OP,
If you are being serious, you can get some good advice here:
http://www.fatwallet.com/forums/finance/
Just don't say $10.5 mil, just say a few mil.
You never know who can track you down.
OP,
If you are being serious, you can get some good advice here:
http://www.fatwallet.com/forums/finance/
Just don't say $10.5 mil, just say a few mil.
You never know who can track you down.
Actually I didn't give advice on how to split the inheritance. Anybody ever heard of the concept of asking somebody questions and getting more information? Give it a try sometime.
Horace wrote:
Not only that, but this guy gave his own advice earlier in the thread. LMAO
Pointing Out the Obvious wrote:Wait, did you just say "stop giving advice" to the OP when the OP titled this thread "...Advice, Please?"
Now that's even funnier than flaggy himself.
Personally I'd go for a flat fee, based on what is done, not an hourly.
I never pay hourly for anything.
Also I'd go with a relatively small or medium sized company, definitely not a big firm. The bigger the office the higher the overhead, and the more they would string you along.
Step 1 - keep all the money. Step 2 - buy a truckload of rubbers cuz it is gonna be rainin' pu**y with that kind of bank!
Michaelnccxc wrote:
Hi there,
You are in a very unique position as you now have enough money to do whatever you may want to do if you're smart with it, or do nothing at all. However! You will find yourself happiest if you continue to work.....even if it's volunteering somewhere. From experience, I have seen many different outcomes to families and individuals in this situation.
I would welcome the opportunity to speak with you, as I work what is arguably the best wealth management firm in the world for individuals with $5+ million. There are many things to think about besides basic investments. You now are in a wealth category that requires proper trust/estate planning as well? I have worked for 3 of the world's best companies and specialize in high net worth individuals.
I am also a former collegiate all-American in track and cross-country.
Feel free to call me at 618-334-1040 if you would like to talk , I would be more than happy to speak with you and guide you. Wealth is great but it also brings many complexities with it.
Michael
that's the # to a casino consulting group - very nice.
see an attorney, make sure they are very good... other than that I would think that whoever was the witness should be able to confirm that your grandmother was off sound mind... hope all works out for you!
Build an energy efficient modest house off the grid.
Get a Toyota Tacoma and outfit it with all the necessary off road capabilities. Also, I recommend a street legal dirt bike for local errands.
Drop out of society and live a wonderful life off the grid.
Make sure you have an internet connection to manage your investments.
That's what I would do if I had the cash.
Why not take the money and leave the country?
Maybe a cowards way out, but who cares? You work a tough job and just want to live comfortably? Take the money and run.
vivalarepublica wrote:
Build an energy efficient modest house off the grid.
Get a Toyota Tacoma and outfit it with all the necessary off road capabilities. Also, I recommend a street legal dirt bike for local errands.
Drop out of society and live a wonderful life off the grid.
Make sure you have an internet connection to manage your investments.
That's what I would do if I had the cash.
I'd go for this, as long as there were no taxes.
A 1% fee? This should be a red flag, that's not how things work (outside of the financial industry). Even a very good attorney charging $400/hr for a week would only run up a $16,000 invoice. Counter-offer that quote.
Tell your relatives that you're giving it all to the social group that they hate.
~ wrote:
A 1% fee? This should be a red flag, that's not how things work (outside of the financial industry). Even a very good attorney charging $400/hr for a week would only run up a $16,000 invoice. Counter-offer that quote.
Why would you pay a 1% fee. The red flag is your post.
A flat fee of $1000 would be much better than $400/hr that drags on forever, say $80,000 for 200 hours.
Personally I wouldn't hire anyone unless and until they were needed, i.e. if no one took the OP to court, then nothing needs to be done. Otherwise, offer the highest flat fee for keeping the full amount, and proportionally less if you don't get the full amount that your grandmother intended for you.
If he accepts only $5,000,000 he isn't really receiving that much -- after taxes, give or take, 5 million is a lot less. Not 5 million. I see no reason why he should be bullied into giving up money that he deserves more than the uncle who doesn't deserve it and wasn't left it. I had an uncle, a millionaire, who bullied in-laws into allowing him to be executor, and then proceeded to steal almost their entire inheritance, in the 7-figure range. He got caught, sued, and was forced to return every penny. Don't allow uncles or anyone to take what isn't coming to them, just because they are aggressive and persistent. Fight him!
That $10 million will probably end up being possibly half or nearly half after all's done and said with taxes and expenses and legal bills. Sounds like the author of the post is also a bit worried about getting that much cash -- and confused about what to do with it. Very few are that lucky to receive that large an inheritance.
