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Started By
Message
Best way to invest inheritance?
Posted on 3/28/14 at 10:10 am
Posted on 3/28/14 at 10:10 am
My father in law passed away suddenly at the end of January and my mother in law received the life insurance money recently. He owned his own plumbing business so she is paying off some of his debts with that and she is paying off medical bills from a recent fight with cancer, but we (daughters and son in laws) are suggesting she invest some of it so she is making money on her money, instead of just bleeding it. What would be the best way to proceed? She is a 66 year old widow and is attempting to keep his business going, as it was fairly profitable. I suggested different mutual funds, but I am a simpleton in the realm of finance. Any real help is appreciated.
9
Posted on 3/28/14 at 10:24 am to mkibod1
BRK-A
Posted on 3/28/14 at 10:38 am to Boudin
Haha Boudin, I don't think she is looking to invest that much in one location. I said spread it out over various funds. Sadly though after debts and medical bills, I don't know if she has that (180K, price of a BRK-A) much to spend. She does have her own 401K which has done decent over the years.
This post was edited on 3/28/14 at 10:39 am
Posted on 3/28/14 at 11:01 am to mkibod1
Haha, just saying
Posted on 3/28/14 at 11:16 am to mkibod1
She really should seek out a good CFP.
Posted on 3/28/14 at 11:26 am to mkibod1
Put 13K into a Roth IRA, and chose something conservative.
Posted on 3/28/14 at 11:33 am to jeepfreak
jeep,
I am pushing for that. I only know so much about investments. Those guys get paid to make financial decisions for a reason.
I am pushing for that. I only know so much about investments. Those guys get paid to make financial decisions for a reason.
Posted on 3/28/14 at 11:36 am to mkibod1
Woah.....what debt is she paying off? Someone needs to look into that very closely for her.
Did he have a partner, investor, etc. I saw the OP post saying it was his business. I know people that have "their own" business but the structure is complicated.
just because he is dead does not mean his widow should start cutting checks. How was the business set up? I would take a very close look at the business obligations and medical bills prior to payment.
I am not advocate skipping out in debt - but the commitments should be fully reviewed.
Did he have a partner, investor, etc. I saw the OP post saying it was his business. I know people that have "their own" business but the structure is complicated.
just because he is dead does not mean his widow should start cutting checks. How was the business set up? I would take a very close look at the business obligations and medical bills prior to payment.
I am not advocate skipping out in debt - but the commitments should be fully reviewed.
This post was edited on 3/28/14 at 11:38 am
Posted on 3/28/14 at 11:40 am to nelatf
As for the investments - get her to an advisor. The worst thing you can so as a son in law is suggest places to park money.
When there is a market drop, you will be the evil one that cost Nana her money. Let someone else take that burden for you.
When there is a market drop, you will be the evil one that cost Nana her money. Let someone else take that burden for you.
Posted on 3/28/14 at 11:41 am to mkibod1
quote:
She is a 66 year old widow and is attempting to keep his business going
This will not have a happy ending. I would sell the business NOW.
Posted on 3/28/14 at 11:47 am to I Love Bama
quote:
This will not have a happy ending. I would sell the business NOW.
You said it nicer than I was going to.....
This post was edited on 3/28/14 at 11:47 am
Posted on 3/28/14 at 12:54 pm to nelatf
As a FA I would suggest you find a financial advisor in your area. There are so many questions that need to be answered about your (family and business) situation before anyone can give you advice on what's truly best for all parties.
Posted on 3/28/14 at 12:59 pm to mkibod1
Stay out of your mother in law's financial affairs as much as you possibly can. You're welcome.
Posted on 3/28/14 at 1:16 pm to iknowmorethanyou
quote:
Stay out of your mother in law's financial affairs as much as you possibly can. You're welcome.
+1
Tread lightly.
Posted on 3/28/14 at 1:20 pm to mkibod1
Advise her to the best economical financial planner and that's it. If you value your marriage stay out of it
Posted on 3/28/14 at 1:22 pm to DaBeerz
Sounds like you should 1- Get her quality professional financial help 2-Stay our of the way after you get her that help 
Posted on 3/28/14 at 3:06 pm to GenesChin
I am setting her up with CFP and thats it. I worked for my father-in-law throughout college while I was dating his daughter so I had an indepth look at the business. He was the head honcho and sole proprietor. He had a guy who was his right hand man since he was 18, now 40, who will be buying the business in time. He had 3 daughters, but only 2 son-in-laws. My brother-in-law is very hands off, despite him being my senior by 20 years, but since I had the inside knowledge on the business, I have tried to help where I can. And to those concerned, she is only paying off legitimate debts. He had store accounts at a few supply warehouses in their city and I had gone with him numerous times to the warehouses. He had a running account at both, but that is the only debt she is paying off, because that is all he really had. He was a simpleton with finances so the constuct of his business wasn't anything complex. He ran the show, did the drawings, bids, etc, then would hand off the work to his 2nd in command who has a crew that does the dirt work and rough ins.
This post was edited on 3/28/14 at 3:12 pm
Posted on 3/28/14 at 5:48 pm to mkibod1
They should have had a key person policy
Posted on 3/28/14 at 5:59 pm to roguetiger15
I agree Rogue, I'm an FA as we'll. that's the first thing that came to mind as I read that.
Posted on 3/28/14 at 8:11 pm to iknowmorethanyou
iknowmorethanyou wrote:
"Stay out of your mother in law's financial affairs as much as you possibly can. You're welcome."
BINGO!
Tell her to go see a CFP. Merrill, Lynch, Pierce, Fenner & Smith has a bunch of them. If she had cancer would you give her medical advice?
"Stay out of your mother in law's financial affairs as much as you possibly can. You're welcome."
BINGO!
Tell her to go see a CFP. Merrill, Lynch, Pierce, Fenner & Smith has a bunch of them. If she had cancer would you give her medical advice?
This post was edited on 3/28/14 at 8:12 pm
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