Need guidance, can’t find advice for what to do.

[PurpleTurtle]

So I inherited money from a family member passing away.

Here is what I know so far: I have 36k with like a financial firm? managed by someone that my family member set up for me, unfortunately I was 12 and again I’ve had no guidance with this stuff and was just told about it when i was 18, I’m 21 now so I’ve been dragging my feet on this for a bit unfortunately. The other 92k is in fidelity under a Traditional IRA BDA from what they told me on the phone. I get a dividend for around 360 every 3 months as well. I’ve never worked a job, and am currently in college. Looking like will probably graduate with interest free loans totaling 4k to 10k but I’m not sure yet. When on the call with fidelity they said I can’t move anything in that fidelity account until I transfer into to a non minor one or something like that but basically it will get taxed, but I can move it to a Roth IRA BDA after taking the initial tax hit, I can keep the money in their for another 7 years still, so should I do that? Or should I transfer it to another traditional IRA? Or is there something else missing entirely. Also another thing that could complicate this is that I have several mental disabilities which I’m working on and hope to one day be fully independent but for now I get 2k a month for the government, so I want to make sure I don’t mess with anything that could hurt me there. Sorry for the mess of this post but I’m just hoping anyone can kinda help me focus in on what I should be doing here?

[Parkinglotracer]

Welcome. My first goal would be to have them send you a current statement for the account. Or have you sign in on line to view a current statement. Once you see a statement the group here can help you figure out what you have and what you might do next. If you can’t find a statement maybe you can ask a trusted family member to help you find it. The executor of the will that left you the money or the family member mentioned might help you find it.

[Kings over Queens]

I typed a longer response that was deleted so I could ponder a little more.

Great advice above in getting copies of the statements so you know what you've got and where you've got it.

I don't want to comment on the Inherited IRA because there isn't enough information so to that end I'd suggest you understand the type of beneficiary you are to the account. As an example, are you a "qualified beneficiary?" When did the person who left you this money die? Here is a link to the IRS website that might help as a starting point. https://www.irs.gov/retirement-plans/pl ... eneficiary

As far as the $36,000 account, you should go an transfer that to your own account. I assume its a UTMA or UGTMA type account and you've aged out of that bracket.

As my kids, just a bit older than you, will say..."adulting is hard."

You got this.

[bynomial]

I think you should also look into impacts to your government benefits. There may be income/asset thresholds to consider.

[LotsaGray]

As others have said, really need more specific information. Get statements with history and then post back with the specifics of each account.

As to the "managed" account, depending on the specifics, moving it may or may not be taxable. Likely will be partially taxable. Again, depends on specifics.

Note that you student loans really don't batter to this discussion.

W/o any background, this will seem overwhelming but first step is get the information so you can answer the detail questions that will follow. Posters here can walk you through things and explain things. Not as complicated as it seems once you have more background.

[Silentnight]

As bynomial said it is important to know what type of benefits you are getting from Social Security. Some benefits, such as SSI, have resource maximums and you'll lose benefits if you go over the resource maximum. I think the resource maximum is $2,000 for SSI.

Some other types of SS benefits don't have a resource limit.
If you don't already have an account with social security, you should set one up.
If you don't know what type of benefits you have, you can (then) go on-line and check it out using the SSA account.
And obviously once you are sure of the type of benefits you receive, you can research whether assets affect eligibility.

No idea if this money would affect financial aid.

[Taylor Larimore]

PurpleTurtle:

Welcome to the Bogleheads Forum!

I suggest that you consider the many benefits of The Three-Fund Portfolio. It is what I own and it has provided me with a long and comfortable retirement.

Happy New Year!

Taylor Larimore (age 100)

"The Three-Fund Portfolio will help you to develop a sound asset allocation strategy, make smart investment decisions, and guide the implementation of your plan."

[nedsaid]

Taylor Larimore (age 100)

"The Three-Fund Portfolio will help you to develop a sound asset allocation strategy, make smart investment decisions, and guide the implementation of your plan."

Soon to be age 101! Coming up in a few days though I don't remember your precise Birthday.

[Taylor Larimore]

nedsaid:

January 25th. 101 years old. Still posting. Still learning.

Taylor

Jack Bogle's Words of Wisdom: “The Bogleheads forum is a treasure trove of information as its contributors and visitors alike help one another, with no axe to grind, in all matter of topics that essentially cover the entire field of investing.”

[mhalley]

If you move the custodial account in kind it won’t be taxed until you sell funds/stocks in the account. Be sure the inherited ira is titled properly and review the rules for taking required distributions from it.

https://irahelp.com/slottreport/how-do- ... rited-ira/

https://www.schwab.com/learn/story/inhe ... 20-changes

https://www.fidelity.com/learning-cente ... t-for-kids