Inheritance windfall/High assets - LOW income

happymomof1
Mon, 19 May 2008 14:48:49 +0000

I haven’t read through all of this, so it may have been covered elsewhere.

If some of the money is in a retirement fund (IRA or 401k or the like) it may be possible to roll it into a “Beneficiary IRA” or “Inherited IRA”. You would have to take out a certain amount each year based on your life-expectancy, but the bulk of it would be in the category of a retirement fund, and so would be out of view for FAFSA (but maybe not for Profile).

Your situation is very challenging. I wish you all the best, and do hope that you find a good financial advisor who can help you sort through all of your issues.