I inherited financial assets like stocks, bonds, etc. What should I do with them?
What should I do with 20k inheritance?
Here are some of the slices you might include as you decide what to do with your inheritance:
- Give some of it away. …
- Pay off debt. …
- Build your emergency fund. …
- Pay down your mortgage. …
- Save for your kids’ college fund. …
- Enjoy some of it.
What can I do with inheritance to avoid taxes?
8 ways to avoid inheritance tax
- Start giving gifts now. …
- Write a will. …
- Use the alternate valuation date. …
- Put everything into a trust. …
- Take out a life insurance policy. …
- Set up a family limited partnership. …
- Move to a state that doesn’t have an estate or inheritance tax. …
- Donate to charity.
What can you do with a 300k inheritance?
Key Takeaways
- If you inherit a large amount of money, take your time in deciding what to do with it.
- A federally insured bank or credit union account can be a good, safe place to park the money while you make your decisions.
- Paying off high-interest debts such as credit card debt is one good use for an inheritance.