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Old 09-18-2016, 08:14 AM   #21
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I'm going to vote for the OP being legitimate- typically trolls don't post this many times or initiate more than one discussion. But, I've been fooled before.

Anyway- OP, PLEASE don't go off like a lottery winner and buy yourself a condo in FL and a boat. Put it in index funds and pretend it doesn't exist for a year or so. You need to figure out what you want your retirement to look like before you make major changes.

I can understand death being a release. As I write this, both my 78-year old husband and my 85-year old mother are dying- Mom has metastatic breast cancer and DH has acute myeloid leukemia. Both are getting in-home hospice care but are weak and their lives are a shadow of what they used to be, even though they're comfortably at home with a caregiver. There will be huge holes in my life after they're gone, but I don't want them to linger like this forever.

In a way, my retirement was also partly funded by an inheritance. My first husband's mother died quite suddenly after what they thought was successful surgery to repair her heart valves. That was 1983 and we put $100K of his inheritance into a house. We divorced 14 years later and I put the $100K I got out of it (that was 40% of the equity) into another house, which left me with $200K in equity when I moved to a LCOL area for my job 13 years ago. Yeah, it made a difference.
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Old 09-18-2016, 08:33 AM   #22
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Two weeks ago you only had $300k in assets. Now it's $400k? What's your secret?

If this is for real, don't count your chickens - how kind and caring were you to your aunt this past 20 years? Given the lack of grief expressed, are you sure she didn't just decide to leave it all to charity or others?
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Old 09-18-2016, 08:40 AM   #23
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Forced - be careful about counting on this money yet. Many things may happen. Land may not sell for expected value, someone may come out of the wood work and contest the will (legal fees are expensive even if you win), taxes will eat some of the assets, etc.... Suggest you continue diligently down the path you were headed and only make adjustments if/when you actually have additional assets.

My parents were good with finances and lived below their means. Retired in their 50's. They taught me how to invest by passing on large monetary gifts (within the tax free gift allowance) each year with some words of wisdom on investing. That helped us retire in our 50's as well. When they die, we will likely get large inheritance also. We will invest it like we do our normal assets until needed. We started this year (first full year of retirement) to pass the wisdom (and assets we don't need for living) onto our kids with the hope that it will help them have the same options we did.

Good luck to you and make wise choices.
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Old 09-18-2016, 08:49 AM   #24
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Two weeks ago you only had $300k in assets. Now it's $400k? What's your secret?
Next windfall he wins the Publisher's Clearing house $5K per week for the rest of his life.
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Old 09-18-2016, 09:03 AM   #25
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Next windfall he wins the Publisher's Clearing house $5K per week for the rest of his life.
He can't win it, I am going to before the end of this year so I can afford a 'round-the-world cruise!
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Old 09-18-2016, 09:13 AM   #26
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My fathers sister has died and she was rich. She had no children and her husband died years ago. Her only relatives were my brother and I. We talked often about her money and will and always wondered how much money she had. Both my brother and myself are in the will and will be getting about a million dollars after her assets are distributed. Much of her assets are in farm land, which will take a while to sell.

My head is spinning. If you followed my earlier posts I was a nervous wreak about breaking my lease and making my $400K in savings last. (I was planning on going on Social Security next year.)

While the money won't come in for a while, it has completely changed my attitude towards life. There is a spring in my step, I have been smiling a lot and have lots of ideas how what I can do with the rest of my life, now that I am going to be set financially.

Anyone else get a large inheritance in or close to retirement that turned their life upside down? What did you do, and how did you invest it?

I understand what you are feeling.
I inherited a large amount (but smaller than your case), that was life changing.
It was hard to not be a little excited about it despite the loss. In my case, both were both elderly. My aunt had died first after a battle of cancer when she was in her late 80's. He died a few years later after he had largely lost most of his mental capacity as he was suffering from dementia

In the end, it was a blessing they both passed when they did. Sounds like yours was a similar case.

My advice to you is to try an not spend any of it the first year. Let yourself get your bearings first.
Move it to something in the meantime where you won't lose it or owe fees if you decide to move it.

Maybe buy yourself yourself a small toy to bridge the gap while you plan things out. Not your dream car, or something crazy.

Good luck.

Edit: One thing I have tried to do is to keep in mind that you shouldn't let it change you as a person. I strive to not let it change my focus. We haven't purchased any new cars or clothing We try to look and live the same we did before.
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Old 09-18-2016, 09:14 AM   #27
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Forced,
Have you actually seen or posses a copy of the written will? Is there an assigned Personal Representative/Executor identified in the will?

You should be able to monitor the Probate court located in the county of your late Aunt's residence to see when a Probate case is opened for her by the PR.

In my state once the Probate has been opened, the Personal Representative is duty bound to notify all the devises/beneficiaries & heirs with a copy of the will. The next major event will be that the PR will need to share with the court a list of assets and valuations so that the appropriate probate fee may be calculated.

