The Moneyist: ‘She’s going to spend every nickel’: My grandmother inherited $250K. She promised to buy stuff for all our family. How do I stop her wasting her good fortune?

by | Aug 13, 2022 | Stock Market

Dear Quentin, My great-grandmother recently passed, and while she did not have much, her home just sold for about $700,000. The property has about $200,000 due in back taxes and fees, so my grandmother and great-aunt will likely each walk away with around $250,000.

My grandmother does not have much, and I am concerned she is going to spend every nickel of her inheritance. She lives off of assistance programs and has a small nest egg of roughly $20,000. However, the money she will get from the sale of her mother’s house is likely more money than she has ever seen in her life, and she has already started verbally committing to pay for XYZ for all of the family members. I need to figure out the best way to invest the money to make it last as long as possible. She is in her 70s and very likely has 20 years left. I have always been wary of financial planners and tend to take care of my o …

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