Podcast Summary: Jill on Money with Jill Schlesinger

Episode: "Inheritance Coming Our Way"
Date: January 22, 2026

Overview

In this episode, host Jill Schlesinger, CFP®, fields a listener call from Erin in Colorado. Erin and her wife are about to receive a $200,000 inheritance from a dissolved family trust—a windfall that prompts big financial questions. The conversation centers on making the most of this inheritance while juggling student loans, a hefty mortgage, and long-term family planning. The tone is warm, candid, and practical, as Jill guides Erin through financial priorities and wise decision-making.

Key Discussion Points & Insights

1. Erin's Financial Snapshot (03:31–08:02)

• Family Details: Erin (42) and her wife (43) have two young sons (5 and 2.5).
• Home & Mortgage: Moved from the East Coast to Colorado three years ago; home valued at $700,000; mortgage balance is $590,000 at 6.5%.
• Income & Expenses: Erin earns $95,000/year, her wife earns $150,000/year. Their monthly expenses—including daycare—are about $12,000.
• Debt: Outstanding student loans total $80,000 with interest rates between 5.6% and 6.8%.
• Retirement Savings: Erin has $150,000 in her 401(k) ($10,000 in Roth). Her wife has $22,000 in 401(k) and $88,000 in a traditional IRA.
• Brokerage & Emergency Funds: $66,000 in a brokerage account; $40,000 in cash on hand.
• 529s for Children's College: Only $5,000 saved but family expects Erin’s father to contribute substantially in the future.

"We've been pretty conservative contributing to that [529], but my father plans to give a lot to their college fund." — Erin (06:16)

2. Impending Inheritance(s) (08:00–08:44)

• Recent Trust Windfall: $200,000 from a dissolved trust after Erin's grandfather’s passing.
• Possible Future Inheritance: Erin’s father is wealthy and plans to distribute a significant estate among Erin and her five siblings, possibly over $1.5–2 million each. Timing and specifics are uncertain due to family circumstances.

"Do you know how much [you'll inherit]?"
"I don't exactly ... but I do know that he has a very large sum of money and it will be distributed..." — Erin (08:22)

3. Jill’s Recommended Financial Moves (09:12–12:09)

A. Student Loan Payoff

• Immediate priority is to eliminate the $80,000 in student loan debt.

"Immediately, of this $200,000, we are paying off all of the student loan debt. Goodbye." — Jill (09:31)

B. Cash & Emergency Fund Boost

• Allocate $20,000 to bolster their emergency fund, bringing total cash to $60,000.

"I would throw, just because I like round numbers, 20 grand in my cash on hand. Make sure it's in a high-yield savings account." — Jill (11:44)

C. Investing the Rest

• Place the remaining $100,000 (~after loan payoff and emergency fund boost) into their brokerage account.
• Maintain liquidity rather than pay down mortgage principal, as current payment is manageable and interest rates may fall in the near future.

"I would put some money in the brokerage account ... seems a little low [on emergency fund] ... plus the fact that, you know, we know this inheritance is coming down the road, so you can always take care of the mortgage eventually." — Mark, producer (10:54)

4. Advisor Fees and Do-It-Yourself Investing (12:25–14:34)

• Erin and her wife currently pay a financial advisor 1% of assets, but haven't used extensive planning services.
• Jill encourages Erin to consider moving funds to a low-cost provider (e.g., Schwab, Fidelity, Vanguard) and manage a simple, diversified portfolio themselves—especially since their financial needs are still straightforward.

"If in my mind, you can go to Vanguard, you can go to Fidelity, you can go to T. Rowe Price, you can go to Schwab. I don't really care where ... open a Schwab account, a brokerage account, you move whatever is in there into Schwab and then you buy a few mutual funds, index funds, and that's that." — Jill (14:14)

• Jill offers to review a screenshot of Erin’s accounts to provide fund suggestions and ensure no adverse tax consequences arise from selling positions.

5. When to Hire an Advisor (14:35–16:30)

• Jill clarifies that hiring a financial advisor becomes more worthwhile when Erin receives a much larger inheritance and faces complex financial planning needs.

"Do you know when you're going to need an advisor? When you start inheriting this money and it's a big deal. Right now, an advisor for you, it's like, it's nice but ... couldn't I have you have that $1,500 a year in your own pocket. I'd like that for you." — Jill (15:40)

6. Lifestyle & Personal Moments (16:30–17:18)

• Light discussion about Colorado living and mutual invitations, with a touch of humor about family dynamics, real estate, and supporting LGBTQ+ communities.
• Erin warmly invites Jill and producer Mark to visit.

"We were happy to host you anytime." — Erin (17:18)

Notable Quotes & Memorable Moments

• On Debt:
  "Once you get confirmation it's all paid off...have some sort of burning of the document party...Don't actually burn it."
  — Jill & Mark (12:06)

• On Advisors:
  "Cause you give it to me straight and a little bit more honest."
  — Erin, on why she calls Jill despite having an advisor (12:35)

• On Inheritance:
  "If only. Spoken like someone of... who's one of five? Six, rather."
  — Jill, on wishing Erin were an only child to inherit more (08:47)

Timestamps for Important Segments

• 03:31: Erin’s family, work, and house details
• 04:54: Breakdown of student loan amounts and interest rates
• 06:06: Details on brokerage accounts and minimal 529 savings
• 08:00: Upcoming future inheritance from Erin’s father
• 09:12: Jill lays out plan—pay off student debt, allocate remaining inheritance
• 10:54: Mark’s perspective: prioritize emergency fund and liquidity
• 12:25: Erin describes her financial adviser and costs
• 14:14: Jill recommends a do-it-yourself approach for now
• 15:40: When to consider an advisor for complex planning
• 16:30: Lighthearted close; invitations and personal anecdotes

Actionable Takeaways

• Prioritize high-interest debt payoff (student loans at 6–7%).
• Bolster emergency savings to weather any surprises.
• Invest remaining windfall for long-term goals rather than making extra mortgage payments at a relatively high fixed rate.
• Consider the true value of an advisor; self-management is an option—especially for simple, index-fund-focused portfolios.
• Schedule periodic reviews as family circumstances and assets change (e.g., after larger inheritance).
• Communicate openly with family about expected future gifts or bequests to inform planning decisions.

Listeners in similar situations—those facing a windfall or inheritance—are encouraged to reflect on their priority hierarchy and check in with trustworthy advisors (or Jill!) before making big moves.