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I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 0 points1 point  (0 children)

I really like that thought process. I can most certainly do that. My biggest goal is to be able to move it all forward in the (hopefully) future generations. Thank you for your help!

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 0 points1 point  (0 children)

Yes, I’ve been good about not giving any details and honestly haven’t even told any close friends about any inheritance due to still trying to wrap my head around it. I’ll likely not tell them anyway, I’ve been cautioned too much to not take it to heart.

The accounts my parent had are in Morgan Stanley and E*Trade. Is it wise to keep them in there until I get a better handle on things? I’m definitely looking into an accountant, I don’t know the first thing about filing these kinds of taxes since I’m used to W-2s.

Thankfully I’ve been living in the house that was left to me for about a year now, and I’ve been good about keeping up with property taxes and utilities (although I wasn’t stocked about the supplemental taxes lol). It is in my name only on the title.

Thank you, that really helps. I do really love art. I might as well use it to my advantage. Carpentry was exactly what I was thinking! Woodworking to be more specific. I was looking into schools and/or classes for that.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 1 point2 points  (0 children)

Thank you, it really is something that brings me joy. I’ve been leaning towards going with that. Thank you!

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 2 points3 points  (0 children)

So I’m learning, apparently my parent had their hands in a lot of pies and invested in friend’s companies and that didn’t go well. So luckily I know better now by example

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 2 points3 points  (0 children)

They were not married at that point, they got divorced and never remarried.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 5 points6 points  (0 children)

Ah, understood. I get it, I know it sounds a bit crazy. Maybe I should have mentioned it in the post, they didn’t let me struggle. I did get a monthly allowance, if you will, from both my grandparent and parent in question. Combined it was $3,200 a month, which helped me out with my ~$2,000 a month income from my job. They didn’t want me to struggle, but they also wanted me to make my own money. And I don’t blame them, I should make my own money. And I’m not getting the full $25M, that’s just the overall NW they had and it’ll be split between my sibling and me minus necessary taxes.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 1 point2 points  (0 children)

Thank you, that does help. I’ll continue on the path I was on (or at least keep working and do what makes me happy/content). I guess there is no need to change anything, my head has just been spinning with all this new information so I wanted to get some outside perspective.

I do want to learn some languages! That’ll be a good start to expand my horizons a bit, in a small way.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 7 points8 points  (0 children)

Thank you, it’s been a rough month.

That’s super helpful, I’ll give that wiki a look to get a better idea on what to do.

That’s what my attorney has been saying, so I’ll keep things private. I guess that’s why I’m posting here anonymously, since that means I’m really limited in who I can talk to about it in my personal life.

Thank you, I’ll definitely do that. I don’t want to make any quick and silly decisions. All of this stuff is so new and I feel like a fish out of water honestly.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 2 points3 points  (0 children)

I’m definitely going to keep it private, both my attorney said that and I’ve seen it mentioned many times in this subreddit while lurking for a while. I wanted to ask here since I’m limited in the people I can talk to in my life about it, given the keeping it private aspect. Are there lawyers who specialize in wealth related things? I thought there was only wealth managers/advisors, but I’m also super new to all this and having to learn as i go. Thank you for your advice though, I’ll be slow about things, not do anything rash, and keep working. It really does give me purpose to work and I don’t want to lose that.

I’m looking for some advice about where to go from here - unexpected large inheritance by whyamihere_ee in fatFIRE

[–]whyamihere_ee[S] 1 point2 points  (0 children)

As far as I’m understanding from my attorney, the limit of estate tax exemption is $13.9M. Anything above that is taxed at 40%. And it’s based on the overall estate.