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I am the sole beneficiary of my late mothers money market

I am the sole beneficiary of my late mothers money market account, and executor of her estate. When I visited the bank, they opened an estate account with funds from her saving and checking account. But, opened a Traditional IRA with the money market account, giving me basically no other option. When I questioned the opening of the IRA, the banker advised me that I could take a lump sum, but I would be hit with quite a high tax if I did so. Isn't a money market account just like a savings account? If so, why would it be taxed at such a high rate? Also, I realized that evening that I was not given any information regarding the IRA, not an account number, information sheet..nothing.

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TaxRobin

Vocational, Technical or Trade School

 
20,266 satisfied customers
We are both retired and both pensioners. We each receive a

We are both retired and both pensioners. We each receive a pension slightly adjusted.We have a home nearly debt free by say $45, 000 left to pay off. Home is around 3/4 Million. 2 old cars dated 2006 worth 5,000 each.We dabble in hobby consulting business's but do not need to pay tax as below tax threshold. Both have separate accountants lodge returns.We may receive shortly a $500,000 estate from deceased relative.We will use $100,000 of that to pay credit Cards , Mortgage and travel trips.Wife has $200,000 in Superannuation.How should we best use the remaining $400,000 in a very careful totally safe way?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
I have question on investing children's(two - 8 and

I have question on investing for my children's(two - 8 and 10yrs old) college for the future. I am a non custodial parent on a long term disability. Is it advisable to save for their college through a 529 and/or a coverdell account vs saving for my future expenses in my later years? What is the best investing strategy? I have read from many sources that it is better to save for one's own retirement over college savings.

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
Ray My tax bracket can go up to $300,000 or

Hi RayMy tax bracket for 2016 can go up to $300,000 or $500,000Can you tell me which entity is better for tax shelter, 401K, Stock option, Roth IRA saving account, good health care and asset protection?Should I go with option 1 and 3 or choose option 2 below?1. LLC setup as a Corporation with 1 % account. I am looking to have an excellent tax break, 401k, good health care coverage and asset protection. Claim payroll for two employees2. Should I setup either S-corps or Corp?3. Do you have any refer for this Non-profit organization?

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Lev

Retired

Bachelor's Degree Equivalent

 
24,192 satisfied customers
What is the best stock to invest in right now in short term?

What is the best stock to invest in right now in short term? Also, is it a good idea to invest in the oil in gas? Its really low and sooner or later its going to jump again.

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Shawn P Adamo

CEO

Bachelor's Degree

 
4,724 satisfied customers
Our private road association Covenant states, "Unpaid assessments

Our private road association Covenant states, "Unpaid assessments shall bear interest at the rate of 12% per year, compounded annually, beginning February 1 of the year of delinquency ". Some owners pay their assessments late, as much as 3 years. Can we compound at a payment interval that does not fall on the annual anniversary; e.g. owner "A" pays at 15 months; can the association charge interest for the additional 3 months?

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Stephen G.

Sr Financial & Tax Consultant

Bachelor's Degree

 
8,896 satisfied customers
Do most people keep their savings in a regular debit account

Do most people keep their savings in a regular debit account or in a savings account?

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TaxRobin

Vocational, Technical or Trade School

 
20,266 satisfied customers
What type of bank accounts have protection by FDIC. Are there

What type of bank accounts have protection by FDIC. Are there only checking and savings or do some interest bearing accounts have it. Any significant changes in protections after the 2008 financial crisis that account holders should be aware of?Last, are accounts with 2 holders guaranteed double protection or that is irrespective of number holders. thanks

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Rakhi Vasavada

Financial / Legal Advisor

Bachelor's Degree

 
3,896 satisfied customers
My Mother has been on medicaid years now and just received

my Mother has been on medicaid for 4 years now and just received word of a $20,000.00 Ira account left by my Dad. What should she do?

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Lane

JD, MBA, CFP, CRPS

Doctoral Degree

 
16,298 satisfied customers
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