Inheritance--where to put the money while deciding what to do with it?

[Anonymous]

Just received a check from my grandfather's estate--low 6 figures. Not planning on touching it for a little while--should I open a new money market account just in my name or put it into an existing joint account? DH keeps talking about buying a vacation/investment property but I'm really not interested in using it for that--we're not in a position with our retirement or college savings to be doing something like that IMO, not to mention that our house could use some updating.

[Anonymous]

more details on your current situation would be helpful - how much is your HHI, how much did you get, how many kids, how much in 529?, retirement saving situation?...etc. each case is different.

[Anonymous]

Whether you put it in a joint or individual account is a personal decision, but make sure that it doesn't put you over FDIC-insurance limits. If necessary, open a new account to make sure that all of your deposited money is insured.

[Anonymous]

I would put some in a 529 or prepaid for each child and put the rest in a retirement fund in your name only.

[Anonymous]

Put it somewhere in your name only for now. You can always change that later.

[Anonymous]

Vanguard. Short term bond index fund while you figure out what to do with it. Your choice as to whether it's a joint or individual account. If it's joint, he can access it and spend it, though....

[Anonymous]

Always keep inheritances separate. Don't even out it into a joint account for a day.
I just had a similar situation, and I opened a new account with my broker. I made sure that my DH was put as TOD (transfer on death). It's in about 20 different things.
If you just want to stash of for a bit, open a new account at an online bank paying at least 1%.

[Anonymous]

The FDIC limit is 250K. Put it into different online savings banks (not just different accounts in one bank).

[Anonymous]

I put mine in online savings (ally) until I came up with investment plan.

[Anonymous]

You could do some CD's if you can find a decent rate. If you think you might have a sudden need for the money, find one that doesn't penalize you for early withdrawal, other than not earning interest.

[Anonymous]

Anonymous wrote:Put it somewhere in your name only for now. You can always change that later.

This! Once you put it in an account with your DH's name on it, it no longer belongs to you, it belongs to both of you.

[Anonymous]

Anonymous wrote:Vanguard. Short term bond index fund while you figure out what to do with it. Your choice as to whether it's a joint or individual account. If it's joint, he can access it and spend it, though....

+1

Check out VWSUX

[Anonymous]

Anonymous wrote:

Anonymous wrote:Put it somewhere in your name only for now. You can always change that later.

This! Once you put it in an account with your DH's name on it, it no longer belongs to you, it belongs to both of you.

This. Of course your husband wants to put it in a jointly owned property. Then it belongs to both of you, not just you.

[Anonymous]

Anonymous wrote:I would put some in a 529 or prepaid for each child and put the rest in a retirement fund in your name only.

Do this. And don't put that money into your house if it's a jointly-held asset.

[Anonymous]

Personally, I would open a money market in my name only, then make an appointment with an investment and retirement broker who does not work on commission to review your options.