A vital piece of the fincial planning puzzle.
Inheriting significant wealth can feel both exhilarating and overwhelming, especially if it arrives unexpectedly or without preparation. We discuss with Liz Gillette, founder and senior advisor at Curio Wealth, based in Annapolis, Md., about how individuals can thoughtfully tackle this transition—balancing new possibilities with intentional planning and aligning their financial decisions with their core values.
Larry Light: You’ve worked with individuals and families navigating inheritance, and you use the phrase: what do you do when “money is no object”? How does that take on new meaning when someone inherits significant wealth?
Liz Gillette: That phrase is something we often toss around to dream big or detach from financial limitations when weighing a decision. But when inheritance actually makes money feel like no object, the experience can be disorienting. The usual financial guardrails—the limits that previously helped guide your decisions—may suddenly disappear. You’re left with an entirely different set of questions. It’s not just about what you can do; it becomes, “What should I do?” That’s where clarity, alignment and guidance become essential.
Light: You mentioned the importance of understanding your identity and values before making major financial decisions. Why is that the first step?
Gillette: Inheriting wealth, especially when it’s substantial or comes unexpectedly, can be overwhelming. It opens up choices you may have never imagined. And while some people will say, “Money won’t change me,” it inevitably does change the landscape of your choices. That’s why taking time to reflect on your core values—who you are and what matters most to you—is foundational. Before making major purchases, investments, or philanthropic gifts, we encourage clients to pause and ask, “What kind of impact do I want to make?” That grounding is what leads to confident and meaningful decisions.
Light: You have likened the inheritance experience to an “extreme excursion” that requires a guide. What role does a financial advisor play in this journey?
Gillette: It really is an apt comparison. Just like someone wouldn’t climb Kilimanjaro or cross the Outback without a seasoned guide, you don’t want to navigate the complexities of inherited wealth alone. The emotional weight of responsibility, the financial decisions, and the coordination with tax and legal professionals—it’s a lot.
A good financial advisor is more than just an investment strategist; we’re sounding boards, translators, and long-term planning partners. We help clients work through the hard questions: How do I take care of my family without creating entitlement? What kind of philanthropy fits my goals? How can I honor the legacy of the person who left me this gift?
Light: Let’s talk about values-based alignment. How do you help clients move from simply having money to using it in ways that reflect their beliefs?
Gillette: This is where things get really exciting. Once a client identifies their core values, we work together to align their entire financial life around them. That might mean using ESG or impact investing strategies to support environmental or social priorities. Or it could mean creating multi-generational wealth strategies or funding educational initiatives for underserved communities.
Alignment doesn’t mean giving up on smart financial planning—it means weaving purpose into every financial decision. When clients see that their inheritance can do more than just sustain their lifestyle, they begin to feel empowered rather than burdened.
Light: Are there specific tools or conversations you prioritize early in the process when someone comes into an inheritance?
Gillette: Yes, first, we help clients gain clarity around the assets they’ve inherited—cash, real estate, business interests, non-traditional assets—and begin assembling the right team: estate attorney, CPA, and financial advisor. From there, we take a deep dive into goal setting and values discovery. Sometimes, that’s through structured conversations, exercises or even family meetings. We also explore the technical aspects: What are the tax implications? What income needs or philanthropic interests exist? Are there trusts or future gifting plans to consider? Early on, it’s all about building a holistic framework that respects both the emotional and financial realities.
Light: How important is it to reframe the inheritance conversation around stewardship rather than consumption?
Gillette: It’s critical. Inheritance isn’t just a financial windfall; it’s a responsibility. Whether that wealth was carefully built over generations or arrived more recently, it represents choices, work, and often values that someone else held dear. By framing the experience in terms of stewardship—caring for the wealth, honoring its legacy, and using it with intention—we help clients shift their mindset from “What can I spend?” to “What do I want to build?” That reframing unlocks long-term, values-driven planning and often brings a lot more peace and satisfaction.
Light: How do you help clients keep their financial plan aligned over time when life changes and priorities shift?
Gillette: Just like a ship adjusts its course as it sails, a financial plan—especially one built around inherited wealth—needs regular check-ins and recalibration. A plan that felt right in the first year after inheriting may feel different five or ten years later. Maybe a child has grown up, a philanthropic goal has evolved, or the client has a new health concern. We meet regularly to assess those changes, re-prioritize, and make sure the strategy stays in sync with their life. That ongoing relationship is where the real impact happens.
Light: What are some of the biggest misconceptions people have about receiving a large inheritance?
Gillette: One common misconception is that inherited wealth makes life simpler. In reality, it often makes life more complicated. People suddenly face questions they’ve never encountered before, and they may not feel equipped to make those decisions wisely. Another misconception is that you need to act quickly—that somehow there’s urgency to make sweeping changes.
But in most cases, the smartest thing you can do is pause, breathe and give yourself time to process. The third big misconception is that you have to figure it out alone. You don’t. With the right team around you, it becomes a shared journey of purpose and planning.
Light: And finally, for someone who’s about to receive—or has just received—a substantial inheritance, what’s your top piece of advice?
Gillette: My advice is simple but powerful: don’t make big decisions until you’re clear on what matters most. Let your values—not fear, guilt, or outside opinions—lead the way. And work with professionals who understand both the financial and emotional aspects of this moment. Inherited wealth is an incredible opportunity, but it’s also a complex responsibility. The goal is to make decisions that reflect who you are and who you want to become—not just financially, but personally.
