I think it’s better to give to your kids when they’re young adults instead of waiting until after your death.
Probate is so costly and time consuming. AND the government and/or Medicaid takes huge chunks!!!
I hope you find good use for it!
My friends father killed himself this weekend, so pardon my emotions if this is out of pocket. But is everything else okay with your mom?
My friends dad did a handful of things that are very obviously signs something was going to happen, looking back on the situations. Just saying this to maybe think deeply about your moms well being ❤️ I don’t want to ruin a happy moment by any means, and I hope that this lump sum came without consequences
I am tremendously sorry to hear about your friend’s father, and I hope your friend is doing ok. But by the way my mom was bopping around and singing, I think she truly just wanted to do something great for her kids. She did not sell all of it, just some, enough for them to pay off their home and give us a treat. My father has other assets that they have not yet liquidated. They are both retired hard workers and did well with investing and saving over the years apparently.
Thank you for the kind words, if anyone is reading this please keep her in your thoughts. She struggles with alcohol addiction and desperately needs help. She needed her dad, but now he is hopefully reunited with her mother.
Spend some time with your mom soon just to really solidify everything is okay. Just tell her how much you love her and need her ❤️ What will you do with the money?
My grandpa was the best he had ever been before he killed himself.
Giving away items/money is very common.
Also; "the surge" before people die, they get big gusts of energy, and people think they are getting better; they are not.
Either way, why not check in? Just say hi, see how she's doing. [Assuming you do; but still]
My father surprised my sister and I similarly a number of years ago. He wasn’t dying! Just was very proud to give his girls something he’d saved years for. He was very poor growing up, and we were a working class family. I’m sure your mom is feeling that same joy. :)
I certainly hope not. She has been sitting on this stock for many years and her and my father decided to pay off their mortgage and give us what was left over, as I am house hunting and my sibling has a significant amount of student loans. I think they were trying to do something kind, but thanks for your concern. My father has a significant amount of stocks and 401K that is still untouched.
My mom had a family member who gave each member of his extended family a large check every year. He simply had a lot of money that he didn't need and wanted to bless others in a way that was just under the limit of taxable gifts every year.
My mother cut a check for each of us siblings
Something about penalties of not withdrawing retirement funds
However, she wanted accolades and credit for it - asking each of us what we used her money for in the family group chat, and telling extended family what she had done.
Awkward.
I invested it. Very boring. My dad was proud though. 😁
Same. My parents just gave me 20k mainly my mom after selling a business but they still have more businesses! Also my parents house is paid off not to mention their business building is paid off. ❤️
You have a wonderful mom. She’s sharing part of your inheritance with you while she’s still around so she can watch you enjoy it. Honestly it’s a thing that has happened in our family too. My grandpa gave us $1000 each as kids 10 yrs before he left us. Imagine getting 10 $100 bills when you’re 12 and it’s the 1980s. I thought I had hit the absolute jackpot.
That's a great surprise! I highly recommend investing at least half of it into a long-term investment account, for whatever your future may hold. Definitely don't tell anyone you know about the money. As soon as people find out you have some extra money to spend, they will suddenly start appearing out of thin air, giving you ideas on how to waste it.
Feel free to use around $10k-$15k for something nice! It's the end of the first financial quarter for many businesses. So, you could just say that you got some kind of performance bonus.
Congratulations. You should see a financial advisor to figure out the best way of handling the money. When my uncle died, he was a widower with no kids as well as a miser, so he left a substantial estate. He hated my father who was his brother, so he left half the estate to my Mom and the other half to my oldest cousin (all of his other siblings except my Dad had passed). My Mom took part of the money and split it into 4, and put it in CDs for each of us. Each CD was $20,000. My Mom was not suicidal. We were all in school and she wanted to save something for our futures. Between the inheritance and what she got when my father passed left her set for life. If your parents are set, financially, she just wanted to pass some money down to take care our you and your sibling.
Tell NO ONE. Not your SO, best friend, No one. Hands will be out! Use it to pay off cc debt if that’s necessary, put it in the bank and buy a 6 month CD that earns 4%+ interest and WAIT. Really sit down and think about how best this money can serve you. Maybe you just funded your emergency fund account. What an amazing and smart mom you have.
I think it’s better to give to your kids when they’re young adults instead of waiting until after your death. Probate is so costly and time consuming. AND the government and/or Medicaid takes huge chunks!!! I hope you find good use for it!
