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Reply to "3 million inheritance. What should this affect things"
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[quote=Anonymous]They usually say if you receive a windfall, to sit on it for a year before you make any big purchases. Definitely start a 529 college savings plan for your kid immediately. Also, consider that in DC or MD the state estate tax will be 16% on the amount over $1M, so $320k (maybe that was already paid). For a typical DC private school, I did the calculations for my son recently, and indexed for inflation, it's around $300k for just K-8. Private high school will be like $35k/year in today's dollars. $3M may seem like a tremendous amount, but it's amazing how fast it can be eaten up if you're not prudent. [/quote]
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