State: California
My mother recently passed away and left my father (62y) and I (30y) with an inheritance. I bank with Chase and we both (father and I) met with a financial adviser from the institution. I would like to get a few extra opinions before we go back to either move forward or not with what he is recommending.
401K = $105k (Father is 100% beneficiary).
Life insurance = $120k (we are unsure of the exact amount) (Split 50/50 between my father and I).
I'm aware that what my father and I do with the money will differ, because of our age. It is to my understanding that the life insurance will not be taxed, and the 401k will (if taken out).
My plan is collect my portion of the life insurance and invest. I do not currently need the money, so I was thinking of saving this money towards retirement. What type of account would be best to invest the funds? There could be a possibility that I would need the funds prior to retirement, although saving for retirement would be the goal. I also have a 401k through my work.
My father is planning to take the life insurance and use some of that to pay off medical bills and other miscellaneous bills. As for the 401k, he obviously does not want to take this money out because of the taxes that will apply. What are the different options for this? Would rolling these funds over be the best option? if so, what different account options would he have to choose from?
Thank you!
Submitted April 25, 2019 at 10:47AM by kuff2 http://bit.ly/2UzwVvC
