Inheritance windfall/High assets - LOW income

cptofthehouse
Mon, 19 May 2008 12:05:56 +0000

Thumper, I’m sure the OP will be paying some of the kids’ college with the windfall. The question is how much. Also without any knowledge of present situation including home condition, retirement savings, etc, it is difficult to say how much she can afford. This is what a financial consultant can suggest. Address the most important stuff (does she have decent health insurance, disability provisions, a car that is reliable and safe, a home in decent repair, recommended pension stashed) and then see where college falls. Also the financial aid system does allow exceptions for one time type windfalls, understanding that they do not accurately reflect a family’s financial picture. All of these things should come into play as she decides how to parlay the inheritance into her life. Also, the assets may not be liquid immediately.