What would you do with $500K cash?
I have a family member in her early 20s who is about to receive $500k from a settlement. She asked me to initially serve as executor over the account to help protect the money from being squandered.
I’m not a CPA or financial expert, but do ok with our personal investment strategy. I’ll obviously have her consult with a CPA and/or financial advisor as a first step.
I’m concerned with the tax implications of her receiving that much money at once, and would like to provide her options for investment that would minimize the tax burden. My first choice would be real estate, but would like to provide her some options. Any suggestions?