Need advice on getting an inheritance

[jnday]

If there is paperwork, you should already have sought out some professional advice.

Legal and financial.

As far as the tax worry, I'm not sure I would really worry about it.

You just received what appears to be a life changing amount of money that you had never anticipated receiving. Taxes are inevitable. I would just be happy with your good fortune and be thankful it found you.

Believe me, I am very thankfull. I am being rewarded for taking the time to check on this elderly couple when nobody else would help them. I didn't know this would be the result. I am still in shock. I didn't know that a couple of hours a week meant so much to them. They considered me a son. They had no children or family and their friends were absent when their health started going down. I found out about their situation from my parents, and decided to help.

 

[Chocolate Lab]

Not that I know about this but yeah, you need a good lawyer and accountant. They'll both pay for themselves -- or at least the accountant will.

I would ask around of any friends you might have what accountants are good in town. A good accounting firm can recommend a good lawyer to you. Then you can worry about the financial adviser later, though a good accountant will likely know about that, too.

And I'd go with a financial adviser that takes a flat fee. Some want to run your money and get a cut of it. The flat fee guys will be more objective because they have no incentive to steer you into things that generate profit for themselves.

But yes, first make sure you get the money with no problem and pay as little in taxes as possible.

 

[Hoofbite]

Believe me, I am very thankfull. I am being rewarded for taking the time to check on this elderly couple when nobody else would help them. I didn't know this would be the result. I am still in shock. I didn't know that a couple of hours a week meant so much to them. They considered me a son. They had no children or family and their friends were absent when their health started going down. I found out about their situation from my parents, and decided to help.

And since you are asking for some advice, help some people out int he community.

Nothing huge but a contribution to a local establishment to help out kids from crappy situations can go a long way.

Maybe not advice, but worth consideration IMO.

 

[jnday]

Not that I know about this but yeah, you need a good lawyer and accountant. They'll both pay for themselves -- or at least the accountant will.

I would ask around of any friends you might have what accountants are good in town. A good accounting firm can recommend a good lawyer to you. Then you can worry about the financial adviser later, though a good accountant will likely know about that, too.

And I'd go with a financial adviser that takes a flat fee. Some want to run your money and get a cut of it. The flat fee guys will be more objective because they have no incentive to steer you into things that generate profit for themselves.

But yes, first make sure you get the money with no problem and pay as little in taxes as possible.

Would you go with an advisor from one of these big firms, or should I look for someone that works by themselves? I have a lawyer that I trust and I have an accoutant that I am going to check out. The advisor is my concern. By the way, thanks for the advice.

 

[jnday]

And since you are asking for some advice, help some people out int he community.

Nothing huge but a contribution to a local establishment to help out kids from crappy situations can go a long way.

Maybe not advice, but worth consideration IMO.

I am thinking about a large donation for a child related cause. I may consider giving a quarter of the money away, maybe more. I have a very large soft spot for children and there is a big need.

 

[arglebargle]

Hats off to you for being a good guy. Nice to occaisonally see that getting it's due.

You are asking the right questions. The stats on lottery winners and ex-football players show that many didn't. Can't give you much in the way of relevant advice though. Have one friend who might have some experiance, will try and see what he says.

Oh, and if you are considering charitable donations, think about whether you want to do so publicly or anonymously. If you go publicly, you'll likely get a lot of attention from other charitable concerns. Your choice, if you like that sort of thing.

 

[DallasCowpoke]

I have a lawyer that I trust and I have an accoutant that I am going to check out. The advisor is my concern.

If you have an attorney that you already have a relationship with, he/she should be the one to guide you to a CPA. Both of these should be able to recommend a Certified Financial Planner, (CFP).

Here's the website for the CFP Board of Standards

Also, you may be young and in A++ health, but talk to your Atty about setting up a moderate portion in a "Medical Trust".

 

[KJJ]

No, this is no scam. I know these people well.

As long as they don't need a $20,000 deposit before you can receive your inheritance you should be fine.

 

[DFWJC]

I am thinking about a large donation for a child related cause. I may consider giving a quarter of the money away, maybe more. I have a very large soft spot for children and there is a big need.

One the very best reasons to keep as much as you can (from irs or other scammers..lol) ....so you can give it to who you want and when you want.

 

[MapleLeaf]

I recently found out that I am set to inherit a very large sum of cash, stock and property from an unexpected source. I have never had any dealings with anything like this and after asking several friends and family members, I don't know anything more than when I started. I need some advice. Where do I start and what do I need to do? Do I need to talk to a lawyer, accountant or someone else? Maybe a financial advisor? Maybe some of you have been through this at some level and can tell me the do s and don'ts.

...is correct and you are going to receive alump sum of generational wealth I suggest not looking at just anybody.

You need a professional tax lawyer who has experience in probate and wills.

This is a real pro. It will cost you some money, but if you find the right one they will save you money and headache.

Audition a few and ask people in the financial business who they think is the best. Choose wisely.

 

[DFWJC]

Believe me, I am very thankfull. I am being rewarded for taking the time to check on this elderly couple when nobody else would help them. I didn't know this would be the result. I am still in shock. I didn't know that a couple of hours a week meant so much to them. They considered me a son. They had no children or family and their friends were absent when their health started going down. I found out about their situation from my parents, and decided to help.

If they had no children or family, that should help a ton as far as possible lawsuits. You'd be shocked how often family members sue if they feel left out.

It's great to see the reason why they included you in their will. Good for you on several levels.

 

[jnday]

Guys, I appreciate the kind words and advice. This situation is the one time in my life that didn't have a clue. I have to keep it quite in the small town I live in for various reasons and it has helped me on the right path. Money wasn't the reason that I helped these people. Sharing time with this couple gave me some things money can't buy, but I won't lie, my future financial situation is better than I ever dreamed and that is wonderfull.

 

[Mash]

Guys, I appreciate the kind words and advice. This situation is the one time in my life that didn't have a clue. I have to keep it quite in the small town I live in for various reasons and it has helped me on the right path. Money wasn't the reason that I helped these people. Sharing time with this couple gave me some things money can't buy, but I won't lie, my future financial situation is better than I ever dreamed and that is wonderfull.

Congrats brother....you deserve it ....your heart is in the right place.

Good luck and enjoy.....

 

[Howardlittleton64]

I recently found out that I am set to inherit a very large sum of cash, stock and property from an unexpected source. I have never had any dealings with anything like this and after asking several friends and family members, I don't know anything more than when I started. I need some advice. Where do I start and what do I need to do? Do I need to talk to a lawyer, accountant or someone else? Maybe a financial advisor? Maybe some of you have been through this at some level and can tell me the do s and don'ts.

You could give it to me. I am very responsible.

 

[Denim Chicken]

You need to protect yourself. Immediately go to the internet and tell a bunch of random strangers that you are coming in to allot of money.

Edit:
Never mind, seems you figured that one out for yourself.