"I'm Getting An Inheritance Soon - What Should I Do?"
Money Guy Show
Brian Preston, CPA, CFP®, PFS and Bo Hanson, CFA, CFP® | Fee-Only Fiduciary Advisors
4.7 • 3.2K Ratings
🗓️ 15 November 2021
⏱️ 23 minutes
🧾️ Download transcript
Summary
Transcript
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| 0:00.0 | It's Brian Preston, the money guy, restoring order to your financial chaos, retirement, |
| 0:07.0 | investing, taxing. |
| 0:09.0 | You've got financial questions, he's got financial answers. |
| 0:12.6 | It's Brian Preston, the money guy. |
| 0:16.2 | This next question is from Aaron. |
| 0:17.4 | Now, Aaron said, my wife and I received a $25,000 inheritance. |
| 0:22.1 | It was from her side of the family, so she feels more ownership of it. |
| 0:26.3 | I want to invest some of it. |
| 0:28.3 | She wants to pay off our 2.8% mortgage and remodel our home. |
| 0:32.7 | How do I navigate investing over spending it on our home? |
| 0:37.3 | There's a lot packaged up in this question, Brian. |
| 0:39.5 | How do we think about assets that come in from inheritance? |
| 0:44.0 | What should we think about and how should we navigate those assets and then even how do |
| 0:46.9 | you make the decision on using those for the future, versus using those for the present? |
| 0:51.6 | I like questions like this, Aaron, because I have a visual of you and your wife watching |
| 0:56.0 | this answer. |
| 0:57.0 | We're going to let these guys decide. |
| 0:59.0 | Use this as a tool to hopefully mediate your discussion. |
| 1:02.2 | First of all, I think it's very important, and this is something I would do this in my |
| 1:05.7 | household, and I hope you would consider it with yours, is that there's a legal protection |
| 1:09.7 | to inherited assets. |
| 1:13.0 | My wife came into an inheritance of $25,000. |
... |
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