My mother recently passed away leaving my brother and me two trusts containing her estate. The estate contains roughly 900k: the home, a 100k guaranteed annuity, and roughly 550k in an investment account with Ameriprise.
We have a meeting with her estate lawyer and financial advisor tomorrow; what sort of things should I be prepared for? What's the best course to take?
Some background info. on me:
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I recently lost my job due to COVID shutdowns and my industry likely won't recover until late 2021.
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I have a ROTH IRA with about $24k.
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I currently rent and my total expenses come in around $1,750.
My trust is designed a bit differently than my brothers; I am able to withdraw the entire amount at any time. My brother, on the other hand, would be given a certain amount every year with the option to request more for "life changing expenses." My brother has the option to keep the house; however, the appraisal value would be deducted from any cash value.
In theory, I would like to create a yearly income that covers my basic expenses during the pandemic.
Any insights and advice for the estate lawyer / financial advisor would be greatly appreciated.
Submitted October 06, 2020 at 08:48PM by jpop237 https://ift.tt/34tGYJC
