re: Inheriting large sum

Not all of the Gulf Coast gets storm damage, not every place has mandatory HOA..plus the real estate appreciation is greater the 7%..

We’re in Illinois

If the cold gets to you at times, and you don't want a vacation rental on the Gulf, maybe Aruba is the place to look. It's summer all year around, a low crime Dutch colony, good restaurants, casinos, rarely rains and it's outside of the hurricane tracks. Negligible mosquito population too.

Please verify that your wife's inheritance is indeed community property in Illinois. I'm not an attorney, but I don't think it is. If FinL's will specifically names you, then it is part yours. If she is named, then it is technically her separate property. Thus, she is the legal owner/controller of the funds, not you. It's an important distinction, even though she may choose to defer to your decision making with regards to investments, etc. A house purchased with these funds isn't necessarily your community property either....

Please update your wills, as she needs to account for this separate property in her own estate plans.

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probably a little over $2mm

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Can I have a $1,000?

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In Illinois, if one spouse inherits or is gifted any money or property during the marriage, that property is considered to be non-marital property, and it will remain the sole property of the spouse receiving such gifts, provided that the gift or inheritance begins and then remains titled to the spouse or in a bank

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Guess you guys are right... I better not piss me wife off... haha

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In the meantime it has really high Operating expenses and if you want to invest it in real estate, there are better options.

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Better options than he can enjoy with his wife and kids and think about their late father? You don’t do that with stocks or other investments, don’t know anyone that stops by their strip mall every year for vacation and pours one out for pops at the Chinese restaurant that rents it.

It’s not just the gulf coast, people own vacation homes every where from flats in cities to ski condos.

It’s not a sure fire great investment. But you can also create memories with it that you can’t do with most others. No one is saying put everything in there, but say 25% and then dump the remaining in equities is a very solid diversification.

Let the inherited IRA grow for 10 years then take your money out and pay the taxes.
As far as advice on investments, check out paulmerriman.com for unbiased advice.
Don’t do anything for 1 year such as selling your house , buying a house in Florida or retiring unless you already planned this previously.
Get advice from an estate and tax lawyer.
If plan correctly you will be set up for life.
Consider moving money into a Roth IRA if possible
Don’t buy gold or invest in high risk oil and gas deals

Personally, I would liquidate and place in a passive mutual fund. Vanguard has an ETF/Mutual fund for every industry. Owning a property sounds fun, but it is a lot of work and risk. With 2 MM invested in VPU (just a general example), that will generate approximately 5gs a month. Just rent a place in FL for a month. Then you can rent one in Seattle, etc. You won't be tied to an area.

I’d move primary residence in Texas... Illinois will crater soon.