Tonya inherited about $500,000 from her mother. Some of it was in her mom's IRA, some were stocks her mom had owned for many years, and some was cash in the bank. By carefully analyzing the tax impact of her decisions, we were able to help Tonya create a strong plan. She adopted a stretch IRA to delay taxes, paid off her mortgage, and set aside a chunk for a rainy day. Then Tonya headed out for a trip to Europe where she planted trees in her mothers honor - a living legacy to the woman she loved.
Sudden wealth comes with opportunities and challenges. All too often you hear of people squandering an inheritance. In this episode Mary Sterk helps you evaluate and understand the impact of an inheritance - from taxes to strategic planning. Listen in to learn about the Rule Of Thirds so you can make the most of your new found wealth.