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Taking care of business-Dad's money

April 19th, 2018 at 12:05 pm

Update

I got approx $96k from Dad. $26,600 of that in an inheritor IRA.

Today I
1. paid off the 2 flat 'fix up debt', $23,700
2. paid off student loan of $9k
3. put $2000 more in the rental emergency fund
4. put $13500 more in the rental tax fund to 'catch up'
5. set aside $2000 for me (to be determined)

I have $23,500 left in a taxable account just sitting at this point. I will wait to figure out how much of that to invest until I get a clearer idea of my job search

The inheritor IRA will stay. that is invested in the Fidelity Total Stock fund.

Will decide on selling the 2 flat in the next few weeks

4 Responses to “Taking care of business-Dad's money”

  1. LuckyRobin Says:

    What is an inheritor IRA? I've not heard of it before.

  2. rob62521 Says:

    Lots of stuff paid off! Yahoo!

  3. Rachael777 Says:

    Inheritor IRA is one which you inherit BUT also where the decedent is over a certain age so you must still follow his/her required minimum distribution. For Dad I must take out $1500 RMD a year and either use it or put it into a taxable investment account. I decided I am switching all accounts to Fidelity and left Dad's money (I received from him) in there already. I will just have Fidelity switch it over each year.

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