Recent inheritance of a large sum. What do I do?

[Catbert]

All the above is good advice.  Now I have some sad, cynical advice:  keep the money in your name only.  Inheritances are "separate property" under divorce laws - at least in my community property state.  I'm guessing it's the same in other states.  However, once you co-mingle the inheritance with community property (i.e., putting in joint bank account) it become community property.  You could put in an account in your name only and then move money out to a joint bank account as you need it to live or buy a house.

I know you have a happy marriage now.  However, even happy marriages don't always stay that way.  I would see a lawyer now, before you do anything with the money to see how it works in you state.

Is any of this inheritance in an IRA?  There are additional rules and taxes for taking money out of an inherited IRA.

[jimbobjones]

Aside from an umbrella policy, would having a trust with my wife and I as trustee in conjunction with a umbrella policy be even better?

My plan for the next few years is to buy a decent one family house with a nice backyard so I can start growing my own veggies and fruits. I have a small aquaponic and would love to have a bigger one in a mini greenhouse. I don't have plans to travel, not much of a traveler. I just want to be home with my kids and watch them grow up.

After all the dusts settle I plan to find a part time job where I can work 2 days a week to keep me around people.

[BFGirl]

Aside from an umbrella policy, would having a trust with my wife and I as trustee in conjunction with a umbrella policy be even better?

My plan for the next few years is to buy a decent one family house with a nice backyard so I can start growing my own veggies and fruits. I have a small aquaponic and would love to have a bigger one in a mini greenhouse. I don't have plans to travel, not much of a traveler. I just want to be home with my kids and watch them grow up.

After all the dusts settle I plan to find a part time job where I can work 2 days a week to keep me around people.

Unless a trust is structured in a certain way, creditors may still be able to get at the trust assets.  You may want to meet with an estate planning attorney to get some advice.