xonibal

I want to set up a retirement or brokerage account for my single mother, but I am not sure what is the most advantageous path to take. I recently received an inheritance, and since my wife and I lead a simple, frugal life we don’t need the money at all. My mother (mid-50’s) has never been good with money and has not saved a dime for retirement. I would like to take this lump sum and set up a retirement-type account for her, but I am not sure what route to take. I know there are limitations on deposits when opening an IRA in someone else’s name. For reference, the inheritance amounts to approximately 3x my mother’s annual income.

I don’t want my mother to have access to the funds right now