Reply to Spouse inherited $3 million

Forum Index » Money and Finances

Reply to "Spouse inherited $3 million"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]I am not sure there is anything a tax planner can tell us. The investments are in tax-efficient index funds and we are maxing out all tax-preferred savings options.

What is the advantage of I-Bonds? I guess I need to research those more, but I'm hesitant to complicate our portfolio. We have everything at Vanguard except for one 401(k) which is at Fidelity and the HSA at HealthEquity.

I found a podcast "I will tell you how to be rich" that seems to focus several episodes on moving to a mindset where saving is not the ultimate goal. "What are you saving for?" and all that. I feel that way with this additional money. Since I don't want to retire, I may need to work on spending money for enjoyment more.[/quote]

I agree with you OP.  You are doing the right things.  I certainly would continue with your savings plan but fund it with your inheritance. i.e. if you are saving 100K at work, move 100k from your inheritance acct to your spend account.  Effectively, you are reclassifying your inheritance into multiple tax-efficient buckets (401K, Roth, etc.).

iBonds are popular now given the high interest rate which are expected to continue for a while.  Between the three of you, you could invest 55K each year:
10K each in individual names
10K each - you and spouse - in the name of your revocable trusts
5K - joint - tax refund

Benefits: No state tax on interest; federal tax deferral upto 30 years (or whenever you withdraw).[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics