68 yr old father inherits money?
My father is set to inherit around 150k from my grandfathers estate. He's retired and 68 years old (SS and Medicare). His health isn't great and doesn't want this money touch by my mother who is a gambling addict and who is also 68 yrs old & retired.
I was thinking about some investment strategies like a Roth IRA or even a living trust so I can monitor his cash but he might be to old.What do you think are some places he should put this money? How can I help him monitor his assets?? Any tax-advantages strategies you think he should take?
Appreciate the help.
- Ron AkiaLv 72 months ago
That is too large of an amount to place in a Roth IRA and I'm guessing that your father doesn't have earned income which is also a requirement. What I would suggest is an Irrevocable Trust that specifies what is to be done with the money after his death. I'd also strongly recommend that he discusses an attorney before making any decision.
- 2 months ago
first don't let charge procedure hinder great choices - the vast majority over rate charge keeping away from over sound decisions
an organized annuity that secures the cash constrained by a trust that you mother has no expert on can give an ensured lifetime pay dependent on ordered to the market.
so in the event that he bites the dust it leaves a set month to month normal pay to mother
you or another person should be the recipient and agent and if mother attempts to acquire cash off it, cut her off
this should be possible in an IRA arrangement to do however much as could reasonably be expected assessment insightful, yet in the event that the $150,000.00 is pre expense.. on the off chance that the duty was at that point taken on the installment , quit stressing over duties
however, such a large number of individuals to stay away from charges frequently mess them selves up, eventually burdens NEED TO BE PAID SO NOW IS AS GOOD AS ANY AT 68
there are zero focuses that expenses are not paid, just deferred - the simply REAL route not to pay charges isn't get the cash
- ClickmanLv 52 months ago
1st do not let tax strategy get in the way of good decisions -- most people over rate tax avoiding over sound choices
a structured annuity that locks the money in controlled by a trust that you mother has no authority on can give a guaranteed lifetime income based on indexed to the market.
so if he dies it leaves a set monthly regular income to mom
you or someone else needs to be the beneficiary and executor and if mom tries to borrow money off it, cut her off
this can be done in a IRA format to do as much as possible tax wise, but depending on if the $150,000.00 is pre tax.. if the tax was already taken on the payment , stop worrying about taxes
but way too many people to avoid taxes often shoot them selves in the foot, at some point taxes NEED TO BE PAID SO NOW IS AS GOOD AS ANY AT 68
there are zero points that taxes are not paid, just delayed -- the only REAL way not to pay taxes is not receive the money
- Christin KLv 72 months ago
It is your father who will have to request that his money be put somewhere where you mother cannot withdraw it, or touch it for any reason. You can help--but this will require an attorney. I suggest you and your father visit one and explain the situation and see what that lawyer recommends. Don't simply put the money into an IRA--your father is beyond the age where an IRA would be a good idea for him. He's not saving for retirement, he's already there. Any bank instrument such as a savings account, or Certificate of Deposit, CAN be arranged so that only your father is permitted access--but please see a lawyer. There are probably better ideas.
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- JudyLv 72 months ago
Whether your mom can touch it depends on what state he lives in. Unless h has lot of other income, tax free investments don't make a lot of sense
Why would YOU monitor his money, and he not do it himself?He can't put the money into an IRA.
- curtisports2Lv 72 months ago
Even in a community property state, anything he receives as an inheritance is not subject to splitting with a spouse, provided the money is invested in the proper type of account. With that kind of money, it is well worth spending a few hundred on a session with a qualified estate planner.
- EvaLv 52 months ago
He can't contribute to a Roth if he doesn't have earned (working) income. You can look at tax-exempt mutual funds to keep the income tax in check. His investment accounts can be set up as TOD accounts which carry a named beneficiary. It sounds like you should have a consultation with an estate attorney to decide if setting up a trust would be beneficial.
- babyboomer1001Lv 72 months ago
You are asking the wrong people. He ought to consult a financial consultant. Perhaps an indexed annuity. Perhaps, some gold, perhaps stocks, mutual funds, even an investment house.
- KerriLv 42 months ago
I’d contact an estate attorney or professional financial advisor to best benefit his situation such as your mother. Are they still married and if so what are the laws where you live about property and who owns what in a marriage? Maybe you could get power of attorney over your dad so he can’t be conned out of the money. I have no idea what sort of trust or strategy is best but I would make sure your mom has no legal claim to any of it ( if they’re still married) and so forth. Good luck
- Wayne ZLv 72 months ago
This is probably a question for an attorney in their/your state. In some states, all property is considered both of theirs.
To put money into a Roth IRA, your father must still have income from working. Social Security does not count. If isn't working any sort of IRA is off the table.
Sorry. I don't know a lot about trusts.