My grandfather passed away in the beginning of the year and as a result, my grandmother decided to retire and sell the family business. From the sale of the business she has decided to give half to her children and keep half to finance her retirement (my grandmother is 75 yrs old).
So the business (gas station, small convenient store, coin laundry and carwash) along with the property it is on, is on sale for $3M. My grandma owns her own home which is valued around $800K and a small rental condo (I am not sure whether or not the condo has any mortgage on it).
Right. So if the business is sold on its asking price, my grandma will be keeping $1.5M for her retirement and the rest will be divided among her 8 children.
My parents have been asking me what to do with the windfall (my mom is 52, my dad is 55). They have their own coin laundry business and my mom helps my grandma running the "family empire"
(sorry can't resist).
My parents are not very sophisticated investors and although they live very frugally with no debt (home paid for), they have little savings (thanks to my dopey brothers - we won't go there).
I don't know what to tell my parents. On one hand I want to help whatever I can to make sure they have comfortable retirement (and maybe say something like "stop giving money to my adult brothers") but on the other hand, I am not comfortable advising someone else about their money. I am not sure I want to refer them to a financial advisor (I don't have one - I don't trust many of them advisors). I don't expect any inheritance, actually, I would rather my parents to have the time of their life and spend most of their money during their "golden years".
Such a long winded post, isn't it? I guess I am just trying to make sense of all this. What do you think?
Jane
So the business (gas station, small convenient store, coin laundry and carwash) along with the property it is on, is on sale for $3M. My grandma owns her own home which is valued around $800K and a small rental condo (I am not sure whether or not the condo has any mortgage on it).
Right. So if the business is sold on its asking price, my grandma will be keeping $1.5M for her retirement and the rest will be divided among her 8 children.
My parents have been asking me what to do with the windfall (my mom is 52, my dad is 55). They have their own coin laundry business and my mom helps my grandma running the "family empire"
My parents are not very sophisticated investors and although they live very frugally with no debt (home paid for), they have little savings (thanks to my dopey brothers - we won't go there).
I don't know what to tell my parents. On one hand I want to help whatever I can to make sure they have comfortable retirement (and maybe say something like "stop giving money to my adult brothers") but on the other hand, I am not comfortable advising someone else about their money. I am not sure I want to refer them to a financial advisor (I don't have one - I don't trust many of them advisors). I don't expect any inheritance, actually, I would rather my parents to have the time of their life and spend most of their money during their "golden years".
Such a long winded post, isn't it? I guess I am just trying to make sense of all this. What do you think?
Jane