Gina is Single and works at the Gas Company for the past 5 years as a Data
Question:
Gina is Single and works at the Gas Company for the past 5 years as a Data Analyst. She current has a salary of $ 67,000 for the calendar year 2020. She does not contribute to her company’s 401 k account and any other retirement account. Gina has one bank account at the Gas Company Credit Union with $3,000 in the account. Gina is 28 years old and lives with her parents. She currently has $30,000 in student loan debt for completing her bachelor’s degree in business from CSU Fullerton. Most recently in 2019 her Aunt Becky passed away from cancer. According to Becky’s will she left all of her assets to Gina and not to her sister, Gina’s Mother Heather, because she saw a lot of herself in Gina and believed that Gina would be more responsible with the money and assets if it were left to her. In 2020 the assets of her estate were distributed to Gina as follows
Non Taxable Life Insurance proceeds $ 220,000
2010 Lexus LS FMV $ 8,000, Original Cost Basis $ 54,000
Bank of America Savings Account $ 25,000
Wells Fargo Checking Account $20,000
Fidelity Investment Accounts $70,000
10 BlackRock Shares purchased via E Trade $ 953.24 per share FMV at Day of Death, Original
Cost Basis $ 900. Gina was named beneficiary for each share.
Gina has been referred to you for your work that you advised from the Stone family. Gina would like for you to outline a financial plan along with recommendations on what she should do next. Keep in mind that everyone knows that Gina has inherited a lot of money and a lot of family members would like to talk with her about her financial situation and are second guessing any recommendation and advice that Gina might be advised on.
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