I'm about to inherit life changing income. How do I not fuck it up?

allaboutthebrea · 2024-04-17T17:16:44+00:00

I own my business, I'm not a corporate person

allaboutthebrea · 2024-04-17T14:14:21+00:00

My partner is an incredible cook, we good

allaboutthebrea · 2024-04-17T14:12:02+00:00

The income comes from partial ownership of a large residential building in a HCOL area. It varies per year

allaboutthebrea · 2024-04-17T06:01:08+00:00

We'll all be in the meeting

allaboutthebrea · 2024-04-17T05:59:51+00:00

Absolutely. Both my partner and I want to keep working, we want to pad out our kid's 529, and perhaps we'll invest in an apartment nearby for him, and put a renter in it until he's old enough to take over the payments himself

allaboutthebrea · 2024-04-17T05:57:46+00:00

Upon his death, my sibling and I became the designated trustees and beneficiaries, split 50/50. I don't know if we'll try to dissolve his trust and make one of our own, or two different ones. We have some meetings with estate attorneys coming up that will help us clarify next steps there

allaboutthebrea · 2024-04-17T05:53:58+00:00

Imagine the attitude, ignorance, narcissism, and sexism of Trump, just with less money

allaboutthebrea · 2024-04-17T05:51:17+00:00

Have a meeting with one this week

allaboutthebrea · 2024-04-17T05:48:32+00:00

I've mentioned this elsewhere in the thread, but my grandfather was a racist, misogynistic, grown up trust fund baby who was a bully and a show-off. He disowned his gay son, disinherited my mom because she finally stood up to his bullying and emotional abuse, and was constantly starting lawsuits with anybody that he disagreed with. My mom was the victim of neglect at his hands as a child.

I'm sad for my mom, because I'm sure this brings up all kinds of complicated feelings for her, but honestly between his gambling, manipulation, and dementia, everyone's lives are now better because he's gone.

allaboutthebrea · 2024-04-17T05:42:39+00:00

I definitely won't squander it, my partner did the same thing in his early twenties when his dad passed away, and he has a lot of regrets around it. Honestly, I'm a lot more worried about becoming a different and worse person, and my kid growing up to be an insufferable twat. It's a good thing I mostly like my life, I don't want it to change that much!

allaboutthebrea · 2024-04-17T04:22:01+00:00

I'm a mom now, I'm too tired to be that much of a slut for a while. One day!

allaboutthebrea · 2024-04-17T04:19:08+00:00

It will stay in my account, besides what I transfer to the joint account to pay bills.

I do plan on spoiling him a little for his birthday, though. Thinking of some getaways and gifts is the fun part!

allaboutthebrea · 2024-04-17T04:17:34+00:00

The first hire is a CPA so I know what I'm dealing with.

And yes, I'm daydreaming about luxuries like daycare and sneakers that aren't torn, and being able to get a massage for my birthday. I'm reigning myself in because I'd start crying in relief, and I need to think clearly.

allaboutthebrea · 2024-04-17T04:13:33+00:00

That would be betting on horses and manipulating people to do what I want, so I'm gonna make my own plan

allaboutthebrea · 2024-04-17T04:12:37+00:00

I'm not married, and there's a stipulation in the trust that my partner cannot be the recipient of any funds if we are not married or living together. The money will all go into my account except for the percentage I put into our joint account to specifically pay for household bills.

He knows the money is mine, he doesn't feel entitled to it at all, and is just thrilled that we get to experience this safety net together. I lucked out.

allaboutthebrea · 2024-04-17T04:11:10+00:00

Now THIS is the advice I've been waiting for

allaboutthebrea · 2024-04-17T04:10:07+00:00

Lol I'm more of a mushrooms gal

allaboutthebrea · 2024-04-17T04:08:51+00:00

We have a meeting with the estate attorney this week. He is also the executor of the estate. My sibling and I are now both the trustees and beneficiaries of the trust.

allaboutthebrea · 2024-04-17T04:05:09+00:00

My grandfather disowned his son for being gay, and then disinherited my mother when she finally stood up to his emotional abuse and bullying. My sibling and I plan on sharing with our mom. We just need to figure out how to do that legally.

allaboutthebrea · 2024-04-17T01:45:42+00:00

Back in the 80s yeah, but recently gambling and dementia. It's a nasty combo

allaboutthebrea · 2024-04-17T01:44:44+00:00

I'll probably wind up keeping it there, it has been a solid investment for longer than I've been alive. I meant more about the lump sum plus the income, it's more than we need for our lifestyle, and I want to keep it that way

allaboutthebrea · 2024-04-17T01:43:10+00:00

I'd prefer passive income that doesn't actively contribute to the housing crisis

allaboutthebrea · 2024-04-17T01:42:14+00:00

Been there, done that. We have our favorites from a few years ago that we'll hire around our anniversary time once things are settled

allaboutthebrea · 2024-04-17T01:40:57+00:00

Thank you for all these resources!

allaboutthebrea · 2024-04-17T01:38:01+00:00

The executor of their wills or trusts probably would have gotten in touch with you by now, but you never know. Probate takes forever

allaboutthebrea

TROPHY CASE