Re: inherited some money
As a Financial Advisor, you my want to rethink your plan...I'm not sure if you have already done all of this, but there are better ways to handle this.
First, let me say, SPEND some for a wonderful vacation! You've earned it! And I'm sure your dad would want you too!
Second, let's think about your sons car...As an Advisor, what would you say if I recommended you to put money into an investment, that's guaranteed to be worth less next year, and even less the following year! That's what a car is!
I don't know if you're self employed, but I suspect that you don't have many tax deductions (other than expenses related to the rental property)
What interest rate are you paying on your mortgage,? (That you're taking off your taxes )
I don't really want the answers to theses questions! But you may want to get some advice.
P.S. For most people, this is a one time shot! They aren't inheriting anything else!
P.P.S. Not to mention "co-mingleing" inherent ed money, the community property!