Reply to All you rich folks - looks like I'm (almost) one of you. What should we do?

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Reply to "All you rich folks - looks like I'm (almost) one of you. What should we do?"

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[quote=Anonymous]On life insurance, you should probably have more on you than on your spouse as you are the major breadwinner.  Maybe $1M at least.  That will cost about $100/month.  Then $1M on him would be twice that.  I would also put $5000 into a Roth in your name and the same in a Roth in your spouses name.  Then $4000 for each kid each year in the DC 529s.  You could do twice though, just not take the $4000 off on your taxes.  Make sure you are doing the max on your 401K (I think you said you were doing that).

You could also pay down your mortgage one or two extra payments a year (send in $200 extra a month).  That way you'll have your house paid off much sooner but keep the tax deduction now.  You'll save a ton in interest over the years.

Since some of your inheritance is tied up in property I'd pretend it wasn't there at this time and keep on with your conservative lifestyle (finances wise).  Also I'd roll over the IRA into your husband's name, and then add your name to it if he'll let you do that.  Or you can be the beneficiary.

Good luck with everything.  If you are in DC I'd suggest Michele Davos as a good estate attorney.  Flat fee, personable, knowledgeable.  You can do all the docs you need for the will, custody, health power of attorney, etc.

The inheritance will give you a bit of financial buffer but as other posters have pointed out, it's not really that much in the scheme of things, so no lifestyle change. [/quote]

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