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Started By
Message
Inheriting large sum
Posted on 12/7/20 at 1:54 pm
Posted on 12/7/20 at 1:54 pm
Sadly my father in law will be passing soon, and we stand to inherit considerable amount...probably a little over $2mm with $600k being real estate 1.2mm in an Ira and the rest in taxable brokerage.
My thoughts are to rebalance Ira to our liking and keep funds working for us...basically treat it as retirement dollars. I know we will be required to take rmds on beneficiary IRA.
Sell the house and buy a place in Florida we could use as vacation home/rental then ultimately retire in down the road.
As for taxable brokerage, I want to sell everything when we get step up in basis and pick stocks/etfs I prefer.
What is the money board’s thoughts on this? Appreciate your help
My thoughts are to rebalance Ira to our liking and keep funds working for us...basically treat it as retirement dollars. I know we will be required to take rmds on beneficiary IRA.
Sell the house and buy a place in Florida we could use as vacation home/rental then ultimately retire in down the road.
As for taxable brokerage, I want to sell everything when we get step up in basis and pick stocks/etfs I prefer.
What is the money board’s thoughts on this? Appreciate your help
This post was edited on 12/7/20 at 1:55 pm
14
Posted on 12/7/20 at 2:09 pm to nineteeneighty
Seems reasonable.
I guess you’ve got 10 years to take out the retiment money.
I’m not a multi house person, but many people like having a place.
Review the portfolio. Keeping some of his stocks may help you get sector representation, etc.
A diversified portfolio is not 20 stocks I like. It’s 20 stocks representing various market caps, industries, etc.
Maybe he’s got a couple of decent dividend payers.
I guess you’ve got 10 years to take out the retiment money.
I’m not a multi house person, but many people like having a place.
Review the portfolio. Keeping some of his stocks may help you get sector representation, etc.
A diversified portfolio is not 20 stocks I like. It’s 20 stocks representing various market caps, industries, etc.
Maybe he’s got a couple of decent dividend payers.
Posted on 12/7/20 at 2:12 pm to makersmark1
quote:
I guess you’ve got 10 years to take out the retiment money.
Good point. I forgot that was changed with beneficiary IRAs. That will take some tweaking
Posted on 12/7/20 at 2:35 pm to nineteeneighty
What stocks does he have?
Maybe study a few of those and see if they fill in a gap for you.
Sometimes one can get sort of sector heavy. I know I tend to look at banks, energy, and utilities.
I’d like to see a few ticker symbols that he has that you might not have.
Maybe study a few of those and see if they fill in a gap for you.
Sometimes one can get sort of sector heavy. I know I tend to look at banks, energy, and utilities.
I’d like to see a few ticker symbols that he has that you might not have.
Posted on 12/7/20 at 2:41 pm to nineteeneighty
I would rebalance, sell the house and dump that money into the market. Then, I would quit my job so fast you would've thought my arse grew wheels.
Posted on 12/7/20 at 2:42 pm to nineteeneighty
Sorry for your loss.
Also, congratulations. Preserve it for future generations! (if there are any)
Also, congratulations. Preserve it for future generations! (if there are any)
Posted on 12/7/20 at 2:58 pm to FinleyStreet
quote:
Then, I would quit my job so fast you would've thought my arse grew wheels.
My first thought.
Posted on 12/7/20 at 2:58 pm to makersmark1
A lot of sector index etfs and blue chip names. A good chunk of it in energy, which I want to get out of
Posted on 12/7/20 at 3:27 pm to nineteeneighty
If you have children set up a Living Trust asap..
Posted on 12/7/20 at 3:33 pm to nineteeneighty
Ultimate investments would depend on your income needs and goals. I am not a fan of multiple properties either unless for the investment or if you plan to use the second property for large chunks of the year. Otherwise, just rent and get to see different places.
I second the dividend strategy. I would build a diversified portfolio yielding in the 4% range and then treat it like an annuity. Take the income every year and never touch the principal unless there is an emergency. You should get a 2-6% income bump every year if you are investing in dividend growers.
I second the dividend strategy. I would build a diversified portfolio yielding in the 4% range and then treat it like an annuity. Take the income every year and never touch the principal unless there is an emergency. You should get a 2-6% income bump every year if you are investing in dividend growers.
Posted on 12/7/20 at 3:38 pm to nineteeneighty
quote:
Sell the house and buy a place in Florida we could use as vacation home/rental then ultimately retire in down the road.
I don't know why people on the gulf coast are so obsessed with this idea. I'd wait and just buy a place when you retire. That way it can be nice and you'll be able to spend time there whenever you want.
Posted on 12/7/20 at 3:59 pm to nineteeneighty
quote:
What is the money board’s thoughts on this?
First step is to make sure you are consulting with your wife on everything (not insinuating that you aren't). Assuming these assets are being left to her and depending on your state laws, they may be her separate property.
This post was edited on 12/7/20 at 4:00 pm
Posted on 12/7/20 at 6:02 pm to bluemoons
Good point. In our state, it is just as much mine as hers...doesn’t really matter though, we have similar ideas on the money and have solid marriage
This post was edited on 12/7/20 at 6:03 pm
Posted on 12/7/20 at 6:29 pm to barry
Because 20 years from now the costs will be considerably higher plus if you structure the property correctly you can begin to depreciate i.e. a tax write off.
Posted on 12/7/20 at 6:45 pm to SalE
If he set aside the money in the market to buy it in twenty years his pile of money will be much higher By then too. Then he doesn’t have to worry about property taxes, HOA fees, hurricanes etc until he ready to use it when he’s retired
Posted on 12/7/20 at 7:08 pm to SalE
quote:
If you have children set up a Living Trust asap..
Why is that ?
Posted on 12/7/20 at 7:31 pm to nineteeneighty
I'd get a very good CPA who is also a tax lawyer to find the best way to shelter your inheritance.
Posted on 12/7/20 at 7:39 pm to nineteeneighty
quote:
What is the money board’s thoughts on this
Take a few hundred k and put it in ZOM.
Posted on 12/7/20 at 7:53 pm to nineteeneighty
[quote]Good point. In our state, it is just as much mine as hers...doesn’t really matter though, we have similar ideas on the money and have solid marriage [/
Georgia follows the same rule as LA and most community property states.
“The general rule in Georgia is that an inheritance will be viewed as separate property not subject to division upon divorce, unless the funds or property are comingled. ... Upon receiving the inheritance, wife places the funds in a separate account, and never mixed the funds with marital assets.”
Georgia follows the same rule as LA and most community property states.
“The general rule in Georgia is that an inheritance will be viewed as separate property not subject to division upon divorce, unless the funds or property are comingled. ... Upon receiving the inheritance, wife places the funds in a separate account, and never mixed the funds with marital assets.”
Posted on 12/7/20 at 8:04 pm to nineteeneighty
Have you asked your FIL? I would think it would be worth asking him about his thoughts.
Real estate is very high right now but if you can find a home you love and you have kids that you can spend a lot of time there with it can make a lot of sense. I’m not sure a vacation home now would make sense to also be a retirement home though. Lot of variables obviously.
Real estate is very high right now but if you can find a home you love and you have kids that you can spend a lot of time there with it can make a lot of sense. I’m not sure a vacation home now would make sense to also be a retirement home though. Lot of variables obviously.
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