[Gigi3000]

Originally Posted by Boomer

Sloooooow down -- and take a deep breath. When coming into money, it is best to take your time and learn what you can. Never buy anything that you do not understand.

Of course, you are not going to take financial advice from a bunch of strangers on the internet. But, if I were you, I sure would not be taking advice from a bank advisor. Any advisor is in business to sell. They are not doing charity work. But I am particularly not a fan of bank advisors -- based on stories I have heard from others, including a couple of friends who worked at banks.

If I were you, I would first find a good CPA. (A couple of other posters here have said that, too.)

Your first issue is how to handle tax implications and how to minimize the hit. I think the SECURE Act (1/01/20) might have made some changes to the tax law as it affects inherited annuities. There could also be the possibility of a stretch to help with taxes.

I have done only cursory reading on the SECURE Act and on inherited annuities. But I am not in your situation. Give these things a Google. I think Kiplinger might have some good articles that are not too involved but can help you start to understand what you're in for.

Sometimes we have to get to the point of looking for answers by first understanding what our questions should be. Get yourself some of the vocabulary of taxes and find that CPA and learn what to do to be able to keep as much of your money as you can. You have a lot of things to figure out. If I were you, I would not buy into any investments right away. While it can be painful to sit on cash in the bank with hardly any interest, it can also let you sleep at night. (I give all investments the sleep test.)

Your idea of buying a small farm sounds like it could be something you have thought about for a long time. My assumption is that you are not thinking of a huge operation but of several acres, zoned agricultural, where you can pursue whatever it is you want to do on your very own land.

If that farm is your dream and you can make it work, there is nothing wrong with sitting on cash until you decide for sure what to do.

I am not a financial advisor, nor do I want or pretend to be.

But I have been at it for our own purposes, for a long time.

I do not pretend to always win or to be making a killing in the market. I never tell anyone else what stocks to buy.

My investment and tax vocabularies are limited to just the things I need to know. (Btw, Investopedia is a good online source for defining and explaining any investment terms you do not understand.)

I believe in keeping a moat of cash around stock investments.

I also believe that it is important to never get yourself into a position where you have to sell stock to pay taxes.

Do not let some "advisor" envelop you in smoke and mirrors language to try to make you feel like they know a whole lot of stuff that you don't. If you decide to go with an advisor, interview several. But, for now, think about finding a CPA and figure out what to do about the taxes. Then think and think and think and then proceed.

I wish you the best.

Boomer

PS: Advisors, for the most part, can now brag about big returns. This old bull market has been running for a looooong time. I think my dog could have been getting impressive returns for the past decade or more.

I've been advised of the Secure Act yep. Probably what I'll do is cash out and put the money toward the farm for my.kids to run while I romp in Florida in the winter . I know I'll pay $70000ish in taxes but property in Cental Ohio is booming and with Columbus growing so rapidly, it'll probably be my best bet. Then I'll heir it to them and feel better that they'll eat the rest of their lives them Armagendon comes .