Ater the Irs get done with it I will have almost 4,000,000 Dollars ( usd) Put it in the bank ( the most you can have in any one bank account is $100,000 Dollars and 26,500,000 / 100,000 = over 206 banks accounts what would you do ?
2006-06-13 10:31:16 · 10 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
Put $100,000 into a bank.
Pay off all my debt.
Buy things I need (like new car or a new home)
Buy some real estate.
Invest the rest into Traditional IRA (you don't qualify for Roth IRA), mutual funds, stocks and bonds, education plans (if you have kids), and variable annuities.
2006-06-13 10:37:17 · answer #1 · answered by Anonymous · 2⤊ 0⤋
Are you crapping me? That doesnt sound right, the IRS isnt going to take over 85% of the inheritance, you should have a lot more than that. You can have more than $100K in a bank account, it just isnt insured by the FDIC if the bank fails- which almost never happens. I personally would invest a large chunk of the money, and live off the proceeds. Id use some of it for fun, but make sure that a large amount of principle is something that you never touch, so that you always have that stream of income coming from it. Id also buy a nice house.
2006-06-13 10:36:31 · answer #2 · answered by bmwdriver11 7 · 0⤊ 0⤋
Congrats!
I recommend consulting a mortgage advisor, a CPA, and a certified financial planner (CFP) and have them put together a financial plan that will yeild the best return on your investment. Being a mortgage advisor, I work with a talented team of CPA's and CFP's to help people invest their money, protect their assets, and do estate planning. Feel free to email me at info@adpsac.com for more information.
2006-06-13 10:50:13 · answer #3 · answered by G S 2 · 0⤊ 0⤋
Where are you inheriting this money from ? The reason I ask is that people often get fraudulent emails from people claiming to want to send you inheritances, but there is no such thing. Do your genealogy and make sure the people are actually related to you.
2006-06-13 10:39:00 · answer #4 · answered by Cookie777 6 · 0⤊ 0⤋
The IRS would not take as much as you describe in your post. You should seek professional legal and financial advice with a reputable firm to help you make decisions.
2006-06-13 10:46:43 · answer #5 · answered by Answer Whisperer 2 · 0⤊ 0⤋
Buy goverment bonds, that way the intrest is tax free.
if you find a bond at 6% you will get 20,000 tax free a month.
8% = 26,000
i see bonds up to 14% which would get you 46K
2006-06-13 10:37:52 · answer #6 · answered by craig_pumphrey 2 · 0⤊ 0⤋
Dang near anything you want! After taxes that is
2006-06-13 10:34:22 · answer #7 · answered by Anonymous · 0⤊ 0⤋
Invest in Enron.
2006-06-13 10:35:11 · answer #8 · answered by Anonymous · 0⤊ 1⤋
you can deposit more than $100,000 in the bank, its insured upto that amount... then you can do whatever the hell you want, i wish i had that big problem!!!
2006-06-13 10:37:57 · answer #9 · answered by Anonymous · 0⤊ 0⤋
a heck of a lot more then I can do now
2006-06-13 10:34:35 · answer #10 · answered by jackass 3 · 0⤊ 0⤋