alot of money,what to do?

[rev]

Over the last few weeks my grandfather has been very ill.He passed sunday.We are all very upset,for he was a fun guy to be around.It has come to my attention, that the last time my dad and gramps went to the lawyer to get his will in place,that he left my sister and I alot of money (don't know how much yet,but over 500k).I almost feel funny about accepting this,has anyone else gone through this?

 

[tankslave]

Not to me...but I'm sure any woman can coach you in spending it.
If you're serious...I'm sorry about your granddad.

 

[speg]

It sucks.. but its life.. be thankful that he gave you something to remember him by.. use the money to do some really fun stuff and keep those memories and thank him every day for making those memories possible.
Wow... maybe I am gay...

 

[dogstar]

If its what your Gramps wanted then you should honor that and enjoy.

 

[hot883]

Originally Posted by Speg
It sucks.. but its life.. be thankful that he gave you something to remember him by.. use the money to do some really fun stuff and keep those memories and thank him every day for making those memories possible.
Wow... maybe I am gay...
LMAO!!
Rev, sorry for your loss. Have fun with some, set up the most awesome dream tank and invest or put some back. Still need ideas, I can send you my Paypal account number.

 

[rev]

well,my wife and I have 2 great lil boys,and don't really "need" the money.But gramps (or big grammpa) always took us fishing on his boat...even when we were *ahem* sick from school*ahem*
He set up college funds for all his great grandkids,so they are all set.He will be missed,alot.I took this week off work,to try and get my emotions all set,but it's tough.I apologize for venting all of this onto you folks,but I seem to need as many shoulders as I can get.

 

[rev]

Originally Posted by hot883
I can send you my Paypal account number.

Maybe I will get a new V-Rod

 

[tangman99]

You don't have to do anything with it right away. Once you get what your Grandfather left you, put it aside in a money market or some type of interest bearing account. That way you have time to mourn and really let it sink in. By being in a money market, you can take it out and then use it for what you want once you have time to think about it.
Also, make sure you know what the funds are in. Cash, stock, bonds, etc. If it's not cash, it would not hurt to talk to a financial advisor or an accountant to make sure you don't do something that could cost you a lot of money.

 

[rev]

good call.My wife already suggested that...but you know men.I can't let her make sense,or she will think she won!

 

[phixer]

The hardest thing would be to help someone in need with a portion of it, the gesture would mean more and last longer than the temporary expense. Help some kid have a nice birthday. You cant take it with you when you go but a random act of kindness can change someone elses life forever.

 

[aw2]

First off...sorry to hear about grandpa.
The first thing you need to do is take HALF and put it away...kids college funds, stocks/bonds, a high yield savings account.
If you keep it all handy, you'll spend it before you know it. By putting away half (you're still gonna be left with aprox. $225,000), you know that stuff is packed away for a rainy day. If that rainy day never comes, then you know you'll have enough for other things.
Take the remaining $225,000 and invest it in things that'll show a return. If you own your home, do those repairs you've always wanted to do...raise your home value. Take your wife and kids on a once in a lifetime vacation. Buy your wife the one thing she's always wanted, but you've never been able to afford.
Then, worry about this hobby. It takes up enough of our money as it is. Get the good things in life out of the way first and then splurge a little on that one fish you've always wanted or that dream tank you've been day dreaming about.

 

[rev]

Yes AW2,I am without a doubt going to be socking it away for later.House is paid for,as is the land.We built it 4 years ago,so it does'nt need anything other than a little more landscaping.
Kids college funds are already done..(thanks to gramps)
My wife is not a material person,but loves to spend time with her sisters,and mom.So maybe they can go on that European vacation they always talk about.
As for me,I really don't want to try and upkeep a tank more than 300 gallons.

 

[sinner's girl]

Well then, house and college is paid for...sounds great.
Curises are great. Family trips are cool. Put some money away to give to your kids as a wedding gift, they can buy a house or whatever.
I'd buy a new car, one I liked with better gas milage, a house, a bigger tank...and save the rest.
You could alway donated to something your grandfather would have like, a church or some organization, buy a boat to take your own kids fishing, or buy a fishing camp somewhere or a summer/winter house.

 

[rev]

The wife and I have new vehicles,and other than a sexy Ferrari,I am not much of a car nut.We still have to wait and hear from the lawyers.Funeral is tomorrow.My gramps owned 3 businesses,which he sold off 10 years ago,he was an avid fisherman,and loved to work in his wood shop.

 

[lion_crazz]

Phixer, your posts just keep getting better and better. I like the way you think.
Rev, I am really sorry to hear about the loss of your grandfather. I have been there, so I know exactly how you feel. Your grandfather sounds like a wonderful man.

 

[phixer]

Thanks Lion this is a good group of folks. Rev my condolences to you and your family.

 

[nflnutswif]

Nothing is going to bring your big grandpa back. Keep him in your heart and thank him everyday for helping to support the wellbeing of your family. If this were me, it sounds as if you personally are richly secure in your assets, I would adopt a foundation in your grandfathers name and build a few habitats for humanity. It's rare in these times for people with the resources to actually DO something for others. It feels good and would respect the giver of your inheritance.

 

[coachklm]

oh yeah if you want to help someone out you should donate to the wounded warrior project that helps disabled vets like myself...and dont forget about the gift tax on anything over 100,000 $ ) i do believe....
i was wrong....you can be taxed on anything over the first $11,000

 

[angrycrab]

I heard that giving some to an angrycrab can assure you of a happy future..not sure if its true but could be worth a shot.

 

[phixer]

Everytime I see that avitar it makes me laugh. A pissed off crab :hilarious thats funny.