What to do with inheritance??

Question

Over dinner last night my father last told me where he keeps his will, papers, cash, etc..

He told me he is leaving everything to me and wanted me to know where it was. The scary thing is....he also told me that he keeps all his cash in a briefcase. He keeps about $1,000 in his checking account but thats it. He has about $400,000 just sitting in this briefcase. Not only could he be making money off of this money but God forbid the house should burn down.

I was going to get him a fire-proof safe but even then the money is just sitting there.

This money may sit there another 30 years, so the money that could be made would not be. I would like the money to be earning interest for when I finally get it.

I can't advise him to make investments like I would since he is old fashioned. But what about a CD or something?

What's the best idea??

Thanks for your help!!

Answer 1

The best advise you could get would be to first learn why your father wants to keep that amount of money in cash.  You may be shocked at his reason.  If the purpose has anything to do with illegal behavior you should proceed with caution.  Once money goes into a bank there are records and that may well be your fathers concern.  

Answer 2

400k is a lot of $$ to be sitting around. Main reason he probably keep it home so uncle sam doesn't get a cut on it. You don't want that kind  of money at home and don't want that to raise eye brows at with govt.  

Dunno what age is your father but your best bet is safely deposit box at the bank.  

Answer 3

invest it!