topic Re: Inheritance help in Community Chat

Inheritance help

Marceil — Fri, 01 Nov 2019 20:09:09 GMT

I inherited some money from my 96 year old dad. I helped him and my mom for the last ten years of their lives. I plan on investing all of it except for $2000. I decided to buy something with the uninvested money and enjoy it in payment for all the work I did for them. Any suggestions? I'm thinking of a piece of jewelry, but not sure.

Re: Inheritance help

Nataliesgramma — Fri, 01 Nov 2019 20:12:15 GMT

I think jewelry is a great idea

Re: Inheritance help

Kachina624 — Fri, 01 Nov 2019 20:12:40 GMT

Be sure to allow for taxes you may have to pay. Kind of hard for strangers to know what you like or want or need.

Re: Inheritance help

QVCkitty1 — Fri, 01 Nov 2019 20:13:05 GMT

Is there anything you've been wanting for a long time, this would be the time to treat yourself.

Re: Inheritance help

Justholdingon — Fri, 01 Nov 2019 20:13:17 GMT

A vacation to unwind and reflect, maybe?

Re: Inheritance help

cherry — Fri, 01 Nov 2019 20:14:13 GMT

@Marceil I would just tuck it away ,until you see the right thing. You will know it when you do

Re: Inheritance help

rms1954 — Fri, 01 Nov 2019 20:14:24 GMT

There really was no need to tell how you accumulated the money or your justifying spending some of it. As to what you want to spend it on, that would be your call. I would need no suggestions myself, if it were me. I find this of a personal nature.

Re: Inheritance help

Nuttmeg — Fri, 01 Nov 2019 20:15:52 GMT

Take a trip.

Re: Inheritance help

occasionalrain — Fri, 01 Nov 2019 20:20:18 GMT

Why not take a trip somewhere. You could take one on a train up the east coast which wouldn't involve a lot of walking about. If you're buying jewelry, get something you can wear every day. I have a lot of jewelry that mostly resides in a box.

Re: Inheritance help

candyagain — Fri, 01 Nov 2019 20:20:22 GMT

Buy jewelry.

Re: Inheritance help

Alison Wonderland — Fri, 01 Nov 2019 20:22:10 GMT

@cherry wrote:
@Marceil I would just tuck it away ,until you see the right thing. You will know it when you do

I think this is good advice.

You can hold onto it and when sometimes comes up, an opportunity to take a vacation you wanted, a concert or show you wouldn't normally spend money on, or a piece of jewelry you like.

Sometimes waiting brings exactly the thing into our lives.

Re: Inheritance help

DLew — Fri, 01 Nov 2019 20:23:35 GMT

A trip. Memories that will last your lifetime.

@Marceil wrote:
I inherited some money from my 96 year old dad. I helped him and my mom for the last ten years of their lives. I plan on investing all of it except for $2000. I decided to buy something with the uninvested money and enjoy it in payment for all the work I did for them. Any suggestions? I'm thinking of a piece of jewelry, but not sure.

Re: Inheritance help

manny2 — Sat, 02 Nov 2019 19:09:41 GMT

Enjoy whatever you decide to do with the money! I think it is a great idea to invest some, and indulge with the rest. Ignore the negative comments misery loves company.

Re: Inheritance help

lovesrecess — Fri, 01 Nov 2019 20:39:52 GMT

I would take a trip or go someplace you have always wanted to go. Relate memories only you can create for yourself. You are probably younger than me, but I find buying any expensive material things for myself now other than clothes not very pleasing since my family will be stuck with disposing of it or figuring out who wants it.

Re: Inheritance help

chrystaltree — Fri, 01 Nov 2019 20:46:12 GMT

I assume, you've already paid the taxes on your inheritance. This is gift from you to you so if you want a piece of jewelry, buy something you love. As for investing a windfall like that, just be sure you what you are doing and who you are trusting your money. As my dad advised us....only invest if you can afford to lose the money.

Re: Inheritance help

JesssMe — Fri, 01 Nov 2019 20:50:38 GMT

If you do decide to buy a piece of jewelry, I would suggest a bracelet or a ring. You can see either piece, as opposed to earrings or a necklace. If you are a ring wearer, one with the birthstones of your parents, or you entire family would be a great tribute to them.

A trip would also be lovely, maybe you can find a way to do both!

Re: Inheritance help

DianeJ2 — Fri, 01 Nov 2019 20:52:06 GMT

@Marceil Buy what speaks to you, take your time though when you just inherit money. Is there something you've always wanted but didn't get for yourself? Your parents birthstones on a bracelet or necklace to honor Your bond with them might be nice. So Sorry for your loss. Being a caretaker is so loving yet so hard.

Re: Inheritance help

Love my grandkids — Fri, 01 Nov 2019 20:53:01 GMT

@rms1954 There is no need for you to scold the OP. She was sharing something nice that has happened for her. What's the big deal? Sheesh.

Re: Inheritance help

manny2 — Fri, 01 Nov 2019 20:53:36 GMT

@chrystaltree wrote:
I assume, you've already paid the taxes on your inheritance. This is gift from you to you so if you want a piece of jewelry, buy something you love. As for investing a windfall like that, just be sure you what you are doing and who you are trusting your money. As my dad advised us....only invest if you can afford to lose the money.

There is no tax on money, or property passed from parent to child with a few exceptions. The exceptions would be if the money was in a retirement account or 401(k).

Re: Inheritance help

Drythe — Fri, 01 Nov 2019 20:59:40 GMT

@Marceil

I am sorry for your loss.

As others have suggested, hold on to it until something speaks to you.

You, know when you see something special that calls your name? I wanted a coin ring for a LONG time, but a small one. For years I saw lots that were just not quite the thing. Walking down a street one day I saw MY RING. My Dad, DH, and I were in Florence; Dad said, Get It!

So glad I waited, and will always remember that trip, and his encouraging me.