Are you CRAZY!! your going to pay $500K on a home cash? Obvioiusly you are getting a large sum of money and I am so happy for you, but PLEASE PLEASE PLEASE see a financial consultant before you do anything. Not someone at Meryil Linch who wan'ts all of your money, OR someone at the bank with the fincncial department I am one of these people and saying that it is easy to take advantage of people like you. that's how we survive so DON"T TRUST THE MONEY MAN. A good Accountant can point you in the right direction and I can send you some really good books if you would like them, I would hate to see you get taken advantage of and when money is as stake nobody cares about you and your kids.
Annuities are a great option if you ever want to invest for your kids or your retirement. they provide a monthly income over peirods of 10 years or more.
You also have to look at monthly income, emergency money, realestate, ect. and LTC Long Term Care if anything ever happends to you and heaven forbid you have to go to a medicare facility guess what is the 1st thing you have to sell? That's right that house of yours UNLESS you uput it in to a corporation you own. or a trust for your kids.
I think you should start a coproation or an LLC, with you being the president this can also help in your friends benifit that is moving in to your home.
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