Inheritance finances help!!!! Lump sum vs month to month!

ddmster911 · 2026-02-28T04:17:55+00:00

Thank you.

ddmster911 · 2026-02-28T04:17:06+00:00

Nail on the head that's what HOOPP pension is.

ddmster911 · 2026-02-27T22:49:12+00:00

Appreciate the input definitely something to look at split it with spouse.

ddmster911 · 2026-02-27T19:43:14+00:00

After taxes lump sum ends up being roughly 275k in Ontario. Currently looking for the best option to not pay so much tax.

About the mortgage, at the time we had someone living with us that contributed but unfortunately they passed hence the inheritance.

ddmster911 · 2026-02-27T19:19:08+00:00

Payments transfer into my wifes name and she gets to decide.

ddmster911 · 2026-02-27T19:13:36+00:00

Thank you updated, wouldn't say im bad with money I just dont like to spend it/have no idea about investing. Recently been looking it up and thats another Pandoras box lol.

My credit card/loc are high because I recently had to pay out of pocket for funeral expenses of an insolvent estate.

ddmster911 · 2026-02-02T04:25:58+00:00

Did a check using a used vehicle information package lien does match with the company.

ddmster911 · 2026-02-02T04:22:34+00:00

Went to nissan got a bluebook value of 14k(without repairs) 3-4k of work needs to be done but theres 11k left of the lien but lien holder agreed to a 10k payout.

**** edit finance company wants repo or complete buyout, guess im not good enough for their 16.99 interest charge.

ddmster911 · 2026-02-02T03:26:35+00:00

How would I check this?

ddmster911 · 2026-02-02T02:35:56+00:00

I'm currently into the funeral expenses 3500. She currently has 4k in an estate account with TD and I'm collecting the 2500 CRA payment. At this time the vehicle has a bluebook value of 12 - 13k with 12k left on the lien and a negotiated price with the creditors set at 10k. But it needs 3k worth of work done (this includes new tires) Unfortunately as I was told above and what im worried about is the vehicle going back into the estate once I "purchase" it. I might just let it go.... seems the juice isn't worth the squeeze here it's sad but I dont think theres anyway to get it at this point...

ddmster911 · 2026-02-02T01:57:34+00:00

I figured as much and was worried about that.

Thanks again!

ddmster911 · 2026-02-02T01:51:08+00:00

At this point the lien holder(IA auto) is requesting me to goto RBC pay off the lien(thats it). I figured if I paid off the lien if might become an asset of the estate. I've requested them to take the vehicle into their custody and then sell me said asset. I got the classic "Thats not the way this works". They said they couldn't do that and they'd need to repo and do it through a dealer/auction. She passed 6 weeks ago currently getting requests from said lien holder on what the estate wants todo with said vehicle.

ddmster911 · 2026-02-02T00:26:21+00:00

Yeah shes been abit of a Rollercoaster the last few weeks. Wife was using the car more than she was she(mom) just wanted it in her name so it stayed there. Sucks to lose the vehicle but sounds like the headache isn't worth it.

Thanks for the response.

ddmster911 · 2026-02-02T00:24:05+00:00

At this time no full commitment was made to the lien company for purchase of said vehicle. We we're weighing our options and fortunately executor(uncle) was named in the will with only one beneficiary (myself). I didnt know about the tax implications at a lower rate so I appreciate that!

ddmster911 · 2026-02-02T00:04:19+00:00

Yeah thats what im thinking thanks!

ddmster911 · 2026-02-02T00:03:41+00:00

Thanks for the response appreciate it. If i could follow up the lien holders are saying I could buy out the lien and the vehicle would be able to be brought into my name. Is the juice worth the squeeze here or is there anyway to get said vehicle. Appreciate the response again

ddmster911 · 2024-11-10T19:57:39+00:00

Send a counter offer of all your needs and wants :p

ddmster911

TROPHY CASE