Linda marshall
Level 2 Member
Hello Investment People!
I'm hoping you can help me help a friend of mine with some suggestions on investment strategies given her recent inheritance and her age.
Last month her father passed away. Although she did expect to receive some portion of his estate, she and her 6 siblings had no idea of his worth and were surprised to learn that they would each be inheriting close to 100K! She has frankly been living very close to the edge for years and so naturally she is quite overwhelmed by her new circumstances and doesn't have any idea where to begin. She asked me for help and, having no idea myself where she should begin, I am turning to you all!
Here are some details that may be relevant.
She is 62 years old and in a lesbian relationship with her long-term partner who is 68 years old. She has no children of her own but helped raise her partner's 3 children. They have no significant debts and they do own their home (in a retirement mobile home park). Because of the financial penalties involved, they have elected to remain unmarried and file taxes separately. She has not worked (due to physical health issues) for the past 2-3 years and they have been surviving on the little bit of money she gets from social security disability ($1700/month) and her partner's social security.
She has been given around 14K so far, and sometime in the coming months, once her father's house is sold and the estate is liquidated (is that the word?) she has been told that she will receive an addition 80-85K.
Obviously, she wants to make the best possible choice regarding how to invest this money. She was given the name of a financial advisor but is uncomfortable trusting someone she doesn't know who may stand to benefit from the advice he gives (advice that is in his interest rather than hers). A related question would be what to ask a potential financial advisor if she were to meet with one.
Thank you in advance for any suggestions you can offer. I am grateful to have access to a group of experts!
Linda
I'm hoping you can help me help a friend of mine with some suggestions on investment strategies given her recent inheritance and her age.
Last month her father passed away. Although she did expect to receive some portion of his estate, she and her 6 siblings had no idea of his worth and were surprised to learn that they would each be inheriting close to 100K! She has frankly been living very close to the edge for years and so naturally she is quite overwhelmed by her new circumstances and doesn't have any idea where to begin. She asked me for help and, having no idea myself where she should begin, I am turning to you all!
Here are some details that may be relevant.
She is 62 years old and in a lesbian relationship with her long-term partner who is 68 years old. She has no children of her own but helped raise her partner's 3 children. They have no significant debts and they do own their home (in a retirement mobile home park). Because of the financial penalties involved, they have elected to remain unmarried and file taxes separately. She has not worked (due to physical health issues) for the past 2-3 years and they have been surviving on the little bit of money she gets from social security disability ($1700/month) and her partner's social security.
She has been given around 14K so far, and sometime in the coming months, once her father's house is sold and the estate is liquidated (is that the word?) she has been told that she will receive an addition 80-85K.
Obviously, she wants to make the best possible choice regarding how to invest this money. She was given the name of a financial advisor but is uncomfortable trusting someone she doesn't know who may stand to benefit from the advice he gives (advice that is in his interest rather than hers). A related question would be what to ask a potential financial advisor if she were to meet with one.
Thank you in advance for any suggestions you can offer. I am grateful to have access to a group of experts!
Linda