What to do with money from sale of condo
78 years old, live on my social security, I received money from the sale of my condo, do you have suggestions how I should invest? Thank you
Terry Says
Yes. You should put it in the bank in a money market deposit account or a CD — or a combination of money market and half in a one-year CD. Do not do anything else with this money. You won’t earn a lot of interest this way — but you won’t lose a penny!
And I hope you don’t mind my asking, but do you have a trusted relative who could have her/his name on the account — just in case you become incapacitated? Have you created a revocable living trust instead of a will? Do that with an estate planning attorney. Then re-title the accounts at the bank in the name of your living trust. You are in control of this account. But if anything happens, your named successor trustee could access the money for your benefit.
Click on this link to read a column on how that works.
