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Senior Member
Join Date: Jan 2000
Location: Reno, NV
Posts: 3,694
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What do you do with inheritance?
I literally just got a phone call from my uncle. He called to tell me he is sending me the first disbursement from a trust set up by my grandmother and grandfather. I was/am completely shocked and had no idea there was a trust created or that my brother and I were listed as beneficiaries.
So, my uncle will be sending me a six-figure check this week and now I have no idea what to do. I will call a CPA tomorrow but what should I do with the actual check? Do I deposit it immediately or keep it until I meet with a CPA?
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-- Chief Architect and Mastermind, SCWDP |
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09-12-2010, 06:49 PM
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Senior Member
Join Date: Jan 2000
Location: Reno, NV
Posts: 3,694
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BTW, I'm still in shock. This is very humbling.
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-- Chief Architect and Mastermind, SCWDP |
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09-12-2010, 06:50 PM
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Unregistered
Join Date: Aug 2000
Location: a wretched hive of scum and villainy
Posts: 55,652
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Save it. Invest it in something very safe. Precious metals would prolly be a good bet right now.
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09-12-2010, 06:51 PM
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Back in the saddle again
Join Date: Oct 2001
Location: Central TX west of Houston
Posts: 55,906
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Mason Jars buried out in a swamp somewhere? Not because it's smart or anything, mostly because some day you can be the subject of a song by Charlie Daniels.
 Oops, nevermind.
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Steve '08 Boxster RS60 Spyder #0099/1960 - never named a car before, but this is Charlotte. '88 targa  SOLD 2004 - gone but not forgotten
Last edited by masraum; 09-13-2010 at 02:53 AM.. |
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09-12-2010, 06:57 PM
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Registered
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Hold it until your CPA sets up a trust for your trust check.. If you deposit it directly without taking steps, you will loose a large part to taxes..
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Byron  20+ year PCA member  Many Cool Porsches, Projects& Parts, Vintage BMX bikes too |
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09-12-2010, 07:04 PM
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one of gods prototypes
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You don't want to be hassled with that much money......just sign the back of it and send it my way LOL
Seriously, sounds like it could be a bit overwhelming, just keep your head on strait and listen to the sound advice of a trustworthy cpa...... Treat yourself to some sizzler too 
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Brought to you by Carl's Jr. |
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09-12-2010, 07:18 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Open a bank account and deposit the dam thing....FDIC guarantees each account to 100K...if it is more than that go to however many banks as it takes to keep 100K in each account.
No CDs' or anything.. The sit back and take a deep breath and say thx GrandMA... Your not going to be making any interest worth speaking about but hey you need time to figure the lay of the land...in other words to get yourself educated on finances... Remember the Grifters Rule..The higher the rate of return on an investment the greater the RISK...The US govt is paying 3.6% or so for the 30 year T Bill....that is the SAFEST INVESTMENT in the world as if the US govt goes...you don't need to worry about anyother investmest...as they won't be left standing.. However your a GDed fool if you invest in those fking things...a Bond Bubble is being created every day that the deficit and national debt climbs... SO THERE ARE NO SAFE INVEESTMENTS EVERYTHING IS AT RISK.. If you are carrying a lot of debt, you might want to think real hard about paying that off especially if the interest rate is usurious. If the interest rate is below say 4% you may want to carry that debt... Where would I put money today....I can tell you Exxon stock is under priced and is paying a 3% to 4% dividend....Exxon has not missed a Dividend payment EVER...and at $60 a share it canmove to $65 or $70 a share REAL EASY..This is about as little risk as you can get... The BP oil debacle has creamed the oil stocks...you would be buying at a low point in their trading ranges....remember buy low and sell high....your idea here is to be getting a DIVIDEND as in income. with the Capital Gain potential when you sell..This is a place to park a PORTION of the money...remember do not place all your eggs into one basket....and that also means not into anyone sector of the market like just oil comapnies.....or economy...as in RE... Also don't buy anything expensive....sit tight for awhile...no rush...you got plenty of time...
