Don't Make These Inheritance Mistakes!
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.1K Ratings
🗓️ 1 January 2025
⏱️ 28 minutes
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Summary
Transcript
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| 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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