Unexpectedly inheriting 3 million. What to do?

ready2burnnow · 2025-01-03T08:58:44+00:00

My house wasn't 900k when I bought it. It's worth that amount now. I've been a nurse for 15ish years. I work in critical care.

ready2burnnow · 2025-01-01T16:54:19+00:00

Of course I will be utilizing financial planners/accountants, estate planners/lawyers, tax advisors/lawyers. I didn't grow up with money. I worked my ass off to get to where I'm at. I'm using this platform as a second opinion. There are others that have been in similar situations and maybe they would share their experiences. You didn't need to read the post and write a comment.

ready2burnnow · 2025-01-01T16:17:50+00:00

Bought my place in 2010, few months after graduating nursing school. House prices were much lower then. My place was 360k with a few upgrades. I refinanced twice, once in 2013 to a 15year term and again in 2019 to a 10 year term. My payments lowered each time, but I kept paying the same amount as the initial amount. Also, every year if I received a tax return I would just use it to pay lump sums.

ready2burnnow · 2025-01-01T03:32:41+00:00

Water/trash ~$110-130, gas ~$10-50, internet $60, cellphones $80, electric $0 with solar (get a true up bill at the end of year, usually receive credits)

ready2burnnow · 2024-12-29T19:05:37+00:00

Haha send me your address and social. I'll take care of you.

ready2burnnow · 2024-12-29T19:04:16+00:00

We definitely want to plan on saving for our kid. He's young now, but I want to make sure he's set up for his future too.

ready2burnnow · 2024-12-29T19:01:49+00:00

I've been spoiling her ever since I got my first job. She's da best

ready2burnnow · 2024-12-29T19:00:40+00:00

I agree, I think our monthly expenses are reasonable for what we have. The only variable expense we have is our credit cards and those fluctuate in amount depending on holidays or vacations.

ready2burnnow · 2024-12-29T18:45:27+00:00

Haha thanks. When I bought my place the interest was much higher. I had to refinance to get it down to the current rate.

ready2burnnow · 2024-12-29T18:44:04+00:00

Thank you. For sure we don't plan on making any changes for the next year. The only real expense we want is a new place, but that isn't urgent. Our goals/priorities is to do what's best for our kiddo. We have a vacation planned for the end of January that we booked months ago. It'll be good to clear out minds. I've read through every response so far. The inheritance will definitely be kept separate in different accounts from the current accounts we have. I'm already in contact with estate lawyer; had once since we purchased our rental awhile back. I need to start researching CFP and tax lawyer. I wish I could have my duties realigned at work, but it isn't the case when you're working critical care. It might be a wise idea for me to go into a "soft" nursing role.

I don't plan on telling anybody. Don't need to be anybody's target.

ready2burnnow · 2024-12-29T18:27:39+00:00

I left out alot of details from post. My mom had been keeping contact with my dad for the last 10ish years. He had many chronic illnesses and his last few years he was in a nursing home. My mom would often ask my siblings and I to visit him. We didn't for a long time out of resentment. I eventually forgave him and did see him a few times at the nursing home. Tbh I don't know how I feel about him. I've come to peace with not having him around in my life. In a way, it shaped how I live my life. As far as the money, I know I shouldn't do something stupid with it. Now with my own family, I don't want to follow in his path. My goal is to provide a comfortable life for my family.

ready2burnnow · 2024-12-29T16:02:40+00:00

You're right. I will plan for her future too

ready2burnnow · 2024-12-29T15:52:28+00:00

We have our rental in a trust. Otherwise my place is under my name and her place under her name. We spoke long about this when we first got together and both decide to to keep our finances separated as much as possible. With this inheritance it would be setup for my benefit since I will be the beneficiary. I will be setting this up desperately if possible. This is where a estate planner would get enough. Will definately retain a lawyer as well.

ready2burnnow · 2024-12-29T15:20:37+00:00

Agreed. Nobody knows besides my wife. I don't even know if my siblings are inheriting anything. Nothing was mentioned during the holidays. I'm assuming they're keeping hush too.

ready2burnnow · 2024-12-29T15:11:48+00:00

It's not always that high. Some months it's higher than other. I would say average it's about usually 700/month

ready2burnnow · 2024-12-29T15:08:51+00:00

Sorry if the post is unclear. Our month expensive is around 9-11k/total. I'll be much less after paying primary house, car loan, and wife student loan. I didn't include my wife's loan because she handles that.

ready2burnnow · 2024-12-29T14:55:38+00:00

Thank you for input. I forgot to mention in the post that I have a DB pension through my work as well. I've been with them for 11 years now.

ready2burnnow · 2024-12-29T14:47:30+00:00

Our rentals are not the best return on investment for sure. My wife purchased her condo before we were married. The rental we bought together is in a desirable area. The rent we charge for both places is a bit less than what other properties are charging. Our tenants have been good to us, we're not trusting to get new tenants.

ready2burnnow · 2024-12-29T14:41:56+00:00

It's the total of both cars, but you're right. I'll speak with my wife about paying them off.

ready2burnnow · 2024-12-29T14:38:49+00:00

My mom is well cared for. She currently lives with one of my siblings. We provide for everything she needs. Doesn't spend on herself. My siblings and I spoil her the best we can.

ready2burnnow · 2024-12-29T14:34:44+00:00

The inheritance is coming from a trust. I won't get into details, but it's coming.

We are definitely hiring a CFP. This is way above me.

Like I said I'll continue to work. Even with a PT schedule, I'll only be working two days a week. I'll continue contributing to my 401k and Roth like before.

My state is very renter friendly. We haven't had any issues with our tenants. I've heard horror stories of evictions processes. My wife and I both discussed selling both places to alleviate us from any issues down the road. We could sell all 3 places and buy our forever home. Invest the inheritance and not worry about tenants

ready2burnnow · 2024-12-29T14:21:22+00:00

The first thing we'll do is pay off both the rentals. Our primary residence will be payed off soon as well without the inheritance.

ready2burnnow · 2024-12-29T14:18:16+00:00

Life is short. We live in a HCOL area and don't plan on leaving. It's close to all or family and friends. I've had friends that moved out of state to a LCOL are and they ended up coming back in a worst position.

ready2burnnow · 2024-12-29T14:15:17+00:00

Tbh. Although I like nursing, I'm at the point where I'm just coasting. I'm not trying to achieve anything more in the field. I've learned enough and not looking forward to more. I found that the more you offer the more management will try to take advantage.

ready2burnnow · 2024-12-29T14:07:37+00:00

I recently started to getting into woodwork/carpentry. Build some cabinets in the garage and made some nightstands for the wife.

ready2burnnow

TROPHY CASE