. When COVID hit, the company went under – and her inheritance dwindled to nearly nothing. This story is a reminder that diversification isn’t just about growth – it’s about protection. With the right strategy and professional guidance, you can avoid the risks that come with putting all your wealth in one place. ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

If you’ve recently inherited money, you may be wondering whether you should pay off your mortgage or invest it instead. Here are three key factors to help guide that decision: 1. Where are you in the life cycle of your mortgage? 2. What is your current interest rate? 3. What are your personal priorities and peace of mind worth? Historically, the S&P 500 has averaged around a 10% annual return since 1957 – far higher than most modern mortgage rates. But math isn’t everything; sometimes, the emotional benefit of being debt-free outweighs the numbers. If this resonates with you, join the family and subscribe to our channel here: ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Every time you or your financial advisor fills out a beneficiary form, you’re doing estate planning. Even if you have a trust or a will, your beneficiary designations often override those documents. Don’t let outdated designations cause your hard-earned assets to go to the wrong person. If it’s been more than a year since you’ve reviewed your beneficiaries, it's a good time to make sure they reflect your wishes accurately. ––– Bourke Wealth Management is a registered investment adviser. Advisory services are only offered to clients or prospective clients where Bourke Wealth Management and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Bourke Wealth Management unless a client service agreement is in place. This commentary reflects the personal opinions, viewpoints and analyses of the Bourke Wealth Management employees providing such comments, and should not be regarded as a description of advisory services provided by Bourke Wealth Management or performance returns of any Bourke Wealth Management client. The views reflected in the commentary are subject to change at any time without notice. Nothing in this commentary constitutes investment advice, performance data or any recommendation that any particular security, portfolio of securities, transaction or investment strategy is suitable for any specific person. Any mention of a particular security and related performance data is not a recommendation to buy or sell that security. Bourke Wealth Management manages its clients’ accounts using a variety of investment techniques and strategies, which are not necessarily discussed in the commentary. Investments in securities involve the risk of loss. Past performance is no guarantee of future results.

Jack Canfield is the co-author of the Chicken Soup for the Soul series, which has more than 250 titles and 500 million copies in print in over 40 languages. In 2012, after reading my book Make Your Money Last a Lifetime, he was kind enough to write a testimonial for it.

Kevin Bourke interviewed by Design Santa Barbara

CERTIFIED FINANCIAL PLANNER™ Professional Kevin Bourke discusses the importance of organizing your financial records and determining what documents to keep for the long haul.