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Originally Posted by legitxeris
Hi, please help me.
Single parent of 27 year old (has a house), 16 year old and 13 year old, I am renting and I have 150K cash. I have cancer and expect to live for another 14 months. My two youngest kids will live with eldest brother. Eldest brother is barely making ends meet. I have 100K life insurance.
My last wish is to have college fund for kids and money on side for them. Eldest brother needs $20K to deposit into house in order to avoid paying for mortgage insurance premium ($290 per month).
What are my options, please advise me on investments.
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Hi
I am a CFP that works for ExecPlan Express Financial Planning softwrae that is primary used by professional adviosrs. I came across you listing and hope i can give you some helpfull direction. Set up 2 529 plans, one for each child. Many states offer prepackaged plans that anyone from any state can invest in. These prepackaged plans will provide a variety of investment choices, in your case I would be extremely conservative, especially since you children are not that far from college, 529 plans provide tax free and defered growth. Name the children as beneficaries for the 529 plans as well as for the insurance so as to allow these assets to bypass probate and creditors
Hope this helps