Coming Into Money

[UpstateNYUPSer(Ret)]

We inherited a bit more than double that from my wife's parents.

We paid off our short term debt, paid cash for 3 remodeling projects, bought my wife a used car (BMW 530xi, so a very nice used car, but it was a pretty good deal) and left almost half of it invested where my wife's folks had it when they passed.

Our oldest daughter had already paid off her student loans, so we are making sure that the youngest does not have to borrow money for college either. Pretty much anything to get the girls set for their lives, debt-free, we feel we are honoring my wife's parents.

The amount we received blew us away. We were not expecting even half what we got (not that we were 'expecting' anything.) The hardest part was listening to one of her brother's while the will was being read. For the last 10 years of his parents lives, he appeared to think that every dime they spent came from his inheritance. He wanted some of my wife's inheritance to pay him back because she helped her folks move into an assisted living apartment. It was shameful.

Hopefully, when I pass, I can give the same gift to my daughters.

The older daughter will be watching what you guys do with the younger and will rightfully feel slighted if you help one without helping the other.

 

[barnyard]

The older daughter will be watching what you guys do with the younger and will rightfully feel slighted if you help one without helping the other.

We are taking care of that.

Plus, the oldest got some help from them before they died that the youngest did not, which is part of the reason she does not have any student loan debt right now (she is in her 2nd year of grad school.)

 

[moreluck]

It's not evenly that matters. It's deservedly!!

If one kid gets 80% it's usually because the other only deserved 20% (if even that). This is the world of bad decisions, drugs, etc........I'm not a contributor just so things are even !! Life's not fair.....learn it!!

 

[dilligaf]

Loan it to me!

 

[raceanoncr]

It's not evenly that matters. It's deservedly!!

If one kid gets 80% it's usually because the other only deserved 20% (if even that). This is the world of bad decisions, drugs, etc........I'm not a contributor just so things are even !! Life's not fair.....learn it!!

We were faced with exact same thing when mom died a couple yrs ago. Long story short, I, my son got most of what she had. My sis got little, her kids NOTHING!

While she was alive, my son would always go to her house to play vid games (she loved that), He'd help me with chores around her house. We (me and wife of 11 yrs) always cut her grass,clean house, gutters, etc. The last yr, while I was still off for hip replace, I took her to docs, clinics, etc. Stayed w/her for two months til she died, etc.

Sis? MIA! Sis's kids? MIA! Mom dies...sis and kids are first ones here...with hands out.

What little sis did get, I don't think she deserved. But mom kept saying, "But she IS my daughter". Well, she's NOT my sis, IMO.

 

[over9five]

Pay off the car loans and invest the rest. Increase the 401k contribution by the amount of car loan payments.

When I last talked to him last night, he really liked this idea. He really wanted to get that money (or more money) into his 401k. This seems the best way to do that, at least.
Not sure what he'll do with the remainder, but I wrote down everyone's ideas and I'll give it to him tonight.

I'm no financial adviser, but I knew where I could get a bunch of good ideas. Thanks everyone!

 

[Brownslave688]

The older daughter will be watching what you guys do with the younger and will rightfully feel slighted if you help one without helping the other.

My parents still pay some of my little brothers monthly bills and take him on vacations and such. He's 28. I've pretty much been on my own since 22. Do I care? No.

I know all they are doing is hindering his future. I'm obviously an odd all but the day I decided to move out on my own was the day I started looking for a career and I take great pride in taking care of myself without any help.

 

[Justaname]

The older daughter will be watching what you guys do with the younger and will rightfully feel slighted if you help one without helping the other.

Not necessarily. I'm the youngest of three and paid for my college. My brothers didnt. I'm not holding grudges against the two people who've raised me.

 

[over9five]

He talked to a financial adviser who suggested putting into a "Guaranteed Fixed Annuity". I guess you give it to an insurance company, it makes interest for 10 or 15 years, then you get 5% per year back for life. (or more or all, but the rest of your payback would decrease).
Comments?

 

[UpstateNYUPSer(Ret)]

Pay off debt, invest the balance in the annuity, increase 401k contribution by amount of car payment now and all future pay raises as they kick in.

 

[Brownslave688]

He talked to a financial adviser who suggested putting into a "Guaranteed Fixed Annuity". I guess you give it to an insurance company, it makes interest for 10 or 15 years, then you get 5% per year back for life. (or more or all, but the rest of your payback would decrease).
Comments?

no no no no no no!!!!!!!!!!!!!!!!!!!! Did I mention no!!!!!!! This is a crook not a financial advisor. Annuity is literally the last thing u do after you've maxed every other retirement thing there is and paid everything off.

 

[IVE GOTTA PACKAGE 4U]

He talked to a financial adviser who suggested putting into a "Guaranteed Fixed Annuity". I guess you give it to an insurance company, it makes interest for 10 or 15 years, then you get 5% per year back for life. (or more or all, but the rest of your payback would decrease).
Comments?

You get 5% of your principle ...you are not earning 5 %...and if you die...SOL !!! Who wants to lock in at a 2 0r 3% rate minus the fees?...Now is not a good time to get into a fixed!! The only person making any money is the person who sold it to you....

 

[Brownslave688]

You get 5% of your principle ...you are not earning 5 %...and if you die...SOL !!! Who wants to lock in at a 2 0r 3% rate minus the fees?...Now is not a good time to get into a fixed!! The only person making any money is the person who sold it to you....

Exactly I know this for a fact. The guy selling the annuity will forever get commission off it. I had a good friend that was a "financial advisor" for a large company. He tried selling me all kinds of this stuff. A few years later he came back and apologized. He said man I'm sorry they had me brain washed I only knew what they had told me. He said I'm on my own now any help u need come to me it's free.

 

[Conan04]

How much of a sales commission does the financial adviser get to sell an annuity?

 

[Brownslave688]

How much of a sales commission does the financial adviser get to sell an annuity?

No clue but they will pull a small percentage off of it for as long as its active. That's part of your yearly fees.

Always see a fee only financial advisor. Example you pay $1500 up front he sets you all up and that's all you pay him.