Best thing to do with 8mil inheritance?

[Anonymous]

Find yourself a really good financial planner.

[Anonymous]

Anonymous wrote:

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

Do not go to a financial planner. They are all parasites living off part of other people's wealth. What they do is not rocket science!!! No one cares about you and your money more than you do yourself.

Where we're you when this wealth was being accumulated? How could you be raised in the presence of wealth and grow to adulthood without any sense of how to manage investments? Do parents not teach their children how to manage finances along with tying ones shoes and looking both ways before crossing the street?

Your inheritance is probably not in cash so if it has increased to this point, why not leave it be and draw a stipend from it allowing you to live comfortably. However, if the estate has be liquidated into cash and you are currently confused how to proceed start by opening a brokerage account and investing the majority of your money in Berkshire Hathaway at least until you've develop a permanent plan. Do not invest in any start up companies or businesses owned by your friends or acquaintances either. Curt Shilling invested $40 million in a video game startup company. Today he is bankrupt and broke.

Take responsibility for your own life and well being. If you go to a financial planner you'll be seen as a mark and you'll be broke in five years.

That's what happens when you put ketchup on your sock and try to pass it off as blood. Karma.

[Anonymous]

If you can't figure out what to do with this money and instead ask a bunch of strangers on a mommy forum, you are in desperate need of a financial advisor. Good grief, you obviously don't have a lick of sense and the money should have been put in trust.

[Anonymous]

Anonymous wrote:

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.

Seriously? Yes, like 50%.

This is incorrect.

A lot of it depends on the circumstances, OP. Did the decendent survive a spouse? If so, some amount passed between spouses previously, with a step up in basis for any assets involved.

The tax-free allowance now is $5,340,000 per spouse, so nearly $10.7 million for a married couple. That might be more than enough to exempt the estate from tax.

If it was in some trusts, it might escape tax.

You'll need to spend some money on an estate tax attorney to figure it out, but chances are very good the estate will owe no tax. Depending on where you live, your state may charge you an inheritance tax, however. (Estate taxes are paid to the federal government by the estate before anything is distributed. Inheritance taxes, charged by some states, impact only the heirs).

See a good tax lawyer. It'll be money well spent.

+1. The only post in the entire string that makes sense...

[Anonymous]

Sadly, you will still have to pay State tax in some states (MD) and ouch!

[Anonymous]

Not tell anyone yup know because you will get responses IRL like this.

[Anonymous]

Anonymous wrote:Not tell anyone yup know because you will get responses IRL like this.

+100000 If you are middle class now and just got the money you are either going to have to hide it (hard b/c of course you will want to spend it) or move up to a neighborhood where this is more common. The jealously factor is HUGE.

[Anonymous]

people on this forum are actually being nicer than IRL...

[Anonymous]

this has to be a troll if they are this clueless!

[Anonymous]

Here is a good article on managing windfalls.

"Financial Planning for a Windfall in Wealth: Lotteries, Stock Options, Inheritances and Other Surprises"

http://www.stephenlnelson.com/WindfallFinancialPlanning.htm

[Anonymous]

Anonymous wrote:Give it all to me.

I' d only like a small chunk of it, not greedy at all.

[Anonymous]

Anonymous wrote:Run right to DCUM and talk about it

HAHA, that was funny!!!

[Anonymous]

Anonymous wrote:Give it all to me.

+1

[Anonymous]

Anonymous wrote:Here is a good article on managing windfalls.

"Financial Planning for a Windfall in Wealth: Lotteries, Stock Options, Inheritances and Other Surprises"

http://www.stephenlnelson.com/WindfallFinancialPlanning.htm

Thank you!

[Anonymous]

Two chicks at the same time.