planning ahead
I am 83 years oldI have a trust set up to leave my son a half a million dollars in cash, 37000 shares of altria, 150k equity in a home he will inherit. he is 23 single in the trades. upo my passing what should he do with all of that inhearitence?
Terry Says
I think it’s time for you to start educating your son about money, investing and personal finances. As a rough estimate your stock will be worth a bit over $2.5 million — and will come to him tax free. So he is going to have $3 million to either blow — or use wisely to build his future.
YOU may not need financial advice, as you seem to have done very well. BUT, I think you should now start working with a trusted financial advisor, and introduce your son so he can start learning about his future financial situation. In this case, please watch the video at this link — and explain your situation to Pam, who will match you up with someone you can trust — and who is not trying to sell you something.
In fact, your situation seems well-organized for YOU. No advice, or moves need in that regard. But a sophisticated third-party advisor will be important for him in the future. Now is the time to build that relationship.
