/ Ask Terry Questions / Inheritance


By Terry Savage on September 14, 2020 | Financial Planning / Retirement

Hi Terry,
My wife just inherited $375,000 from the sale of her deceased aunt. We are both 78 yrs old, have approx. $350,000 invested with Merrill Lynch, approx. $400,000 equity in our home, between cash, cash value in life insurance another $150,000 and annual income of $90,000 from part time work, social security and pension. My question is what should be do with the inheritance?
Our annual expenses between mortgage payments, RE taxes, health insurance and general living expenses are approx. $60,000. If you need other info would be happy to share with you.
Thank you,

Terry Says

Well, this is a nice windfall — and I wouldn’t presume to give advice without knowing a lot more about your situation. I doubt you will spend it all in your lifetime, so I’d ask about your spending plans– but also about whether you have made plans to leave the balance to someone or several people. That means having a will or Revocable Living Trust –and healthcare powers of attorney, etc.
You really need a FIDUCIARY fee only financial planner to look at your entire situation. And you canfind one you can trust at www.Wealthramp.com.
You can trust the planners as they are carefully vetted. Se up a meeting with one or two of them. The first meeting is free. And then write back and tell me what you learned and what you decided.



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