As others have suggested I would not count all the chickens prematurely.

I would certainly continue your plan to significantly lower your expenses/cash burn rate by seeking alternate housing.

-gauss
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Old 09-18-2016, 09:21 AM   #28
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Forced,
Have you actually seen or posses a copy of the written will? Is there an assigned Personal Representative/Executor identified in the will?

You should be able to monitor the Probate court located in the county of your late Aunt's residence to see when a Probate case is opened for her by the PR.

In my state once the Probate has been opened, the Personal Representative is duty bound to notify all the devises/beneficiaries & heirs with a copy of the will. The next major event will be that the PR will need to share with the court a list of assets and valuations so that the appropriate probate fee may be calculated.

As others have suggested I would not count all the chickens prematurely.

I would certainly continue your plan to significantly lower your expenses/cash burn rate by seeking alternate housing.

-gauss
If it's in a trust it won't be public.
Chances are it sounds like the info of the trust was already shared with the family ahead of time.

There will still be legal fees, but he'll still be sitting well.
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Old 09-18-2016, 09:30 AM   #29
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Ok,

If trust, does he have a copy of the trust and is the successor trustee listed?

If so the question would be then what is the date of the final trust vs the one that he has seen.

Trying to get ahead of any possible changes to theses documents near the end of life.

-gauss
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Old 09-18-2016, 09:48 AM   #30
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I notice the thread title says "may".

OP, can you substitute facts for appearances?
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Old 09-18-2016, 09:50 AM   #31
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It is ironic that I am currently studying the ideas of Entitlement vs Moral Desert when this thread pops up....


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Old 09-18-2016, 10:01 AM   #32
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My view on inheritances is I don't expect to receive any from relatives and plan that relatives don't expect any from me. No hand rubbing in anticipation either way. I may leave $$ to some family members, but hopefully, they don't do the vulture thing .
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Old 09-18-2016, 10:14 AM   #33
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I notice the thread title says "may".

OP, can you substitute facts for appearances?
Chances are he won't know the "facts" until the money is disbursed to everyone. That's probably why he said "may" in the first place.

Not a lot of people will post something like this unless they already have a pretty good idea that after everything is said and done, he'll still be netting a good chunk of money.

Yes, there can be last second changes that complicate things, but in many cases, the trust is created and not altered last second by a crazy member of the family. Yes, those instances do occur I'm sure, but it's probably the exception instead of the rule.
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Old 09-18-2016, 10:16 AM   #34
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I notice the thread title says "may".

OP, can you substitute facts for appearances?
Heck, he can't even keep facts straight on his current assets. Maybe if he reviewed what he posted on other forums before creating threads here, he could keep the "game" believable.
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Old 09-18-2016, 10:16 AM   #35
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My uncle was like a rolling stone. Where ever he left his hat was his home.

When he died, all he left us was alone.
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Old 09-18-2016, 10:17 AM   #36
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My aunt recently died in her mid-90s. She and her husbands (she was widowed, then remarried) owned a sizable amount of farm land at one time. They also liked to live well and had lots of toys. Between their lifestyle and the cost of years in assisted living, her assets had dwindled to the point where she wasn't that far from eligibility for Medicaid. Funny to think that a woman I once considered considerably wealthy was nearly broke when she died. But that's the way it's supposed to work, isn't it?

Actually, it's probably a good thing that she didn't leave a big estate, because while she was childless, she had about 50 nieces and nephews! Heirs would have been coming out of the woodwork.
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Old 09-18-2016, 10:20 AM   #37
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I'm a bit surprised by the tone aimed at the original poster.

Anyone could be excited to fall into a large sum of money. The fact that he's receiving this money doesn't make him love his aunt or uncle any less.

Others have questioned whether he visited frequently, etc. It's like there's a public shaming going on that he happens to be the beneficary of an inheritance.

If this was a forum based on "Loving your aunt and uncle" and someone posted this, I could see the reason for more outrage.

But this is a retirement forum in which much of the conversation is how to accumulate enough wealth to retire, keep, and possibly share with others (through charity or to the next generation through inheritance).

The OP's uncle and aunt by all measurable means, lived below their means, and the benefactor is being flamed because of it. Is this the purpose of trying to gain wealth to retire? So our sons / daughters / nephews / nieces can be flamed for accumulating wealth through inheritance?
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Old 09-18-2016, 10:22 AM   #38
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I'm a bit surprised by the tone aimed at the original poster.
you must be new to the OPs published melodrama
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Old 09-18-2016, 10:25 AM   #39
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you must be new to the OPs published melodrama
I am. I've only read this thread of his / hers.
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Old 09-18-2016, 10:26 AM   #40
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you must be new to the OPs published melodrama
Yes, 12 threads, mixed up personal statistics, no verification, story changes, immediate life changing events, etc. Do you really believe everything you read on the internet?
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