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[quote=Anonymous][quote=Anonymous]It looks like we are going to be coming into some money. I expect we'll need an [b]attorney, accountant, and financial advisor.[/b] 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?[/quote] Attorney: Is this a probate situation? Do you really need an attorney? Is this a contested situation? If there is an estate attorney already in place and if there are no issues with the will/probate, you probably don't need one. Accountant: Unclear for what? Financial advisor: - You owe the taxes that you owe. There is really no magic to it. Especially not after the fact. - Take $1m and consider it discretionary spending (this assumes we are talking high 7 figures): -- Pay down your mortgage -- Renovate your house -- Travel -- Do something else fun -- Put what's left of the $1m in a high yield savings account and use it for discretionary spending in the following years - Take the rest of your inheritance and do one of the following 3: (1) Hire a financial planner. If you have no leads, just get one from one of the large banks. (2) Increase your current investments proportionally. If you have your investments equally split into 3 mutual funds and you have an additional $3m to invest, split the $3m into the same mutual funds equally. This assumes that some thought was put into your current investment strategy. (3) Invest everything into VTSAX and don't think about it until you need the money [/quote]
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