Widow of 'Mattress Saver' Fears IRS After Inheriting $100,000 from Late Husband's 25-Year Legacy

Written by Emily J. Thompson, Senior Investment Analyst

Source: Benzinga

Updated: 1 day ago

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Source: Benzinga

Widow's Financial Dilemma: An 82-year-old widow from Atlanta, Patricia, is concerned about depositing over $100,000 in cash that her late husband saved, fearing it may trigger an IRS investigation.
Current Financial Situation: Despite having significant assets, including $400,000 in certificates of deposit and a house valued at $425,000, Patricia lives on just $1,400 a month from Social Security.
Advice from Financial Experts: Co-hosts George Kamel and Jade Warshaw reassured her that depositing the cash would not lead to interrogation, as banks only need to report large deposits, and suggested she invest her $400,000 in CDs to better manage her finances.
Inflation Concerns: The hosts emphasized the importance of acting quickly, as the value of the cash has diminished due to inflation, and joked about the unusual scenario of walking into a bank with a duffel bag full of cash.

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Emily J. Thompson

Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.