Coming into money

[Anonymous]

It looks like we are going to be coming into some money. I expect we'll need an attorney, accountant, and financial advisor. The only debt we have is our mortgage which is almost paid off. I'd like to make some investments, home improvements, minimize taxes, and spend some of the money on something fun. I am horrible with money and don't want to be like those celebrities or lottery winners who end up with nothing because they got bad advice. What is the best way to proceed? How do you find people you can trust?

[Anonymous]

How much money and what is your current networth?

[Anonymous]

Seven figures. Net worth is around $2 million between home, IRAs, 401Ks, stocks, etc.

[Anonymous]

Go read the bogleheads wiki on windfalls

[Anonymous]

I put myself on an allowance that is a fraction of what I earn in interest. The fraction was decided by my financial advisor.

[Anonymous]

Thank you. I've forwarded that to my husband. I know that without a plan the money will evaporate. We just need to find good advice.

Anonymous wrote:Go read the bogleheads wiki on windfalls

[Anonymous]

This is exactly what I need. What kind of advisor should I look for?

Anonymous wrote:I put myself on an allowance that is a fraction of what I earn in interest. The fraction was decided by my financial advisor.

[Anonymous]

My husband runs all of our money but we keep some at Wells Fargo. If you keep enough money with them, you have access to their high net worth advisors. Most banks offer these services.

[Anonymous]

Anonymous wrote:It looks like we are going to be coming into some money. I expect we'll need an attorney, accountant, and financial advisor. The only debt we have is our mortgage which is almost paid off. I'd like to make some investments, home improvements, minimize taxes, and spend some of the money on something fun. I am horrible with money and don't want to be like those celebrities or lottery winners who end up with nothing because they got bad advice. What is the best way to proceed? How do you find people you can trust?

How did you not know you were going to inherit 7 figures? Or was this lottery?

[Anonymous]

I’ve always turned to my father who is smart and a long term investor. I have received free advice from some of his advisors which has been helpful. Over time I’ve gotten pretty good at it just by investing in a mix of index funds.

[Anonymous]

Some people advise to do nothing with it for a year.

Personally, I'd pay off my debt and figure out how I wanted to invest it, but I'm a saver.

[Anonymous]

I can’t imagine any place worse to go for for advice for dealing with a 7 figure inheritance than here. These people know nothing.

[Anonymous]

Anonymous wrote:Seven figures. Net worth is around $2 million between home, IRAs, 401Ks, stocks, etc.

OP. Please don't drip details. Share them all in one post.

How old are you guys? Kids? How old?
What are your plans for kids - Private/Public? Any health issues?
What's your house worth? Mortgage amount? Do you plan to upgrade/move up?
How much do you make? Will you quit your job or downgrade?
How much does your spouse make? Will they quit/downgrade?
How much do you guys spend in a month?
What's the breakdown of your assets - IRA/401ks, stocks, kids' 529, home equity, second home, etc?
How do you invest in what you have invested? Do you/spouse know what to do with your savings?
What's the size of your inheritance? 7 figures ranges from $1M to $9.99m. Advice would be different based on the amount.
Do you have an estate plan? Details?
Do you have Life Insurance? How much?

Once you share all this info, there's bound to be a lot of good feedback here. Use that as a basis before you walk into a discussion with any professional. They will be asking you for the above information (and more) anyways and want you to have a lot of answers. Have that discussion here and get some thinking straight before you meet with anyone.

[Anonymous]

Anonymous wrote:It looks like we are going to be coming into some money. I expect we'll need an attorney, accountant, and financial advisor. The only debt we have is our mortgage which is almost paid off. I'd like to make some investments, home improvements, minimize taxes, and spend some of the money on something fun. I am horrible with money and don't want to be like those celebrities or lottery winners who end up with nothing because they got bad advice. What is the best way to proceed? How do you find people you can trust?

I would ask friends/colleagues?

[Anonymous]

A lot of financial advisors are not particularly savvy about investing & also charge a % of your assets that they manage. Be very careful about getting sucked into that racket.