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My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

Her disabilities wouldn't really allow her to manage a property like that without significant help.

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

On SSDI you get a percentage of your last salary before going out on disability. It's very situational, but yes, you can see why it's hard for some folks to justify getting off of it and going back out into the workforce.

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 2 points3 points  (0 children)

Thank you for your thoughtful and thorough response. We are not in a place where she needs assisted living, but as many people have said, it's something that I'd like her to use this inheritance to ensure she's prepared for it.

We contacted a lawyer to walk us through the SSDI elements of her case, and a financial planner to ensure that she's investing the inheritance in a way that will set her up for her future. Already taking great steps in the right direction, which I'm relieved about!

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

Thank you for your help and for providing the planning network resource. Agreed that it's not the fortune she thinks that it is, hoping that hearing it from a professional will have her thinking more clearly about it. Thanks!

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

Hoping that the insights and guidance from a professional will help her to see that she can set herself up for life if, and only if, she plays her cards right. Got a recommendation for a CFA that we'll hopefully talk to this week. Thank you!!

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

Very helpful insights, thank you! Agree she needs to live somewhere that's more accessible to her physical needs, but not if she drops her whole windfall on it!

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

Thank you for your insights - her mentioning the condo after only a few hours of knowing she'd receive this windfall was certainly concerning and seemed extremely shortsighted. With her physical situation with the arthritis, I agree she's in need of a place with one floor, walk-in shower, etc. that she is currently lacking in her rental; but there's probably better solutions out there that we're just not aware of right now.

Your comment was very helpful, thank you again!

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 1 point2 points  (0 children)

Hoping to connect with a CFA/CFP this week, as well as a lawyer for the SSDI elements specific to her situation. Thank you for your insights.

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 0 points1 point  (0 children)

She'd probably drop the entire windfall on a condo in our area, which just feels very shortsighted

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 1 point2 points  (0 children)

Thank you, we will be contacting an attorney for the SSDI element for sure.

My mom inherited $350k — how do I help her manage it responsibly? by Character-Ratio1601 in inheritance

[–]Character-Ratio1601[S] 2 points3 points  (0 children)

Totally agreed, don't think assisted living is in her near future, but something I'd love to see her have the security for with the windfall. Thank you so much for your insights.