I'm seeking as many opinions as I can get from people with knowledge of financial advising and/or trusts & estates and/or estate planning, about what my parents (in their 80s) ought to do with their $250,000 in liquid assets. I'm NOT looking for the kind of detailed plan we'd get from an advisor whom we hire; I'm looking for short, quite general, common sense answers (such as "These ONE OR TWO types of instruments are good/bad; all others are to be avoided/considered.") I'm also looking for as many answers as I can get. In order to get that assortment of answers, I want to disclose only a very few specific things about the folks: 1. they currently rent an apartment; they do not own a home. 2. they are in their 80s--relatively healthy and can drive, shop, take care of themselves, but I'm not sure how long that'll last. I'd like to see them in a retirement community within a couple years. 3. Their only income (which doesn't amount to much) is social security. 4. They lose about $2,100 in total expenses every month. That's just about equal to what they take in each month. 5. Their one and only significant asset is a liquid $250,000. Okay, at their age, and considering all the above, WHAT IS/ARE THE MOST PRACTICAL THING(s) THEY SHOULD DO WITH THAT LUMP OF LIQUID MONEY? THANK YOU from their worried adult child with a family of my own!
How do I tell my sister I'm selling our mother's cello? [more inside]
Due to a ridiculous series of events, I am in quasi-possession of some land in Huerfano County, Colorado. Due to what I understand is a Colorado-specific difficult process of inheritance, the land (in my late wife's name) is more expensive to transfer to me than it is worth and since it is in her name, I can't even gift it. It costs me $100 or more annually to hold onto this acreage, and I am considering abandoning it. [more inside]
Needing advice from an estate lawyer or someone with thorough knowledge of how trusts work. [more inside]
some years back my father was re-married before his death. my father did not have a will in place and i am his only child. after his death the women he married ended contact with me sharing none of my fathers belongings etc. at the time i felt wronged, and as a young man i could not afford legal representation.
many years (over ten) have gone by, and i have mostly moved on with my life trying not to think of these events, but there still is a bit of anger inside. as his only child and living blood relation is there any way legally that i can gain access to as much as old photographs, clothing, or whatever small momentos that remain in her custody?
I'm looking for general and specific advice about striking a balance between value and ease in selling a few disparate items from an estate. [more inside]
Will I need to pay taxes on this inheritance? [more inside]
Need estate/inheritance legal help in Hungary. [more inside]
Is it normal to be asked to sign a Receipt of Beneficiary (and Consent to Discharge, and more) without receiving funds first? [more inside]
As the trustee for my parents' estate, what responsibility do I bear if I have ethical questions about how they treat my siblings in their will? [more inside]
What's a good way to decide the age(s) at which grown children will receive their inheritance? [more inside]
Both of my wife's parents died. Her dad first in January, now her mom in September. My wife is the oldest child. No will was left. What do we do? [more inside]
My dad's accounts are designated POD (payable on death) to me. Is that overriden by his listing of those accounts in his total assets, which his will divides among me and others, and which will is going to take some time to execute? [more inside]
Tax-filter and estate-filter. I live in Ohio. The deceased lived in Ohio and gave me a certificate of deposit upon her death using a payable on death designation during 2008. I then cashed it out and placed this money in a checking account. I am not otherwise involved with the estate in any way. I have usually used "free-file
" to do my taxes.
a) does this money count towards adjusted gross income? and if so...um... how? (I know so little about it I'm not sure what I'm asking)
b) assuming my AGI is still under the $56k limit for free-file, is there any other reason why I cannot or should not do my taxes in that matter since I inherited this CD? [more inside]
How should we handle liquidating assets in an estate in the USA right now? Assets consist primarily of a stock portfolio and a house. [more inside]
I'm receiving a sizable inheritance in the form of stock from a deceased relative. However, there's fairly good evidence that the person who's managed the relative's affairs all these years (due to this relative being incapable of managing their own affairs) has intentionally sold a vast majority of that stock because they didn't want to draw down their own inheritance. If I contest this, though, there's a clause in the will that cuts my inheritance to $1. Do I take the stock that's offered me, or should I risk it on recovering the rest? [more inside]
My mother passed away in 2003 and 3 of us siblings split the estate. Fast forward to 2007, when we are contacted by EquiSearch.net, who claims there is over $2,500 in unclaimed assets in mom’s name. EquiSearch, of course, would be thrilled to help us get this money but will take 35% of the proceeds for their trouble.
How can we find this asset ourselves? We aren't aware of any stock, insurance, bank, or other accounts but apparently there was one. If there is an option that doesn't require the huge percentage fee (like a flat rate fee from another company) what is it?
I would strongly prefer to avoid doing business with EquiSearch. Thanks for your help!
Estate Tax Filter
I've been trying to figure out how much someone can inherit before having to pay a whole mess of taxes on the money. I've been trying to use the IRS Estate and Gift Tax
page but am just as confused as before. Can anyone help me out?