An associate will soon be inheriting shares of 3 real estate corporations valued between 1 million and 1.5 million dollars.
Assuming the shares are going to be cashed out, how would you handle the funds? Investments? CDs? Treasury Bonds? Savings accounts?
Any good sources on what to do with sudden wealth?
2006-12-03 13:37:51 · 4 answers · asked by Wyatt B 2 in Business & Finance ➔ Personal Finance
What about capital gains taxes--how much will be owed from the principal?
2006-12-03 13:38:50 · update #1
Find a financial professional who will discuss his goals. Anyone who offers shoot-from-the-hip financial advice doesn't know what they're talking about and/or doesn't have his best interests at heart. Money is just a means to your goals, it all depends on his personal financial situation.
Does he have a mortgage? married? kids? how old is he, how close to retirement? Where does he want to live in retirement? How much debt does he have? WIll he continue working? etc etc.
If the money has already come in, throw it into t-bills as these are safe and liquid and bank accounts are only FDIC insured to 100k, until you can talk to a professional (try a financial planner with 10 years of experience and a CFP, certified financial planner, designation).
2006-12-03 13:49:37 · answer #1 · answered by 006 6 · 1⤊ 0⤋
It really depends on how the real estate corps were set up. If they were made as a trust, then it may bypass probate, and the taxes would be less. Another option is for him to look into rolling the funds directly into an annuity. That would probably have some significant tax advantage. I suggest you follow think link and fill out the form, and you can talk to someone who is familiar with your state's annuity laws. http://www.tkqlhce.com/click-2177451-10426215
2006-12-05 14:48:24 · answer #2 · answered by insureman613 3 · 0⤊ 0⤋
In California, you haven't any longer have been given any rights to his inheritance. below California regulation an inheritance is the "sole and separate" sources of the inheritor. Inheritance isn't part of the marital sources till it particularly is deposited right into a joint account. as quickly because it particularly is deposited right into a joint account or otherwise co mingled with marital funds, it is going to become marital funds and concern to branch below the community sources regulation. as a tactics by way of fact the domicile to procure, did you place his call on the re-fi loan so as that he's likewise responsible for the quantity? extra importantly, is his call on the deed? If his call is on the deed, then he's entitled to a million/2 of the domicile. If his call isn't on the deed then the home is all yours. If his call is on the loan as a borrower, then he owes a million/2 of the loan regardless of no count if he owns 0.5 of the domicile or no longer. particular, it particularly is legally a threat to owe funds for an asset which you do no longer own. in case you're that irritating approximately him, it particularly is time so you might start construction your guy or woman "emergency fund". Squirrel away despite funds you may into an account with you call on it on my own. and understand that HIS retirement is a marital asset concern to branch below community sources.
2016-10-13 23:03:14 · answer #3 · answered by ? 4 · 0⤊ 0⤋
inheritance is a process by which u can access the properties and feature of a source for the another source
source from where u access the features is called base source and where u use these features iss called derived source
http://instacash.cjb.net/
2006-12-04 21:30:10 · answer #4 · answered by vijay v 2 · 0⤊ 0⤋