5 Essential Strategies for Owens & Minor Employees to Navigate Inheritance Wisely

Healthcare Provider Update: Healthcare Provider for Owens & Minor: Owens & Minor, Inc. is a healthcare solutions company that partners with various health care providers, offering a broad range of essential products and services. While Owens & Minor does not operate its own healthcare provider network, it supplies hospitals, healthcare providers, and other institutions through its vast logistic capabilities and product offerings within the healthcare sector. In 2026, Owens & Minor employees may face significant healthcare cost increases due to a perfect storm of rising premiums in the ACA marketplace and higher medical costs. Premium hikes by major insurers could average 18%, with some states seeing increases as high as 66%. The loss of enhanced federal subsidies at the end of 2025 could exacerbate the situation, leading to potential out-of-pocket premium increases of over 75% for many enrollees. It's crucial for employees to explore their options early and consider adjusting their healthcare benefits to manage these impending costs effectively. Click here to learn more

Knowing the nuances of inheritance can be important in a time when there is a considerable transfer of money between generations. The ramifications of such wealth transfer are significant, with estimates indicating that over the next two decades, Baby Boomers and the Silent Generation may leave between $68 trillion and $84 trillion to their offspring and charity organizations.

There are opportunities and difficulties associated with this significant potential inflow of assets into the hands of heirs. In my experience as a financial advisor, even little inheritances can have a significant impact on the recipients, especially if they are unprepared for the obligations that come with them. Consequently, it is advantageous for elder generations to let prospective heirs know about their gifting intentions—whether formal or informal—and for younger generations to have a solid plan in place for handling any assets they may inherit.

For Owens & Minor employees handling or anticipating an inheritance, keep in mind these five important factors:

1. Proceed Cautiously : Receiving an inheritance carries substantial emotional and financial implications. First and foremost, the money that was inherited must be secured. If the inheritance is cash, it can be protected while decisions are made about how to spend it by being deposited in a savings account covered by the FDIC. Because this account is insured up to $250,000 per depositor, per bank, it may be necessary, if necessary, to split bigger amounts among many banks.

2. Expect Changes : Making hasty financial decisions based on anticipated inheritances should not be the result of inheritance planning. Circumstances in life, such as illness or destitution, can affect the benefactor's capacity to leave the intended inheritance. Financial strategies ought to be based more on individual financial capability than on prospective inheritances.

3. Recognize the Tax Implications : Although only a few states and the federal government charge inheritance taxes, inheriting certain assets, such as real estate or investment accounts, might result in sizable tax obligations. For instance, there are intricate distribution regulations associated with inheriting a retirement account, such as a 401(k) or IRA, and failure to implement them appropriately may result in significant tax penalties Owens & Minor employees should be aware of these tax implications to avoid unexpected liabilities.

4. Maximize the Bequest's Value : Although it could be alluring to indulge in a small indulgence, it's important to choose wisely how to use the bequest to improve financial security. For instance, a sizable inheritance may enable early retirement; nevertheless, in order to assist in long-term stability, this requires a thorough and well-thought-out financial strategy. Owens & Minor employees should consider how best to use inherited assets to support their long-term financial goals.

5. Seek Professional Advice : Consulting with a professional about how an inheritance can affect one's financial situation can yield important information and solutions for preparation. As a 'financial GPS,' financial advisers can assist clients negotiate the complexity of asset management and long-term planning by providing advice on investments, retirement, and estate planning. Owens & Minor employees can benefit from professional guidance to make the most of their inheritance.

The tale of a fifty-year-old couple who received an over $1 million inheritance from an IRA serves as an example of how crucial it is to comprehend the tax ramifications. The distribution put them in the highest tax rate, so they had to pay a large tax bill after using the money to buy a house. They were compelled by this circumstance to return to the labor, underscoring the importance of making wise financial decisions.

In conclusion, receivers of significant wealth transfers from older to younger generations must exercise caution in how they manage these assets. Making wise investment decisions, anticipating the financial effects of inheritance, and being aware of the related tax obligations can all have a big influence on one's financial future. To feel confident that the benefits of inherited wealth are fully realized and improve the recipient's financial well-being, thorough planning and professional counsel are essential during this process. Owens & Minor employees should be particularly mindful of these strategies to feel confident that their financial future is shielded.

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Knowing the 'step-up in basis' tax provision is important for anyone handling an inheritance, especially large ones derived from investments. This regulation can drastically lower the amount of capital gains tax due on inherited properties that have increased over time, like stocks or real estate. The basis of these assets is 'stepped up' to their current market worth when you inherit them, so any profits made while the decedent was alive are not subject to taxes. When these assets are sold, this can result in significant tax savings for individuals who are getting close to retirement. To make the most of this provision and maximize your benefits, always seek the advice of a tax professional. Owens & Minor employees should be aware of this to make the most of their inherited assets.

Getting an inheritance entails both privilege and duty, much like receiving the baton in a relay race. It is your responsibility to run your portion of the race sensibly as the previous generation transfers the baton to you. Similar to how a runner needs to keep their composure, hold onto their belongings, and remain aware of their environment, you too need to manage your inheritance by shielding your money, making plans for the future, comprehending the tax ramifications, and making the most use of it—ideally with professional guidance. Furthermore, you should not count on or spend your inheritance until it is safely in your possession, just as a relay runner must not begin running before receiving the baton. Owens & Minor employees can feel confident they handle their inheritance wisely by following these principles.