Inspector Norse wrote:
one of my uncles just passed away and had no children. I was the primary beneficiary of his inheritance (which was valued north of $11 million).
fortunately this comes right under the estate tax exemption for 2020, so I'll be receiving the entire estate tax-free.
I do OK, money-wise (I grossed 350k last year) - but I'm in the Bay Area where 350k means middle class.
I'm thinking of making a buying a $6 million house in Palo Alto near work. However, it would be unfortunate to only have $5 million left from the overall inheritance (only $3.5 million of which is cash - the rest is in securities, land and physical assets like gold, etc.
Am I being unwise with my newly found wealth? Are there any other formerly poor/working-class posters who received large sums of family money that can advise how to handle the situation?
I would retire, move out of California, buy a nice house for 500k - 1M somewhere else and go to school and study what I wanted.