I Inhaireted Alot of $$
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Zing!
fusionfool
New member
Not sure about current laws, but a few years back, the same thing happened to me. We invested the initial payouts (1/3) of the life insurances, and annuity my mother had set up with double indemnity. Meaning if she passed prior to age 75 the annuity would double. So when she passed at 72, we invested just south of 1 million for each of 3 of us. No taxes initially, but were required to take so much each year from your account based on your age. At that time we had to pay regular tax no inheritance. No penalty since it was under 1 million. After investing roughly 900K I continued to take required amount pay the tax based on your normal annual income + the amount required. Then I would reinvest the remaining into a separate account. I continue to do this yet today. Then came the estate. Once the house and belongings all sold we received roughly another 50K each. I used this money to pay off all debt, and placed the remaining money into a regular liquid investment that I can use like a savings account, but with better returns. Been living debt free ever since,. Coincidently made some very good investments back in 2008 - 2009 and was able to make some very good returns when stock came back. My experience has been best to be debt free and stay that way, and invest the rest plan to retire early. Really best investment choices came right from our bank. They have a licensed broker that has been helping with every choice free of charge. First check with your bank and see what they have to offer for help.
momoney2123
New member
RED...with 15% on green!!! lol
groomerdriver
New member
If I inherited a lot of money I'd be drunk and couldn't shpell either! I'd have to be really sheetfaced......that'd be the only way I'd post here that I just came into a lot of money.
Awesome info fusion!
Go Fast or Go Home
Active member
Not sure how much you received or how it is structured, but I would at least have an initial consultation with a financial Tax Attorney or Financial Adviser. It will be a small price to pay versus the tax implications you could incur.
Congratulations on your windfall--as well as having the common sense to plan for your future...............
Congratulations on your windfall--as well as having the common sense to plan for your future...............
highhertel
Member
Only professional management of $$ I would recommend is a fee based planner. Most financial people just sell you what the head office wants them to sell. Do some studying and learn the markets, nobody cares more about your money than you.
HH
If you have no clue how to invest, you obviously will have to seek professional advice. I would personally stay away from investment brokers. Even a fee based planner doesn't do much for you but may be necessary in your case. Wise investment will mostly be based upon asset allocation between the appropriate investments (e.g stock funds - small/mid/large cap; US/international, index funds, bond funds, income yielding, etc.) based on your age and risk tolerance. There is a lot of literature on the appropriate asset allocation and is considered the most important aspect of investing. Once setup, these investments should be monitored regularly, say once a month, to see if any adjustments need to be made so that your assets continue to be allocated appropriately and to monitor investment performance.
This may all sound like gibberish and if it does, find someone you can trust to help out.
This may all sound like gibberish and if it does, find someone you can trust to help out.
Hire a tax attorney and an accountant,have them set you up then you decide how to invest.A schwab, scottrade or any of the others can do what a "planner' can do for you and you'll do it yourself.
How do you become a millionaire using a financial planner..............................start with two million!!!!!!!!!!!!!!!
How do you become a millionaire using a financial planner..............................start with two million!!!!!!!!!!!!!!!
G
G
Guest
Pay off all debt. Put the rest in a sock under your bed. Not kidding that much. If it is in some account somewhere the government will figure out a way to get it. No money in CDs. Stock market primed to go down. Sock under bed.
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mezz
Well-known member
Oh my! Frank, when I saw the thread title, I thought for sure you would be in here, but, damn! you didn't even bat an eyelash at "Inhaireted"? Wat up dude?Zing!
IMO, Best advise ever!!!-Mezz
Well sure, but blkhwkbob beat me to it!
I was just taking a moment off here at work, dreaming I was riding when I came upon your post. First off a bit of disclosure, I am a fee based financial planner. Simply disclosing to everyone that you've inherited a sum of money doesn't really give anyone credible, enough information to give any sort of specific advice.
With that said I would recommend finding a planner who doesn't accept commissions or a percentage of assets as a fee. There are those of us out there who work strictly on an hourly basis or flat fee . Having been a commissioned/wrap fee financial planner for the first decade of my career I believe working on a true fiduciary fee for service model allows me to do the best work for my clients as I have no axe to grind whatsoever in regard to recommendations. That simply can't be said with any other compensation model. As a Fiduciary Investment Advisors we are obligated to legally put your best interest ahead of our own. Anyone else in the investment business simply has to make an appropriate recommendation with no regard to who comes out on top (ask any old Goldman Sachs clients in the mortgage market how this works out).
Anyone can call themselves a fee based financial planner, so beware. You should look for a CFP designation, and interview several before working with any one advisor. Also I would be very suspicious of anyone claiming to use an active or tactical investment approach. Diversification and low cost are your friends, study after study proves this. A good advisor will have a stable of very happy clients who will be more than willing to provide references for the provider you are considering. This link is a good place to start your search http://www.napfa.org/ProfHome.asp
You're welcome to PM me if you have questions.
Best wishes,
Doug
With that said I would recommend finding a planner who doesn't accept commissions or a percentage of assets as a fee. There are those of us out there who work strictly on an hourly basis or flat fee . Having been a commissioned/wrap fee financial planner for the first decade of my career I believe working on a true fiduciary fee for service model allows me to do the best work for my clients as I have no axe to grind whatsoever in regard to recommendations. That simply can't be said with any other compensation model. As a Fiduciary Investment Advisors we are obligated to legally put your best interest ahead of our own. Anyone else in the investment business simply has to make an appropriate recommendation with no regard to who comes out on top (ask any old Goldman Sachs clients in the mortgage market how this works out).
Anyone can call themselves a fee based financial planner, so beware. You should look for a CFP designation, and interview several before working with any one advisor. Also I would be very suspicious of anyone claiming to use an active or tactical investment approach. Diversification and low cost are your friends, study after study proves this. A good advisor will have a stable of very happy clients who will be more than willing to provide references for the provider you are considering. This link is a good place to start your search http://www.napfa.org/ProfHome.asp
You're welcome to PM me if you have questions.
Best wishes,
Doug