Reply to Best thing to do with 8mil inheritance?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]before or after taxes?  either way, yes, a financial planner.[/quote]

We have to pay taxes on it? Ugh. That sucks.[/quote]

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.[/quote]

Thank you! Looks like I have some research to do.[/quote]

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