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There's romance and danger and plotting of schemes



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So...I went home yesterday. Dad told me that I had two letters in the dining room. So here I am, thinking that I must have been sent another speeding ticket in the mail again. *sigh* But no, I got two letters from banks. Dad informs me that it's my share of my grandmother's life insurance. She declared that my brothers, sister and I share and share alike in regard to her and Granddaddy's estate.

Maybe before I go on, I should remind everyone that she died back in February. It was deemed an accidental death; she died from smoke inhalation while outside burning her trash.

So, I open the first one, and inside is a check for $25,044.11. Jaw = dropped. all i could manage to stammer is "That's a lot of money." Dad smiles and says "Wait'll you see the next one." So I open the next one, not imagining getting more than I've already received. It's a check for $50,336.29. I couldn't say a word. Now, here's where dad tells me the plan for my money. Oh, it's not as bad as it sounds.

I already told dad that I didn't need whatever money Grandmother was going to give me. It's not like I'm stupid enough to take the money and be like, "Well, I can retire now!" Psh. So I told dad that he should take all the money she gives me and use it to make sure that Granddaddy is well taken care of. He has Alzheimer's and especially after this round in the hospital for I think a liver infection, he needs really good care, and that's expensive. He's in the final stages of the disease.

So, dad says, "What we'll do, is all four of you (my siblings and I) will donate half of your money to Granddaddy's care. You'll pay your taxes, which is unfortunately around $10,500 or so. And then the rest ($32,440.21) is to do with as you please. Your Grandmother intended for you to enjoy your money, so I'm not going to tell you to save it or invest it. I can put some into your IRA if you like, that's a maximum of $4,000. But you should have enough to where you won't need to worry about your rent for a while. But most of all, Grandmother wanted you to spend it on what you wanted."

I started crying (and am again). I would much rather have my grandmother in my life instead of her money. I don't know how I'm supposed to enjoy the money knowing that.

So...suggestions? I...honestly, I dunno what to do with it. I obviously would like to make it last as long as possible. If anyone knows of good causes that I could donate money to, I'd do that...or anyone know of new toys that are out, or good video games...

I'll still be getting more money. There's Grandmother and Granddaddy's house. However, whatever we make off of the house will go straight to Granddaddy's care first, and then dad says the majority of the money will make it back to us anyway, so...guys, that's more than I make in a year...even after giving the money to Granddaddy and taking out the taxes.

...I miss Grandmother.
  • You can replace your headlight now.
    • Well, that's more a matter of not having the time to do it, rather than money. Like, same with an oil change, and I've been in trouble for not getting the state inspection done...That's only $15! So it's not the money.....just I'm always so busy. :(
  • Wowzers! Well, you shouldn't feel guilty about the money, as giving it to you was what she wanted to do. Personally, I'd put most of it in a savings account and let it gain interest like crazy, after buying a nice new toy or something for myself (I'd probably get an X-Box, clearly you should get a Wii so we can play Wii online someday). But I think what you're doing for your Grandpa is awesome, though I find it odd that the will didn't leave anything for his care...?
  • Wow. When you told me about this, there wasn't a figure attached. I think my share of my inheritance will be enough to buy a photo album for the memorial pictures.

    If I were in your position, and I had a bunch of money come in that I was not expecting or in deathly need of, from a grandparent that would much rather see you happy in the long term rather than the short, this is what I'd do:
    1) Draw up a short list of a few things that really get to you that some money would fix, i.e. the wireless problem that you mentioned, have your car checked over for any possible problems, etc. Not just "blow cash on something nice for yourself", but really use it to improve the current quality of your life, in case things get stressful again soon.
    2) Pay off any debt you have right now, like student loans or gambling debt or the $390 I hear you owe that crack dealer
    3) Put $1000 or so in an emergency savings account that is not for touching unless it's to pay some crazy emergency bill i.e. drunk moron rear-ends your car or a meteor falls through your mattress.
    4) Put everything else in a long-term investment fund thingamajig. I don't know that much about them since I'm dirt poor, but I do know that they pay much better than savings accounts. You don't have access to the money for 10 years or more, but since you weren't expecting the money anyway you're not out anything. Receiving an inheritance like this is exactly what investment advisors are for.

    Being a good steward of the gift your grandparents gave you is a pretty cool thing to do, and it'll mean things are a lot easier for you when there's not much you can do for yourself. For reference, $50,000 buys a 3-bedroom house with a 1-bedroom guest house and 3-car garage in Arkansas, should you decide to stick that away for retirement. :)

    Again, sorry about your grandparents. That's a rough time. :( It's good to hear that one way or another your grandpa will be taken care of.
    • An adviser can give you the best advice, but dropping $25K into an investment fund now could easily turn into $40K in 10 years, or about $200k in 40.

      But really,
      1) Emergency fund (3 months of expenses)
      2) Pay of debts
      3) splurge
      4) Invest (At least the $4000 max contribution to a ROTH IRA)
  • This is a good place to donate monies:
    Here also:
    Sorry again about your grandma!
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