Inherited Money
My father recently passed away and left me
some money. I am a retired 61 year old teacher in IL and am able to meet month to month bills. I used some funds to pay off the mortgage on my condo. I am getting more inheritance soon and wonder what to do with it. I have 90,000 in retirement fund and 65,000 in long term savings account. I have an account already for short term savings with a bit over 2,000, an account for property taxes, and a Christmas club savings. So, I just wonder what to do with the $150,000
I am set to receive on July 28th.
Terry Says
Well, this would be a good time for an overall financial plan — to cover some of the issues you now have with “extra” money.
For example, do you have a will or revocable living trust? If not, you’d want to create a revocable living trust and open a bank account in that name for the money. Then you could temporarily keep the money in T-bills.
(check the home page at my site for a video on RLTs, and an article on how to buy T-bills).
This presumes you have someone toname as a successor trustee — someone you trust to handle financial things if you are incapacitated. You need to decide that before creating the Trust. Please watch that video.
Any answers on potential investments depend on when youplan to retire, your plans for living IN retirement –and whether you might be alone and need to purchase long term care insurance (search columns for long term care).
Bottom line: You need a smarter, more comprehensive answer than I can give on the info you have shared. I suggest a meeting with a fee-only FIDUCIARY financial planner. Use this link learn about Wealthramp — the matching service for planners you can trust.
In the meantime, just put the money in a money market account in your bank.
