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Reply to "If you were to inherit $2 million, would you pay off the remaining $150k of your very low interest mortgage?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]Can someone ELI5 why it would be bad to pay off your mortgage, in this scenario at least? We are self-employed with irregular income and not having a mortgage sounds like a dream. And maybe also teach me how to turn money into more money, because we are looking at a similar windfall at some point in the future…[/quote] Wouldn’t paying off the mortgage mean you couldn’t keep the full inheritance in the case of divorce (and if you die first it might be trickier to have the money go directly to your kids if that is what you want). I am not that worried about divorce, but if I die first I want my inheritance in a trust for my kids that is controlled by my brother. That way my husband can remarry and not worry about his new wife trying to get that money. I am keeping the money very separate for that reason.[/quote] You should divorce now if you don't trust your husband.[/quote]
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