I’m about to receive an inheritance — Where to park it and what to do with it? I’m going to be receiving an estate inheritance $180k from my deceased father (RIP) in a few days, I had to wait 7 years for the whole thing to resolve on the court side of things. For some background, I’m 39, married, 1 younger child and 1 one older, we live in NYC, currently renting. We plan to move out of NY hopefully by Jan 2026. We have a f…

Entering 40 – inheritance – what am I missing I will be receiving an inheritance within the next 6 months of approximately $175,000 and I am not sure what to do with the money. I am seeking input on areas that I may be blind to. Current financial situation: age: 39, married with 3 kids (all 7 and under) income: $187,000 (combined) Roth IRA’s: $160,000 Pension contributions: $210,000 (cont…

Inheritance and retirement advice So hubby is coming into about 150k. Not sure yet of total as probate is just being finalized. We will see a financial advisor but I wanted to get some general insight from the community. We’re in our 50’s. Still have a mortgage on both main residence and investment property. We have a very small TFSA. Another high interest account that isn’t hig…

Inheritance. How to reinvest and turn into passive income? 34M, aircraft mechanic in the US. Typical yearly income 80K-90K before overtime, 120K after overtime. The next few years I will be receiving a substantial inheritance (500K-1Mil). I want to invest it wisely and have it supplement my income so I can go down to part time at least. I currently work in commercial aviation, it is a stressful and dema…

Need Inheritance Advice Hi all, I am a 49 year woman with 2 teenage kids and husband. I make a decent salary (200K) and have about $680K saved in my 401K. I have $80K in 529 accounts for my kids. Both of my parents recently passed away and I was left with $250K. I would like to use some of that inheritance to buy a vacation rental property and the rest for my children’…

Invest inheritance or get a master’s? Hello, I am trying to make a decision on some money that I inherited recently, I have sort of boiled it down into 3-4 options. Background: I’m around 38F married and only low interest mortgage debt with no children. BS in Biology, Medical Laboratory Technologist certification. I inherited about 60k in a Roth 401k from family that passed away so …

What To Do With Inheritance at 23? I am 23 years old, and I recently lost my dad. I’m set to inherit a little over $300,000 in liquid cash. I have no debt and a full-time job. Currently, I live with my mom (they were divorced), which allows me to invest at least 25% of my income while also putting around $2,000 monthly into a high-yield savings account (HYSA) for a house down pay…

70k inheritance at 22 Im inheriting 70k. I already have a 2 year fully funded Roth IRA, a 6 month EF, no debt, and live in an apartment with my fiancee. I have a child coming in December. I know of the 529 and a custodial account. I want to make sure this 70k can set us up well. submitted by /u/Ecstatic_Staff_6501

Annuity Inheritance by a Minor Hello! Looking for thoughts and ideas on the below scenario. Certainly, professional tax, finance, and investment consultations would be the standing recommendation for the next steps. Before this, please share yours. Details: Elderly family member establishes life insurance annuity. The beneficiary is a minor (preteen) at the time of passing. …

Requesting advice for my mom with inheritance My 62 y/o mom has gone through it. She’s been homeless a lot of her life and has never had a drivers license or her own money and has not really ever worked. She recently inherited about $120k. She lives with her sister who probably won’t live much longer and is doing reverse mortgage. So once she passes she will most likely move in with one of …

Taxes on an Inheritance My brother and I received an inheritance about 6 months ago. Part of the inheritance was a home. Long story short, we are about to sell the property and split the profit in half. My main question is taxes. I believe whatever the Capital Gains are will be what we pay taxes on. I was hoping to get a little better understanding on this matter so we…

New inheritance scam? I was contacted by a guy the other day saying I may be related to one of his late clients and owed an inheritance. All the red flags went up. I googled him, the guy he said I’m related to, and the text of his email and found nothing suspicious. I did find the obituary of the guy he claimed died and there is an attorney by that name practicing wh…

Allocating some of inheritance to rent I’m in my mid 20s, recently got a large sum of money inheritance and was curious if this would be a bad idea. I’m currently working and making an ok amount of money but live in a HCOL area. I’m paying around $1400 a month for rent in a very dangerous part of the city. I don’t mind going up to $1600~ in rent but that would not better my living o…

Unexpected inheritance Inherited 120k unexpectedly My dad passed away of a heart attack a few months back and the life insurance just came in. Bc my parents are divorced my mom didn’t get it, and the siblings are splitting it (with her). I’m going to try and keep this short. I’m a senior in college (22m) and am gonna graduate in Dec. I’m planning on going into medicin…

I’m 20 and receiving an inheritance. What should I do? Background: 20 years old, university student with a full-ride, $10k in savings, currently working an internship should make around $10k by the end of the summer, have another ~$15k in a 529 from grandparents, virtually no expenses, no debt, 2 more years of school. I feel like I am relatively knowledgeable about personal finance, and like to thin…

Where should my mother (68) park her inheritance? My mother is terrible with money. Lives off part time work and social security. Not sure the exact amount of the inheritance but likely over 250k. Where should I recommend she park what money she does not spend? I am looking for something simple, with little to no risk that she can draw from for emergencies. What is a better option than a high y…

Inheritance with an option for monthly payouts for my lifetime I (36M) was fortunate enough to receive an inheritance with an option to receive a lump sum of 91k post tax or $1200/month post tax for the rest of my life. Being that the monthly option will exceed the lump sum in just 7-8 years, this feels like the clear option to me. Am I wrong? submitted by /u/TheHangmanK7

Social Security and inheritance Hello! I’m in a situation and although I plan to speak to a financial advisor soon, I thought I’d throw this out there: I’m a (42) working teacher, my husband (38) has stage 4 cancer and has been on disability for a year. Because he’s considered terminal, his disability just ran out and he has to apply for social security. His mother just passed…

WWYD – Inheritance Scenario Looking to see what people would do in this situation: Your grandparent has in their Will that $200,000 is to split between yourself, two siblings and two cousins, which means you yourself receive $$40,000. Your mother and aunt will receive money as well, but it’s not included in the $200,000, it’s separate. Unknown number. Your sister is recei…

Received a call about an Inheritance Hello reddit. About a week ago I received a phone call from a private Investigator informing me that I may be able to claim an inheritance in California, which is where I grew up and some of my family still lives. The PI, Larry, has asked me to provide him with my birth certificate and DL to prove my identity. Otherwise everything checks out. I …