How to Allocate Inheritance
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 29 June 2024
⏱️ 15 minutes
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Summary
After receiving a very large inheritance, how should we be allocating our assets?
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Transcript
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| 0:00.0 | Welcome to the Jill on Money Show. It's Saturday, June 29th, and we are here trying to help you make better financial decisions or maybe make big life decisions that don't blow up your financial side. So if something is going on, if you've got a question, are you weighing two different jobs, are you thinking about a real estate transaction? Are you starting your own business? Are you looking for |
| 0:25.3 | a pathway to retirement? Give us a holler. Go to jillonmoney.com. Click the contact us button. And of course, |
| 0:32.6 | please let us know if you would like to join us on the air. Right now, we're talking to Jason, who's on the line from |
| 0:38.6 | California. Yeah, so this is probably a little unusual, and I know, hopefully, this doesn't seem |
| 0:46.9 | as, you know, ungrateful or anything. But so a few years ago, my wife's dad passed away, which was terrible, but he was a very good |
| 1:00.4 | investor. |
| 1:00.9 | And over the years, lest us with quite an inheritance, he left us mostly inherited IRAs. |
| 1:08.0 | So a lot of that money is tied up in retirement accounts, and I should say we're both |
| 1:12.5 | in our early 40s, and also a home that he purchased in the mid-70s. So the home at the time that we |
| 1:22.1 | inherited was about valued at $1.2 million, and it was paid off, and currently it's valued at about $2 million. it was paid off and currently it's valued at about 2 million. |
| 1:30.6 | I want to see if there's anything we could do with that. Like there's all this equity tied up in |
| 1:34.5 | this house and, you know, I'd love to retire early and spend time with the kids and all that. |
| 1:39.9 | I just don't know how to do that in a safe way or if I'm even just kind of wasting my time, |
| 1:45.9 | spinning my wheels, thinking about it. We wouldn't want to do anything to sort of risk the house. |
| 1:50.7 | But, you know, my friends are saying, you know, you should take some equity out and invest it in, |
| 1:55.2 | you know, real estate syndications or, you know, fix funds or something. |
| 2:00.1 | Let's just calm down on that part. |
| 2:02.6 | So tell me, first of all, about this house. This house is sitting empty. Are you living in it or what's |
| 2:08.0 | happening? We live in it. It was the house my wife grew up in and the house that we're living in. |
| 2:13.4 | And, you know, we're using it and we're loving it. It's a, it's a wonderful house that we could |
| 2:17.3 | never afford on our own salaries in Southern California. So, you know, we are fully using it as a |
| 2:24.6 | utility. And there's no mortgage. No mortgage, correct. Okay. Now, all right, you don't owe anything |
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