Personal Finance and Investing

that you need to be very aware that there will be serious tax consequences to selling the land. If you can delay that until Grandma passes, the tax will be quite a bit less. But if the immediate financial need is sufficiently great, then sell but know right up front what you'll give up in tax.

The sum of money you expect, 600k to 1million, is substantial and, with reasonable management, will last a very long time. Since once Grandma is no longer with us, there should be little demand on that money for a period of time, you might also want to look at putting some of it into an annuity or two. Annuities come in various types and flavors, and of course the good financial planner will know a great deal more about them than I do.

I sincerely hope all goes well, however you wind up handling all this.