Best thing to do with 8mil inheritance?

[Anonymous]

We don't have anything to pay off and we're childfree so don't need to save for education expenses. I'm financially illiterate when it comes to investing and stuff. What's the best thing to do with this inheritance?

[Anonymous]

Get thee to a financial planner stat!
You can afford it, don't ask the internetz.

[Anonymous]

Give it all to me.

[Anonymous]

before or after taxes? either way, yes, a financial planner.

[Anonymous]

Run right to DCUM and talk about it

[Anonymous]

Ask about ideas on as many parenting boards as you can find.

[Anonymous]

Anonymous wrote:Ask about ideas on as many parenting boards as you can find.

It says the subject is Money and Finances.

[Anonymous]

Anonymous wrote:before or after taxes? either way, yes, a financial planner.

We have to pay taxes on it? Ugh. That sucks.

[Anonymous]

Anonymous wrote:

Anonymous wrote:before or after taxes? either way, yes, a financial planner.

We have to pay taxes on it? Ugh. That sucks.

Well there you go, whining like a rich person. Good show! But don't worry, there's a large exemption for the first several million.

[Anonymous]

Anonymous wrote:

Anonymous wrote:before or after taxes? either way, yes, a financial planner.

We have to pay taxes on it? Ugh. That sucks.

I think the estate pays the taxes on it. But you obviously should consult with an accountant/CPA, and a portfolio manager and/or financial planner. If you don't have any of these, start asking for recommendations from people you know and respect, and have a similar attitude about money as you.

What would I do? Is it all cash, or securities, property, etc?

Cash and securities would be transferred to my portfolio. I would schedule a nice long talk with my portfolio manager. I would want to structure the account for some growth, some dividends.

Decide how much, in percentage, you are comfortable spending each year. 2%? That would be $160k. Use that as a budget for awesome trips, fixing things up around the house, etc. Maybe a second home.

Let it grow. Retire earlier than originally planned. Get a part time gig doing something I love.

[Anonymous]

Anonymous wrote:

Anonymous wrote:before or after taxes? either way, yes, a financial planner.

We have to pay taxes on it? Ugh. That sucks.

Seriously? Yes, like 50%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:before or after taxes? either way, yes, a financial planner.

We have to pay taxes on it? Ugh. That sucks.

I think the estate pays the taxes on it. But you obviously should consult with an accountant/CPA, and a portfolio manager and/or financial planner. If you don't have any of these, start asking for recommendations from people you know and respect, and have a similar attitude about money as you.

What would I do? Is it all cash, or securities, property, etc?

Cash and securities would be transferred to my portfolio. I would schedule a nice long talk with my portfolio manager. I would want to structure the account for some growth, some dividends.

Decide how much, in percentage, you are comfortable spending each year. 2%? That would be $160k. Use that as a budget for awesome trips, fixing things up around the house, etc. Maybe a second home.

Let it grow. Retire earlier than originally planned. Get a part time gig doing something I love.

Thank you! Looks like I have some research to do.

[Anonymous]

Anonymous wrote:Run right to DCUM and talk about it

[Anonymous]

Anonymous wrote:

Anonymous wrote:Ask about ideas on as many parenting boards as you can find.

It says the subject is Money and Finances.

Right below where it says DC Urban Moms & Dads.

I'm sure BabyCenter has a good finance board over there too.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Ask about ideas on as many parenting boards as you can find.

It says the subject is Money and Finances.

Right below where it says DC Urban Moms & Dads.

I'm sure BabyCenter has a good finance board over there too.

Darn, I've been busted by the Hall Monitor! You must be the dismal poster that says some variation of 'PARENTS ONLY, ALL OTHERS KEEP OUT' on every thread.