Q: I received an inheritance from my father. It is an IRA and brokerage account with Wells Fargo. What should I do first? I do not need the money now. It totals almost $200,000.
A: Thanks so much for reaching out with your question…we’re happy to help.
We typically recommend opening an IRA and Brokerage Account with a company like Vanguard or Charles Schwab. Once the new accounts are opened, transfer the monies into the new accounts and then invest in low-cost index funds. Your time horizon and risk tolerance will determine the appropriate allocation mix (ratio of growth to income oriented investments).
We hope this helps and please let us know if you would like assistance getting this ball rolling.