I’m pretty new to this but here’s my situation my father in law recently passed. I knew he had some money, but not this much. He went suddenly. I want to make sure we use the money to help our son and give him at least as much as we got, but also to give our family of 3 the best life we can. We were all very close. As much as this is some people’s dream situation it really came at a horrible price for us. Please be respectful of that.
Our family just relocated states and at this point my wife and I are not working. I would like to restart my business in our new location.
We own our house free and clear. 730,000 in the bank 450,000 in the market 475,000 in bonds paying at 4.5% 330,000 coming in weeks from sale of our last house and previous business 150,000 in 529 for son’s college. Right around 50,000 in IRA
Here’s the kicker 1.5 million more tied up in Probate. In addition there are 2 condos. Probate is expected to take 2.5 years.
First condo is paid for, has a value of 600,000. There is a life estate given on it so we will pay $1100 a month for the taxes, HOA, and insurance.
Second condo worth 210,000. Currently vacation home with monthly bills around 675. Thinking of renting or selling.
Our monthly bills are $4000 without the condos, $5775 with them.
We’re meeting with a few advisors over the coming weeks but am hoping for some advice on how you would proceed and any study material you’d recommend.
My inclination at this point is to get into some properties to diversify a bit.
I’m just not sure the best way to continue a revenue stream.
Thank you. I appreciate the help.
Submitted May 12, 2019 at 04:36PM by just_some_dude05 http://bit.ly/2WDVRnC
