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Anyone on here a financial planner/fiduciary?
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Ohhh lawd you resorting to the ODT types for financial planning. Kiss that inheritance good bye. J/k
Buy more gun and ammo with it. J/k
In all seriousness, sorry for your loss, best of luck navigating what to do with it.
Buy more gun and ammo with it. J/k
In all seriousness, sorry for your loss, best of luck navigating what to do with it.
https://www.fidelity.com/viewpoints/personal-finance/401k-inheritance-tips
Good article above. Short answer is that unless your parents estate is over the estate tax minimum of approx $5 mil then you probably want to just roll over the 401k inheritance into an IRA in your name. Only taxes due would be when you begin making withdrawals.
I would suggest talking to somebody like Vanguard and let them help you...
If it’s from a spouse then estate tax won’t be an issue either...
Good article above. Short answer is that unless your parents estate is over the estate tax minimum of approx $5 mil then you probably want to just roll over the 401k inheritance into an IRA in your name. Only taxes due would be when you begin making withdrawals.
I would suggest talking to somebody like Vanguard and let them help you...
If it’s from a spouse then estate tax won’t be an issue either...
You dont need a financial planner. You need a tax professional.
You obviously came into some money...you dont need to pay someone to manage it. You need to get a tax person to help find ways to not pay more taxes on it.
You obviously came into some money...you dont need to pay someone to manage it. You need to get a tax person to help find ways to not pay more taxes on it.
"take the cash and let the credit go,nor heed the rumble of a distant drum"..... A quote from someone who knew how to live.
Bear in mind that with recent changes in the banking laws, when you put your cyber currency in a bank, it is no longer yours. Yes there is a promise of interest and to repay, but if the bank goes belly up, your cyber funds can be confiscated to bail-in the bank.
IRAs are the low hanging fruit for the bankers, and when the time is ripe, they will be harvested (not by you) or put into the "safety" of treasuries "for your own protection". Right now, with the current inflation and resultant negative interest rates, you are paying the banks to keep your savings for you.
There is really only one thing you can be sure of: the purchasing power of your fiat money will go to zero.
Bear in mind that with recent changes in the banking laws, when you put your cyber currency in a bank, it is no longer yours. Yes there is a promise of interest and to repay, but if the bank goes belly up, your cyber funds can be confiscated to bail-in the bank.
IRAs are the low hanging fruit for the bankers, and when the time is ripe, they will be harvested (not by you) or put into the "safety" of treasuries "for your own protection". Right now, with the current inflation and resultant negative interest rates, you are paying the banks to keep your savings for you.
There is really only one thing you can be sure of: the purchasing power of your fiat money will go to zero.
Perhaps your financial plan should include a time frame? Then you can make the most of certain events.
My best advice is don't let the money touch your hands.
