As acknowledged, my father just lately handed away. I inherited roughly $65,000 unfold amongst 6 totally different IRA accounts.
I additionally inherited his home. I’m the one beneficiary.
I’ve $50,000 from his life insurance coverage insurance policies that I’ll use to pay for the inheritance tax on his home, valued at $500,000.
His home wants renovations previous to me shifting into it. I want to use his IRA accounts to pay for these renovations.
I shall be promoting my home, $160,000 owed together with a house fairness mortgage I had used a few years in the past to consolidate. Truthful market worth is about $350,000. I’ve an honest quantity of fairness coming to me.
What’s the finest plan of action with these inherited IRA accounts? Can I simply money them out and use them to repair up his home?
I haven’t got the funding to do what is critical with out utilizing these accounts.