Inheritance question.

FLmxer wrote:

I know, why ask this on a moto forum? Well I have been talking to these knuckleheads for decades and there is all types that follow...

I know, why ask this on a moto forum? Well I have been talking to these knuckleheads for decades and there is all types that follow moto. Some smart, some not so smart but it will be interesting to hear opinions on this subject. If a guy was to inherit a few million dollars, where is the smartest place to put such funds? Not saying it is me.

disbanded wrote:

Call a financial advisor...

motosmith wrote:

I'd put a bunch of money into real estate. That's my personal favorite. Gold is good too. I've always wondered what athletes do that make 10...

I'd put a bunch of money into real estate. That's my personal favorite. Gold is good too.

I've always wondered what athletes do that make 10 million per month. That's a lot of cash to have laying around.

mach6972 wrote:

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and...

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and if you screw it up there's no one to blame but yourself.

FLmxer wrote:

Thanks guys and yes a financial advisor is the plan of coarse. I have a bunch of rentals already that have been making life easier and...

Thanks guys and yes a financial advisor is the plan of coarse. I have a bunch of rentals already that have been making life easier and I have a pretty diversified account going. This was kind of a surprise after my wives grandmother died recently and left her mother the money but she has really bad dementia and we have power of attorney and just want it to go some place safe for her care really.

mach6972 wrote:

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and...

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and if you screw it up there's no one to blame but yourself.

vanillaice782 wrote:

That's a really good point. I don't want to derail the thread but each time I got a new job they would talk about all the...

That's a really good point. I don't want to derail the thread but each time I got a new job they would talk about all the money you could make with a 401 k but they failed to consider how bad inflation would be. They would talk about having half a million put away for when I'm 65 but that's basically 40 years from now. By then a gallon of gas will be $20.00. I just think any chance of actually retiring isn't much of an option for most people.

FLmxer wrote:

Thanks guys and yes a financial advisor is the plan of coarse. I have a bunch of rentals already that have been making life easier and...

Thanks guys and yes a financial advisor is the plan of coarse. I have a bunch of rentals already that have been making life easier and I have a pretty diversified account going. This was kind of a surprise after my wives grandmother died recently and left her mother the money but she has really bad dementia and we have power of attorney and just want it to go some place safe for her care really.

Steiny wrote:

After your first post I was going to say you have plenty of options, but this changes everything. Is the money in a trust? If not...

After your first post I was going to say you have plenty of options, but this changes everything.

Is the money in a trust? If not, you're going to have a hard time doing anything with it until she passes.

The best thing you can do is put it in a safe annuity (preferably owned by a trust) that will fund her care and produces gains. Look forward to this getting messy if the siblings don't agree with what you're doing.

Oh, and this is what I do for a living so if you have any questions, let me know and I'll post my email.

FLmxer wrote:

Thank you very much for your help. No siblings and it is in a trust at the moment. The IRS is doing their thing right now...

Thank you very much for your help. No siblings and it is in a trust at the moment. The IRS is doing their thing right now. I will look into the annuities.

Steiny wrote:

After your first post I was going to say you have plenty of options, but this changes everything. Is the money in a trust? If not...

After your first post I was going to say you have plenty of options, but this changes everything.

Is the money in a trust? If not, you're going to have a hard time doing anything with it until she passes.

The best thing you can do is put it in a safe annuity (preferably owned by a trust) that will fund her care and produces gains. Look forward to this getting messy if the siblings don't agree with what you're doing.

Oh, and this is what I do for a living so if you have any questions, let me know and I'll post my email.

mach6972 wrote:

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and...

A few million isn't enough to sweat.That used to be a lot but those days are long gone.Don't pay anyone for advice,use your own judgment and if you screw it up there's no one to blame but yourself.

vanillaice782 wrote:

That's a really good point. I don't want to derail the thread but each time I got a new job they would talk about all the...

That's a really good point. I don't want to derail the thread but each time I got a new job they would talk about all the money you could make with a 401 k but they failed to consider how bad inflation would be. They would talk about having half a million put away for when I'm 65 but that's basically 40 years from now. By then a gallon of gas will be $20.00. I just think any chance of actually retiring isn't much of an option for most people.

Steiny wrote:

After your first post I was going to say you have plenty of options, but this changes everything. Is the money in a trust? If not...

After your first post I was going to say you have plenty of options, but this changes everything.

Is the money in a trust? If not, you're going to have a hard time doing anything with it until she passes.

The best thing you can do is put it in a safe annuity (preferably owned by a trust) that will fund her care and produces gains. Look forward to this getting messy if the siblings don't agree with what you're doing.

Oh, and this is what I do for a living so if you have any questions, let me know and I'll post my email.

TripleFive wrote:

^^^

Annuitize it.

APLMAN99 wrote:

A matching 401K is a great benefit, especially if it's an equal match. Even a 50% match is pretty good. But hopefully you have some control...

A matching 401K is a great benefit, especially if it's an equal match. Even a 50% match is pretty good. But hopefully you have some control over the types of accounts it gets put into. For a full matching 401K, you basically make 100% on your investment that first year. That's a great return, and the funds they usually use aren't generally the most volatile things out there so there is a bit of a safety factor built in.

If you have access to a matching 401K, I'd contribute up to the matched percentage before investing almost anywhere else.

FLmxer wrote:

I know, why ask this on a moto forum? Well I have been talking to these knuckleheads for decades and there is all types that follow...

I know, why ask this on a moto forum? Well I have been talking to these knuckleheads for decades and there is all types that follow moto. Some smart, some not so smart but it will be interesting to hear opinions on this subject. If a guy was to inherit a few million dollars, where is the smartest place to put such funds? Not saying it is me.