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Inheritance / investment question
Posted on 9/20/15 at 7:42 pm
Posted on 9/20/15 at 7:42 pm
What would you do with each of the following (investment wise) if you were to inherit it: $10,000, $100,000, or $1,000,000?
Also, what are the tax implications of inheriting stocks/mutual funds etc?
Personally, I would use $10,000 to pad emergency fund (new roof possibly needed soon), and have a little fun with the rest. $100,000 : see above plus invest in unknown mutual funds at this point. $1,000,000: see first two answers plus be debt free (minus extremely cheap mortgage loan) and live life identical to what I do now except zero thought of financial worry.
Just theoretical thinking on a lazy Sunday.
Also, what are the tax implications of inheriting stocks/mutual funds etc?
Personally, I would use $10,000 to pad emergency fund (new roof possibly needed soon), and have a little fun with the rest. $100,000 : see above plus invest in unknown mutual funds at this point. $1,000,000: see first two answers plus be debt free (minus extremely cheap mortgage loan) and live life identical to what I do now except zero thought of financial worry.
Just theoretical thinking on a lazy Sunday.
2
Posted on 9/20/15 at 8:18 pm to GeauxTigers777
10 Student loans
100 Student loans
1MM Student loans, pay off current house debt and turn it to rental property, and the rest goes toward the last house I ever have to move into, hopefully.
100 Student loans
1MM Student loans, pay off current house debt and turn it to rental property, and the rest goes toward the last house I ever have to move into, hopefully.
Posted on 9/21/15 at 10:03 am to GeauxTigers777
10K - add to emergency fund
100K - pay off remaining debt except for house, top off emergency fund, take a nice trip in the honor of the person who died, invest the rest
1000K - same as 100K, invest the rest
Tax implications - nothing when you inherit the stocks/funds. When you sell them, it's a taxable event. The basis is the FMV of the investments at the date of death.
100K - pay off remaining debt except for house, top off emergency fund, take a nice trip in the honor of the person who died, invest the rest
1000K - same as 100K, invest the rest
Tax implications - nothing when you inherit the stocks/funds. When you sell them, it's a taxable event. The basis is the FMV of the investments at the date of death.
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