I am 22 years old, and I recently came into an inheritance from a relative who passed on. Though the estate is currently being valued and will have to go to probate due to some unresolved matters with a property he owned, there was a lifetime annuity that was created and not included in the trust. What it boils down to is, for the next 12 years, I am to receive a monthly deposit of $500 (from the annuity). I want to do right by him, as he did a lot for my family and was a true gentleman.
His close friend and personal financial adviser has recommended that I put an amount towards a Roth IRA and he suggested opening a Money Market account. Here's the problem: I don't know how any of this works. Can someone be kind enough to explain what my best options are? He attempted to explain it, but I didn't quite grasp it. Any help is greatly appreciated!
2007-03-22
11:24:30
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2 answers
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asked by
peersignal
3