what to do with a 1M$ gift from your mother ?
a friend of mine is 42,and is expecting a large gift or inheritance of like 1 M $.His mother is getting a settlement, so she is still around..
Can you suggest who he should talk to to avoid a huge tax problem ?What are the options ?Can you invest it where you can make withdrawals w/o huge tax penalties ?
I think he has a Fidelity 401K.
Thanks if you can help.
Terry Says
Well, that headline certainly caught my eye! So your friend’s MOTHER is getting a settlement — but she is “still around”??? So it is HER money? And it will remain her money until she chooses to give it away, or leaves it to her son (or a charity, or someone else) at her death.
I’m just not sure where YOU fit in this process.
Please ask your friend to ask his mother to get in touch with me by email:
Terry@terrysavage.com.
I will be happy to point her in the right direction for investing this windfall safely, and creating her own will or estate plan.
Until then, I think that both you and her son should step out of the picture.
