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re: You inherit $5 million tax free, what changes?

Posted on 2/21/18 at 6:06 pm to
Posted by mule74
Watersound Beach
Member since Nov 2004
11330 posts
Posted on 2/21/18 at 6:06 pm to
I’d pay off my house and buy a beach house I can rent out and use personally. Save the rest.
This post was edited on 2/23/18 at 7:30 am
Posted by crazycubes
Member since Jan 2016
5256 posts
Posted on 2/21/18 at 6:45 pm to
I can make about $100,000 a year failry safely. If I can live on $80,000, then I'm done working for the man. I can make up the rest of my income in consulting and such.
Posted by Buckeye06
Member since Dec 2007
23168 posts
Posted on 2/21/18 at 6:47 pm to
I would probably buy a house or condo (maybe in Miami where i used to live).

I may move because as said you don't have as much worry about how much you're making so I wouldn't need to keep my current job (even though i enjoy it)

Posted by BowlJackson
Birmingham, AL
Member since Sep 2013
52881 posts
Posted on 2/21/18 at 7:45 pm to
Being 100% honest, I'd probably die within 2 years from extreme amounts of drug use.
Posted by BrotherEsau
Member since Aug 2011
3509 posts
Posted on 2/21/18 at 8:17 pm to
quote:

That would blow through at least 2.5 of that 5 million right off the bat.


Inheritance is separate property, not community.

I’d buy a new house, car, small boat, trust for the kids, bank the rest.
Posted by Tortious
ATX
Member since Nov 2010
5152 posts
Posted on 2/21/18 at 8:24 pm to
Not much for me, but that bitch that sleeps in my bed gets a brand new bed.
Posted by Tempratt
WRMS Girls Soccer Team Kicks arse
Member since Oct 2013
13602 posts
Posted on 2/21/18 at 8:26 pm to
quote:

I'd quit my job and live off of the interest.


I heard Clark howard say one time that $4m would allow a life luxury.
Luxury is relative.
For me that would mean paying cash for a new truck if I stumbled across one I liked it whether I needed a new one or not.
Also buying a $100k home hifi and not worrying about the cost.
This post was edited on 2/21/18 at 8:29 pm
Posted by jack6294
Greater Baton Rouge Area
Member since Jan 2007
4033 posts
Posted on 2/21/18 at 8:39 pm to
Nothing
Posted by SeeeeK
some where
Member since Sep 2012
28151 posts
Posted on 2/21/18 at 8:41 pm to
Would buy a beach home in Cape San Blas, and spend a lot of time, watching sunsets and sunrises with the wife and dog.

Posted by JJBTiger2012
Louisiana
Member since Jun 2013
1891 posts
Posted on 2/21/18 at 8:47 pm to
Kids each get 500k, pay off all of my bills, buy a camp somewhere on the Red River, and work an easy 8-5 with great benefits.
Posted by dale10
The Red Stick
Member since May 2006
929 posts
Posted on 2/21/18 at 8:55 pm to
I wouldn’t quit my job, but I would be a mother fricker to deal with.
Posted by MeridianDog
Home on the range
Member since Nov 2010
14275 posts
Posted on 2/21/18 at 9:02 pm to
We are retired. I have no bills other than utilities, groceries, gas and what small amount of playing we do.

I would keep my house, truck and would travel more. A gulf condo would be nice, but travel nicer andwe can take a lot of great trips for $500,000.00.

I would definitely stop asking you guys to vote for my recipe and the trip to italy I could win if you guys continue to help me.
Posted by RockyMtnTigerWDE
War Damn Eagle Dad!
Member since Oct 2010
105551 posts
Posted on 2/21/18 at 9:03 pm to
quote:

1.) I invest it safely and conservatively. Diversify

2.) Quit my job.

3.) Find a job that I enjoy doing - no matter how miniscule the task. It keeps income in and keeps your time fulfilled where you aren't constantly spending. Something where I can interact with people. Bartender, barista at Starbucks, personal trainer, etc.

4.) Buy a modest house where I'd want to live. Absolutely no more than $500, $600,000 thousand.

5.) Take more time off (due to low stress job), work on new hobbies - cooking, woodwork, etc. Travel some, visit family more.


I could dig this except for some of the jobs you would look to do.
Posted by yellowfin
Coastal Bar
Member since May 2006
97814 posts
Posted on 2/21/18 at 9:03 pm to
If I inherited 5 mil the first thing I'd do is find out where the rest went
Posted by tigernnola
NOLA
Member since Sep 2016
3589 posts
Posted on 2/24/18 at 5:16 pm to
Well, Treasury bonds pay a fixed rate of interest every six months until they mature. The current rate is 4.25%, so the return, assuming you do not withdraw anything but interest, is about $ 6.7 mil. That’s $ 1.7 interest pAid semiannually over 10 years. Nets $ 170K per year. Not a lot of money in this day & age to,live a life of luxury. Comfortable, yes, luxury. No.
Posted by Bestbank Tiger
Premium Member
Member since Jan 2005
71787 posts
Posted on 2/24/18 at 5:27 pm to
I'd give my boss 4-6 weeks notice. He's always been good to me so I would give him the opportunity to be picky about a replacement.

Then just live off the interest. Even at 1%, I could live like a baller.
Posted by CelticDog
Member since Apr 2015
42867 posts
Posted on 2/24/18 at 5:31 pm to
Gujarati speaking wife.
Filipina wife from zamboanga.
Hungarian wife who looks like Ellie jo.
Miss Mobile circa 2012 to 2014

6 bed 3.5 bath in Bangkok.


This post was edited on 2/24/18 at 5:33 pm
Posted by JamalSanders
On a boat
Member since Jul 2015
12135 posts
Posted on 2/24/18 at 5:48 pm to
My debt and my parents debt would be gone.
I'd buy a house as opposed to renting.
Buy me a new truck but keep my car.
Pay for my entire family to go be at the birth of my first niece.
Put the rest away knowing that I'm set for life by 30.
Posted by Nicky Parrish
Member since Apr 2016
7098 posts
Posted on 2/24/18 at 7:13 pm to
quote:

That would blow through at least 2.5 of that 5 million right off the bat.

Would be worth it!
Posted by joeytiger
Muh Mom's House
Member since Jul 2012
6037 posts
Posted on 2/24/18 at 7:40 pm to
I would have 300-500 acres somewhere with a really nice camp. That would take about half of that money. The rest would be put away for retirement.
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