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Copyright "Some Observer" Last edited by tabs; 09-12-2010 at 07:33 PM.. |
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09-12-2010, 07:19 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Quote:
But do check with at least you Uncle...he will know..
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Copyright "Some Observer" Last edited by tabs; 09-12-2010 at 07:26 PM.. |
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09-12-2010, 07:22 PM
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Team California
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If it's an inheritance less than $1M, there is no tax. (I thought).
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Denis When hats and t-shirts are being sold at a funeral, it's a cult. |
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09-12-2010, 07:26 PM
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Cars & Coffee Killer
Join Date: Sep 2004
Location: State of Failure
Posts: 32,246
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I won't have that problem...
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Some Porsches long ago...then a wankle... 5 liters of VVT fury now -Chris "There is freedom in risk, just as there is oppression in security." |
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09-12-2010, 07:36 PM
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Dog-faced pony soldier
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NOBODY here has suggested hookers and blow yet? Shame on you guys.
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A car, a 911, a motorbike and a few surfboards Black Cars Matter |
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09-12-2010, 07:39 PM
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A Man of Wealth and Taste
Join Date: Dec 2002
Location: Out there somewhere beyond the doors of perception
Posts: 51,063
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Quote:
However the EXECUTOR of th eestate has to pay all the debts and taxes before he cuts a check to the heirs... So there should be no tax liailitiy involved... However anything earned on the money is now income...or Capital Gain if something is bought and then sold at a profit.
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Copyright "Some Observer" |
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09-12-2010, 07:43 PM
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You do not have permissi
Join Date: Aug 2001
Location: midwest
Posts: 39,846
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Nobody's (or is that nobodies) suggested investing all of that into a personal trust located overseas dedicated to another corporation in another country.
Oh, hire a lawyer. |
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09-12-2010, 08:00 PM
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Registered
Join Date: Jun 2000
Location: bottom left corner of the world
Posts: 22,729
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You are now the custodian of that (family) money. So enjoy it, hopefully add to it, and DON'T lose it, and hand it on to your kids. God bless your grandparents.
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09-12-2010, 08:18 PM
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Registered
Join Date: Jan 2006
Location: Fullerton,Ca
Posts: 5,463
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Rental property?
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" Formerly we suffered from crime. Today we suffer from laws" (55-120) Tacitus |
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09-12-2010, 08:42 PM
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Registered
Join Date: Dec 2005
Posts: 3,384
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997 GT2 then continue living as before plus 2011 GT2.
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09-12-2010, 08:56 PM
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Cogito Ergo Sum
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Oh god... Leland with extra money... Is anyone else imagining the possibilities?
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09-12-2010, 09:26 PM
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Student of the obvious
Join Date: May 2000
Location: Phoenix
Posts: 7,714
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You say "call a CPA." Does that mean call YOUR CPA (ie someone you know and trust) or does that mean start looking for a CPA? A lot of CPAs are also financial planners/investment advisors. That may or may not be a good combination in your case.
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Lee |
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09-12-2010, 10:03 PM
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Registered
Join Date: Jun 2000
Location: bottom left corner of the world
Posts: 22,729
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Quote:
To tell you the truth, I don't understand what the big deal is. All you Americans are just swimming in money arn't you? |
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09-12-2010, 11:11 PM
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19 years and 17k posts...
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Pay off debt, save the rest (if any). Say a prayer of thanks! Good luck and enjoy!
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Art Zasadny 1974 Porsche 911 Targa "Helga" (Sold, back home in Germany) Learning the bass guitar Driving Ford company cars now... www.ford.com |
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09-13-2010, 02:56 AM
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1974 Porsche 914-6 3.0
1988 Porsche 911
1970 Porsche 914-6
1976 Porsche 914 2.0
1987 Porsche 924S
Black Beauty
One of One
Cabby (Last)
"Toad Hall"
1985 Porsche 944
BFG
1955 CMC Speedster
1981 Porsche 911SC
B&B#2
Black Pepper
1985 Porsche 911 carrera targa 3.2
1986 Porsche 944 2.5l
MazdaSpeed3
