Hi, grandfather passed recently and I am inheriting everything. I am 23 and financially illiterate when it comes to this kind of stuff and basically pretty poor but have no debt at least. I'm panicking pretty badly because outside of googling things for the past 2 days since finding out, I am pretty lost.
The biggest things are
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A property/condo worth from what I understand around valued at 250k
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An IRA worth around 400k in Fidelity
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Another account that has stocks and stuff worth 75k in Fidelity (no idea what this is really, but it clearly lists things like Apple stock and Intel, etc in the documents I have for this one)
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Another type of account maybe another IRA? in Merrill Lynch worth 25k
I had a meeting with a manager at the bank my grandfather used and we're working on getting those accounts over to me. I also have a meeting with an attorney about the property on Monday. What do I do with the IRA? I read stuff that says I have to take out a certain amount yearly, others that say I should move all the money into some other kind of portfolio, and plenty of things saying I'll end up getting taxed like 60% of all of it? I have literally no clue what half the terms mean, especially when people at like the bank for example are talking to me. I guess I'm just looking for some direction.
Submitted May 14, 2021 at 04:43AM by wacker9999 https://ift.tt/33Gv0MC