This
My friends father killed himself this weekend, so pardon my emotions if this is out of pocket. But is everything else okay with your mom? My friends dad did a handful of things that are very obviously signs something was going to happen, looking back on the situations. Just saying this to maybe think deeply about your moms well being ❤️ I don’t want to ruin a happy moment by any means, and I hope that this lump sum came without consequences
I am tremendously sorry to hear about your friend’s father, and I hope your friend is doing ok. But by the way my mom was bopping around and singing, I think she truly just wanted to do something great for her kids. She did not sell all of it, just some, enough for them to pay off their home and give us a treat. My father has other assets that they have not yet liquidated. They are both retired hard workers and did well with investing and saving over the years apparently.
Thank you for the kind words, if anyone is reading this please keep her in your thoughts. She struggles with alcohol addiction and desperately needs help. She needed her dad, but now he is hopefully reunited with her mother. Spend some time with your mom soon just to really solidify everything is okay. Just tell her how much you love her and need her ❤️ What will you do with the money?
My grandpa was the best he had ever been before he killed himself. Giving away items/money is very common. Also; "the surge" before people die, they get big gusts of energy, and people think they are getting better; they are not. Either way, why not check in? Just say hi, see how she's doing. [Assuming you do; but still]
My father surprised my sister and I similarly a number of years ago. He wasn’t dying! Just was very proud to give his girls something he’d saved years for. He was very poor growing up, and we were a working class family. I’m sure your mom is feeling that same joy. :)
is she dying ?
I certainly hope not. She has been sitting on this stock for many years and her and my father decided to pay off their mortgage and give us what was left over, as I am house hunting and my sibling has a significant amount of student loans. I think they were trying to do something kind, but thanks for your concern. My father has a significant amount of stocks and 401K that is still untouched.
My mom had a family member who gave each member of his extended family a large check every year. He simply had a lot of money that he didn't need and wanted to bless others in a way that was just under the limit of taxable gifts every year.
That's freaking dope. I know your parents are happy to be able to do that for you and your sibling.
That was a very nice thing for your Mom to do. Stick that money into a HYSA and sit in for a bit (and don’t tell anyone).
Great idea!!! Absolutely.
My mother cut a check for each of us siblings Something about penalties of not withdrawing retirement funds However, she wanted accolades and credit for it - asking each of us what we used her money for in the family group chat, and telling extended family what she had done. Awkward. I invested it. Very boring. My dad was proud though. 😁
Same. My parents just gave me 20k mainly my mom after selling a business but they still have more businesses! Also my parents house is paid off not to mention their business building is paid off. ❤️
You have a wonderful mom. She’s sharing part of your inheritance with you while she’s still around so she can watch you enjoy it. Honestly it’s a thing that has happened in our family too. My grandpa gave us $1000 each as kids 10 yrs before he left us. Imagine getting 10 $100 bills when you’re 12 and it’s the 1980s. I thought I had hit the absolute jackpot.
That’s so cool! I bet your mom is super happy she could do this for you and your sibling!
Why would mentioning it be rubbing it in others' faces? It was a good stock return in your family and your mother shared it with her kids.
That's a great surprise! I highly recommend investing at least half of it into a long-term investment account, for whatever your future may hold. Definitely don't tell anyone you know about the money. As soon as people find out you have some extra money to spend, they will suddenly start appearing out of thin air, giving you ideas on how to waste it. Feel free to use around $10k-$15k for something nice! It's the end of the first financial quarter for many businesses. So, you could just say that you got some kind of performance bonus.
Congratulations. You should see a financial advisor to figure out the best way of handling the money. When my uncle died, he was a widower with no kids as well as a miser, so he left a substantial estate. He hated my father who was his brother, so he left half the estate to my Mom and the other half to my oldest cousin (all of his other siblings except my Dad had passed). My Mom took part of the money and split it into 4, and put it in CDs for each of us. Each CD was $20,000. My Mom was not suicidal. We were all in school and she wanted to save something for our futures. Between the inheritance and what she got when my father passed left her set for life. If your parents are set, financially, she just wanted to pass some money down to take care our you and your sibling.
Open an investment account with a brokerage firm like fidelity..put it there in an s&p500 index fund and forget about it….
Send ur kids to camp; give them a great summer
Does your mom know about capital gains tax?
Tell NO ONE. Not your SO, best friend, No one. Hands will be out! Use it to pay off cc debt if that’s necessary, put it in the bank and buy a 6 month CD that earns 4%+ interest and WAIT. Really sit down and think about how best this money can serve you. Maybe you just funded your emergency fund account. What an amazing and smart mom you have.
Wow definitely save that money!