What would you do if you inherited a lot of money?

Question

What would you do if you inherited millions of dollars from a relative , family ,family or some one else all together?
The only downside is that you have to give some of it to charity.

Answer 1

Wow...if I had inherited a couple of million dollars...

Donating to charity is a great thing when you find the right charity. For arguements sake, lets say the inheritance is $5M....

By the time you pay inheritance tax on it, you'll probably be down to about $3M (depending on the amount that is not taxable for that year..I think anything under $2M under current law).

$3M is still a heck of a lot of money. My parents both have houses and cars, so they really don't need much. Both my brother and I have wonderful families and well paying jobs. No one in my immediate family would really need money. I'd toss some their way if something came up.

Anyway, back to charity...Personally, I would like to put about $1M it into the hands of any (or all) that serve the following purposes (in order of importance):

1. A program that shelters and/or feeds the less fortunate (not sure of a good charity for this)

2. Education as kids need to go to college to make it anywhere now a days (would send to the schools I graduated from, AISES, American Indian College fund, my wifes school, my tribal scholarship program, or any scholarship program that gives money out based on need or merit....I also wanted to provide a $1K free bar credit to a senior once)

3. Wildlife management and/or preservation (maybe Whitetails Unlimited, but not sure what other hunter orientated charity that is trusted that I might see benefit from)

I would take the next million and buy a nice parcel of wooded land. I want to make sure my kids have a nice place to hunt if they wanted to in the future. I also wanted a nice parcel of land to build a house on an retire to.

The final $1M I'd invest. Based on my age, I'd probably opt for a semi-aggrestive portfolio. I'd probably opt for a 70/30 stocks/bonds mix. I have well over 30 years until I planned on retiring (without the money). I'd lower my risk tolerance slightly in case I wanted to shave 10 years off of that.

Probably ain't going to happen to me though, but it is a nice thought.

Answer 2

It really depends on how many million dollars I've inherited. If it were in the hundreds, I'd probably have enough to give a few million to charity, a few million to each of my family members and just spend the rest!

If it's less than 5 million, I'd probably have to take the amount that's left after giving some to charity and divide it into different portions for higher-risk investments, lower risk investments and bonds.

Answer 3

I would first determine what I had to work with, what taxes I had to pay, and then with a clear bottom line, set up a trust fund account for charity, 20%. The principal would remain intact, with the interest and/or profits to be distributed to various charities. I would pay off any and all rightful debts, then purchase a secure condo, a serviceable car, and probably continue living pretty much as I usually do, with a few small luxuries and a few small vacations. Nice to think about such things, a good break from reality. best wishes

Answer 4

So I have inherited less than what was my due. Still I will try to make it more and bequeath to my children mandating higher portions towards charity. Is not it better way.

If it is really a lot of money, I prefer government bonds. How soon should I prepare the laundry list? At least give me one best answer.

Answer 5

that's not a downside. Let some unfortunate people inherit the money as well.
I'd buy a house for my parents
I'd buy myself one
I'd leave it and go travelling

Answer 6

your human beings and relatives individuals are a group of leeches who do not truly care about you. I grew up - and nevertheless am - truly unfavourable, and performance discovered to savour living a existence of sparse luxurious (i visit't provide up my DSL information superhighway connection, case in point!), yet maximum folk are grasping pigs who always want further and extra and are not in any respect happy with what they have. If the human beings round you actually cared about you, that that they had basically experience free for you and close up about the money. you shouldn't experience like a jerk. they're attempting to take earnings of you, and probably loading you up with guilt journeys. Do they even provide a crap that you lost your grandmother?? that's actually ticking me off... you shouldn't in any respect experience undesirable about no longer giving those freeloaders some money. You worked your in the back of off to positioned your self by preparation (that's now complicated feat!), and if you may do it, so can they. I recommend, in the journey that they problem operating not straightforward, some day they are going to have thier own money. tell your buddy with the corporation to write down up a respectable corporation plan and follow for a private loan like a real entrepreneur. There are web content that connect startups with investors. If she needs it, she'll do the study. the subsequent time you experience like a jerk for retaining no, slap your self not straightforward!!

Answer 7

I WOULD GIVE HALF OF IT ANYWAY TO CHARITY.
WE DO NOW.