Both of my parents died suddenly. They had intentions of putting their assets into trusts for myself and my 2 siblings but life happened before their plans. I am a co-executor of the estate with one of my siblings. Below I'm going to provide only the details for what I have/will receive (R for recieved, NYR, for Not Yet Received)
The Details (all sums are USD):
- An IRA from which I will receive around 4,200 2x a year for 5 years (I have 20% taxes taken out automatically) R 1st install
- An IRA lump sum: 5,430 (20% taxes taken out) NYR
- Sold their house for 490,000. My share of that is 34,581.77 as they still owed on it. R Check
- Their bank accounts equalled out to around 98,000 which is currently in an estate account that my one sibling and I control. This includes a 10,000 life insurance check that we recieved. I will get 1/3 of the LI check, and then 1/3 of the remaining 88,000. To be clear, it will NOT be 88,000 when it comes time to cash that out. that account is for paying the bills of the estate, which we have done until the house closed (mortgage, utilities, etc.). I will probably get 1/3 of 70,000 as a very conservative estimate. I will not get this until the 90 day debt period closes.
Currently, I am unemployed by choice. I am (32) married with no children. We will be moving to IL in October with good job prospects for my partner, and I plan on being employed by the end of the year. We own no real estate and plan to rent in IL. My partner has a very healthy retirement fund through work, and has had his own personal fund since he was 22. We are both savers.
Reading the wiki and going through past posts (everything from inheritance to windfalls), I know I need to get an IRA together (Vanguard looks good), but I've got way more than 5,600 to invest.
Specific Questions:
- Other than an IRA, where should I be putting this money? An Individual 401K? I'm not self-employed, so is that even possible? I feel very dumb.
- Is a money market account a good idea to use other than a savings account?
- I read about a CD ladder for an Emergency Fund. Are there any banks with better returns that others for this type of investment?
- Where is the best place for an investing shy idiot like myself to start? I really would like someone to guide me, and don't mind paying some for it, I just don't want to pay the wrong person/pay a scammer.
- Last thing, in our estate process we had an extremely poor experience with Ally Bank. I have known many people that have had GREAT experiences with them, so nothing against anyone using them, but to save time on suggestions, That's one bank I have decided not to bank with in the future.
Thank you in advance.
Submitted August 14, 2018 at 03:01PM by inheritancetFLMAIL https://ift.tt/2BawyTV