If you, or anyone, is worried about what to do with a large inheritance as you're waiting a year or two as the estate goes through probate... take some cash and hire a tax attorney and perhaps a good CPA to plan for when probate is over and you get all the cash. If you don't have savings and cash flow is tight, then maybe look into getting a nice large advance on the inheritance, an inheritance loan or estate advance, probate loan, inheritance advance, whatever you want to call that type of inheritance advance or probate loan cash advance assignment. It would be fast with easy terms, no interest or monthly payments, and you'd be able to hire your own expensive team of financial/tax pros... before actually getting the cash, so when you got it for real you'd be more prepared and perhaps already partly invested -- if you want to quit your job and live off it. In my humble opinion you'll need the entire $10 million pre tax amount to do that. Not $5 mil after taxes and expenses. Probate loans, inheritance loans or inheritance advances are perfect because you get a fast probate loan or inheritance advance cash assignment from an estate advance or probate loan firm like
, or
, or maybe
, in just a few days, and can get started investing with a good financial advisor right away -- financial advisors won't get you going if you come to them with $300. Those guys will want to see you have real cash to invest, hence fast cash from a probate loan or estate advance. Then when you come into the balance of your inheritance the investing framework will already be set up. That's why I suggest inheritance loans, inheritance advances, or probate loans to get a leg up. You don't need to take any guff from that uncle. You'll be getting good advice from that attorney you'll be able to hire anyway! No one can push you around when you've got the cash to protect yourself.
Michaelnccxc wrote:
Hi there,
You are in a very unique position as you now have enough money to do whatever you may want to do if you're smart with it, or do nothing at all. However! You will find yourself happiest if you continue to work.....even if it's volunteering somewhere. From experience, I have seen many different outcomes to families and individuals in this situation.
I would welcome the opportunity to speak with you, as I work what is arguably the best wealth management firm in the world for individuals with $5+ million. There are many things to think about besides basic investments. You now are in a wealth category that requires proper trust/estate planning as well? I have worked for 3 of the world's best companies and specialize in high net worth individuals.
I am also a former collegiate all-American in track and cross-country.
Feel free to call me at 618-334-1040 if you would like to talk , I would be more than happy to speak with you and guide you. Wealth is great but it also brings many complexities with it.
Michael
send me your PRs then maybe we'll talk
Yes but the problem is for people inheriting a good deal of money, say this heir or any other heirs out there who are reading this -- you may have to wait for 12,15, 18 months or more to get through probate... or if it's a trust, waiting for years to reach final distribution... dealing with an uncooperative and hostile trustee -- in fact if it is a trust, it might be structured to give you smaller amounts of money every five or ten years, or even not until you turn a certain age -- in fact I've seen beneficiaries who have had to wait until they turn 50 or even 60 before receiving their inheritance! While the trustee sucks up a nice fat fee every month, which comes out of your inheritance of course.
In which case, a lot of heirs of estates in probate, or trust beneficiaries, look at their extremely modest bank account -- and then try to figure out how they can access some of that inheritance now, not years from now. So to bridge that waiting gap, dealing with the pain of looking at a lot of money from a distance, yet still being unable to touch it until final distribution hits. Many beneficiaries or heirs turn to inheritance funding... borrowing against their own inheritance from an inheritance funding company, often called an inheritance loan company or probate loan company by heirs -- to assemble enough cash to feel a tiny bit as wealthy as they will when they finally get their inheritance. Yet the interesting thing is -- inheritance lenders, inheritance cash advance companies, base their cash assignments on non-interest bearing, non-recourse, inheritance advance cash. Not loans as most beneficiaries or heirs think… But they still use terms like inheritance loans, estate loans or probate loans, and sometimes inheritance advance loans, inheritance loan advances, or probate advance loans. At any rate, smart heirs or beneficiaries usually research the inheritance and probate process before deciding what to do about inheritance funding or inheritance loans or inheritance lenders, or how much of an inheritance advance, or inheritance loan, to get. So they typically go to accurate info-sites like
https://www.loanstart.com/blog/inheritance-loan
or Quora.com, or a business oriented site like
https://www.myinheritancecash.com
to research all this and figure out how it all works.... how to get their hands on advance inheritance money now not later.
At least this way, while you're waiting, possibly for a fairly long period of time, you aren't experiencing the cliche of "water, water all around, yet no water at all to drink". At least you get to base receiving a large lump sum of cash on your future inheritance assets -- and get to change your lifestyle to a lesser but still improved degree. Unless you're already wealthy... but in that case, if you were already rich, you probably would not be struggling with all this in the first place. You'd just sit back and wait. And most people are not in that position at all.... certainly not Mr. "Just my 2 cents" who is getting what sounds like real money from his grandmother for the first time in his life.