written by reader Widows $

By flashg63, June 20, 2014

Best friend passed on recently. Life insurance was half what wife thought was coming.. 125,000. $ not the 250k expected. She has no income and an upside down house mortgage w/Bk America.
Trying to help her w the 125k to place it where would get her best return. Also owes IRS husband back taxes.
I think she not liable for the IRS taxes.?
Appreciate any help w best ret on 100k.
ETF, bonds, or ?
THX much DonG best friend.

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Travis Johnson, Stock Gumshoe
June 25, 2014 11:41 pm
Reply to  flashg63

Hi Donald,

This is well outside my area of expertise, and I suspect consulting some actual local experts would be a bigger help, but this might help on the taxes issue: http://budgeting.thenest.com/surviving-spouse-executor-responsible-paying-deceaseds-income-tax-27787.html

If the $125,000 is the only liquid asset and there are debts, I’d worry at least as much about preservation and income as about returns. I don’t want to be presumptuous, but maybe your gift to your friend could be paying a fee-only financial planner for a couple hours to look at her whole picture and provide some input and potential scenarios. If you don’t know anyone who’s not commission focused, the association may be able to help you find someone (http://www.napfa.org/)

Best of luck to you and your friend.

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