Inheritance
I am 62 yoa, retired, and a widow of 4 years. I am receiving an inheritance if approximately $175,000 from my father’s trust estate. How should I invest this and do I have to pay taxes on this money?
Terry Says
You don’t have to pay taxes. And you should immediately put it in the bank, where it will earn very little interest — but you won’t lose a penny!
Then you have some organizing to do. You need your own will, and healthcare power of attorney. Have you done that?
Do you have adult children, or are you entirely on your own?
You have to make a spending plan. What other sources of income do you have, aside from Social Security? (And do you know you can collect your late husbands SS if it was higher than yours?)
I think you need at least one session with a financial planner you can trust. find one at Wealthramp.com
