My father recently passed away in a tragic car accident. He was in his mid 50's with a great job, great benefits, and a decent amount of insurance. My mother is devastated and I'm left to handle things. Car insurance is going to cover the car, funeral, and accidental death benefit. Car loan had life insurance on it so all that is covered. My father has a modest estate with a house and property. My mother stands to come into quite a bit of money, around $500k after all the dust settles. They still owe $40k on their mortgage. Have some medical debt in his name. Have some cosigned student loans, some that will be forgiven being parent plus and some signature loans that I'm still waiting on promissory notes on. My mother is not yet at retirement age and with all things considered I'd like her to wait to start collecting his pension and leave his 401ks in her name and just let them grow. His 401ks and IRAs have another 200k. So ultimately my question is, what should I direct her to do with the rest of the money? She has grandchildren and I have been looking into 529 plans. Should I just invest the majority of it into her 401k that she will inherit? Should I invest it in some other way? I just want her to be comfortable and be able to draw a decent income when she hits retirement age. Any advice would be greatly appreciated.
Submitted December 26, 2018 at 10:50PM by butteresbitter http://bit.ly/2ERA1rE