Inheritance
I am 63yo living on social security-
I received the fist payment in
February 2022.
I recently inherited approximately $400,000.
I am expecting a disbursement check this week. What should my first steps be.
Thank you so much.
Terry Says
Well, good for you. That money is a lifesaver! First, read this article about Treasury bills:
https://www.terrysavage.com/t-bills-beat-cds/
That’s where this money should go after you put the check in your bank account. But don’t put it all in at once. Stagger your purchases of 26 week Treasury bills over a 6 month period — perhaps $50,000 at a time then wait a few weeks and buy $50,000 more. Be sure to leave some money in your money market fund for emergencies.
But you need to do some other planning. Do you have a will or Revocable Living Trust? Now that you have this amount of assets, you need to think about that kind of thing — especially so someone can act on your behalf if you become incapacitated or die.
Please watch this video: https://www.terrysavage.com/wp-content/uploads/2022/10/Terry-Talks-Wills-Trusts-Estate-Planning.mp4
Be very careful of who you tell about this windfall, and feel free to write back if you need help on this project.
