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Money Guy Show

Don't Make These Inheritance Mistakes!

Money Guy Show

Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors

Education, Retirement, Moneyadvice, Investing, Savingmoney, Personalfinance, Business

4.62.8K Ratings

🗓️ 1 January 2025

⏱️ 28 minutes

🧾️ Download transcript

Summary

"​​Im 28 and on step 6 of the FOO. I will inherit $300k soon and I'm unsure where to put the money. I would like to retire early so taxable account? Index funds or target retirement account?"

We'll walk you through that question and more in today's Q&A episode!

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Transcript

Click on a timestamp to play from that location

0:00.0

I'm inheriting $300,000.

0:10.0

How do I not screw this up?

0:12.0

Brian, I am so excited to talk about this because sometimes life throws us these curveballs

0:17.0

that we're not expecting and sometimes the curve balls are pretty good.

0:20.0

And we want to figure out, okay, I've got this once in a lifetime opportunity.

0:24.2

What do I do and how do I navigate?

0:26.0

And I love that we can answer those kinds of questions.

0:28.7

As a matter of fact, I love that we can answer all of the questions that you guys send.

0:32.8

It's one of our favorite things to do every Tuesday morning at 10 a.m. Central. So we want to answer the questions that you

0:40.7

care about. So with that, Megan, I'm going to throw it over to you. Great. We're going to start

0:45.7

off with the question from Peter M. He says, I'm 28 and on step six of the foo. I will inherit

0:51.8

$300,000 soon, and I'm unsure where to put the money. I would

0:56.2

like to retire early, so should it be in a taxable account, index funds, or a target retirement

1:01.9

account? What do you guys think? This is exciting. So it's, one, Peter, this is a unique

1:08.9

opportunity. A lot of folks don't have a situation where they get to inherit some level of wealth.

1:14.6

And so it sounds like you're in a position where you are.

1:16.6

It's really interesting.

1:17.6

And your question doesn't state this.

1:20.6

You say, hey, I'm going to inherit $300,000.

1:22.6

My immediate first question is, okay, how is that money currently structured? Because most often, when there's an

1:29.6

inheritance, you might inherit some checking accounts and savings accounts or maybe there's a piece

1:34.8

of property that got sold. But oftentimes, there are things like IRAs or Roth IRAs that you

...

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