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How do I shelter proceeds from an estate auction and reinvest the money with a steady stable return for my elderly in-laws?
Evansville, IN
Viewed 22 times.
Posted 25 days ago in Estate Planning
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Recently my in-laws sold there decesed father's farmland(in the State of Kentucky) at an auction. There are four siblings inherted the land as "Tenants-in-common", one of the siblings is my mother-in-law. I have advised them to seek outside opinions on the best way to shelter and invest the proceeds from the sale. I am seeking my own second opinion for them because their current finacial advisor had their retirement invested in high risk stocks and my father-in-law is 75 and I just don't want them to have to go through a loss like that again. I would like to know what is the best way to shelter approximatley $400,000 that they are to recieve and what is the best way to invest the money in order for them to have access to there money and make decent interest gains while it is invested?
Answers (1)
Steve Fromm
This attorney is licensed in Pennsylvania.
Posted 24 days ago.
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This is not really a legal question but more of investment or financial planning question. However, from a common sense perspective, people 75 years of age should not be taking risks. It is really good that you are taking an active interest here. What you need to do is to contact some investment advisors. After the Bernard Madoff debacle, you should seek out solid well established firms. You could use a full service broker and pay the usual commissions, or you could go to the Fidelity Investments or Vanguard that are mutual fund companies where there are no commissions to be paid but each mutual fund charge their normal expenses. The beauty of the mutual fund companies is that they can build a portfolio based on age, financial goals and personal risk. My suggestion it to call Fidelity or Vanguard and discuss your issues and then call regular brokerage firms (Merrill Lynch, etc.). Get information to make an informed choice.
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