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?

BTW, I'm still in shock. This is very humbling.

Save it. Invest it in something very safe. Precious metals would prolly be a good bet right now.

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.

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..

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 :D

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...

WHAT TAXES??? The money coming out of Trust has had the Inheritence taxes paid...

But do check with at least you Uncle...he will know..

If it's an inheritance less than $1M, there is no tax. (I thought).

I won't have that problem...

NOBODY here has suggested hookers and blow yet? Shame on you guys.

There is NO DEATH TAX until the end of the year....If u have a living Trust I think a coupole can leace 1.5M tax free...and indivudal is at 750K...those numbers have to be checked on as it has been a long time since I looked...

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.

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.

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.

Rental property?

997 GT2 then continue living as before plus 2011 GT2.

Oh god... Leland with extra money... Is anyone else imagining the possibilities?

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.

Instead of 5,000 rounds stockpiled it's 50,000. And that's just for the weekend.




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?

Pay off debt, save the rest (if any). Say a prayer of thanks! Good luck and enjoy!