Anonymous
Post 02/26/2024 20:59     Subject: Where to put $$ after home sale?
Anonymous wrote:
Anonymous wrote:Are you the only child?
He is 90 and he doesn’t need the money so invest it as if it is your money .


There’s one other. We talked about that. It was funny because my sibling said we should invest differently because they will need the money sooner since they are older. I said we could do that and then they said we would need to adjust if “my” half performed better. I said no way.

It’s silly to talk about that anyway because sibling would not need this particular chunk of money right away.

I’m thinking we will put it into a Vanguard money market to park it for a bit and then move it to other Vanguard vehicles from there.

It’s be great if we could divide the amount in two and make 50% TOD to sibling and the other 50% TOD to me. Then each person can invest how they want.

OP




Yes it is a good idea.

Anonymous
Post 02/26/2024 20:22     Subject: Where to put $$ after home sale?
Anonymous wrote:Op if he really doesn’t need the money for his care, I would invest in vanguard or fidelity preferably with a payable on death account (to avoid probate) to his heirs. Does he have a will?


Thanks! I looked up payable on death and TOD accounts, and this seems a wise way to go.

OP
Anonymous
Post 02/26/2024 20:20     Subject: Where to put $$ after home sale?
Anonymous wrote:Are you the only child?
He is 90 and he doesn’t need the money so invest it as if it is your money .


There’s one other. We talked about that. It was funny because my sibling said we should invest differently because they will need the money sooner since they are older. I said we could do that and then they said we would need to adjust if “my” half performed better. I said no way.

It’s silly to talk about that anyway because sibling would not need this particular chunk of money right away.

I’m thinking we will put it into a Vanguard money market to park it for a bit and then move it to other Vanguard vehicles from there.

It’s be great if we could divide the amount in two and make 50% TOD to sibling and the other 50% TOD to me. Then each person can invest how they want.

OP


Anonymous
Post 02/26/2024 20:14     Subject: Where to put $$ after home sale?
Anonymous wrote:You need to talk to an attorney bc if you sell the house then your dad will have to pay a lot in taxes from the capital gains. If the house is in a revocable trust and sold after death, there are different tax implications. Not sure if the house can be put into a revocable trust at this point if your dad has dementia, though.


We did speak with the finance and tax guy. The best arrangement is to sell at a certain point this year.

It was either better for us to keep it long term and rent or sell it before a certain date to reduce taxes.

OP
Anonymous
Post 02/25/2024 09:05     Subject: Where to put $$ after home sale?
You need to talk to an attorney bc if you sell the house then your dad will have to pay a lot in taxes from the capital gains. If the house is in a revocable trust and sold after death, there are different tax implications. Not sure if the house can be put into a revocable trust at this point if your dad has dementia, though.
Anonymous
Post 02/24/2024 20:56     Subject: Where to put $$ after home sale?
Treasury bonds bills and notes are safe. Not treasury funds. I buy mine from Vanguard. We already had an account with them in stocks. No fee for the Treasury transactions.
Anonymous
Post 02/24/2024 19:29     Subject: Where to put $$ after home sale?
Are you the only child?
He is 90 and he doesn’t need the money so invest it as if it is your money .
Anonymous
Post 02/24/2024 18:56     Subject: Re:Where to put $$ after home sale?
Is the house in the trust? What does the trust document say to do with the proceeds? Why are you selling the house now? Would it benefit you to wait until he passes to get the step-up in basis?
Anonymous
Post 02/24/2024 17:26     Subject: Where to put $$ after home sale?
Anonymous wrote:Forgive me for being crass but is he ever going to need this money? You could reach out to an estate attorney and ask what makes the most sense financially (would a trust make sense for example).


I’ve reached out to attorneys and they usually lose interest when they find out we don’t need a will or trust created.

The attorney who originally created the documents is not around to ask.