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Inheritance

November 2nd, 2006 at 03:50 am

I'm not exactly happy about this. Having one that is. I'd prefer to have my Mom. Sigh.

Anyways, Dad called me tonight. Both my bother and I signed over our money from the will to my Dad so he'd not have to take a mortgage on the house. Long story, but Mom's will didn't reflect their current finances. We did the right thing rather than get all "entitlement oriented".

Anyways, while we did Dad is splitting the money from Mom's account between my brother and I. He is sending us a cheque each. That is very sweet of him.

What to do with it. To put it aside in case it is needed for for my Dad at some point - though he does have the house as an asset. Or invest? Or buy something? I would love a high end sewing machine. One that does everything including vacuum the sewing room afterwards. Bernina is my brand of choice Smile They have some nice features for quilting.

That isn't sensible. I need money towards a car at some point and I could use it for retirement. But the dream is nice.

Posted in Uncategorized | 11 Comments »

11 Responses to “Inheritance”

  1. tinapbeana Says:
    November 2nd, 2006 at 04:17 am 1162441069
    1162441069

    i'm sorry to hear about your situation... maybe if you thought about something your mom would have wanted to do with the money? i.e. what would she say if you talked to her about the sewing machine, or the car, or saving it for your dad? what use of the money will keep your mom with you the most?

  2. yummy64 Says:
    November 2nd, 2006 at 04:28 am 1162441734
    1162441734

    I don't know. That is why I blogged about this. To see if writing it out would help me think through it. I'll talk to my boyfriend on the weekend about it (he knows about it but in more detail if that makes sense) and get his input. He's excellent at helping me sort.

  3. jen-taylor Says:
    November 2nd, 2006 at 05:37 am 1162445826
    1162445826

    Hey "yummy" Thanks for stopping by my
    Text is blog and Link is jen-taylor.savingadvice.com
    blog, it looks like you're really addicted to blogging as well!

    It sounded like the money is a thing you don't want to deal with. It's probably worthwhile to put it toward a charitable cause or just put it in a savings account in case your Dad needs it. Oh yeah, is there inheritance tax involved?

  4. Snoopy2645 Says:
    November 2nd, 2006 at 05:39 am 1162445951
    1162445951

    I am so sorry to hear about your mom if I were you I would hold it for awhile like a year you dont want to make huge purchases right after a loved ones death. I wish I had done that with my dads money but I was young & dumb & thought I knew everything!!!

  5. Sunshine Suz Says:
    November 2nd, 2006 at 03:57 pm 1162483050
    1162483050

    Hi Yummy,

    I agree with Tinapbeana. Use the money in a way that will keep you close to your Mom. Maybe you could put it in a 6 month CD while you are thinking about your choices.

    And good for you and your brother for being there for your Dad.

  6. Diana Says:
    November 2nd, 2006 at 04:28 pm 1162484938
    1162484938

    Hi Yummy,
    I am a personal finance reporter. I write a newspaper column devoted to young people. I am intrigued by your inheritance predicament. If you are 30 years old or younger would you be willing to be interviewed? Please contact me at 10millionstories@gmail.com and I will explain further. Thanks!

  7. jeffrey Says:
    November 2nd, 2006 at 05:07 pm 1162487272
    1162487272

    Proceed with caution if you contact the person above. A true newspaper person should give an email contact address from their newspaper and not a free account like gmail

    Jeffrey Strain

  8. yummy64 Says:
    November 2nd, 2006 at 05:27 pm 1162488473
    1162488473

    Jeffrey, Thanks for your concern. I did email her to let her know I was just sightly outside the demographic range of person she was interested in writing about. I'm now just feeling old *grins*. I got a very polite response back from her and no article will be written about my situation.

    We all need to be careful to protect ourselves, especially when we are talking about financial matters. Your reminder was very timely and appreciated Smile

  9. koppur Says:
    November 2nd, 2006 at 06:31 pm 1162492317
    1162492317

    Hey Yummy. So sorry to hear about your Mom *hugs*. What about splitting the check? Putting say half or 3/4 aside for future needs (yours or your Dads) an using the rest towards the new sewing machine? Kinda save up for it, but you'd already be part way there?

  10. Thrifty Ray Says:
    November 3rd, 2006 at 12:32 am 1162513924
    1162513924

    Yummy, I am so sorry to hear about your mom. Money seems so trivial when someone we love is gone.

    You know, I was thinking about this. If my daughter were in your position~~ I would want her to use the money for something special for herself.

    Most times it is better to hold off on a decision when there is so much emotion involved. Perhaps depositing the money while you have a chance to think it through is the best solution for now.

  11. baselle Says:
    November 3rd, 2006 at 06:06 am 1162533976
    1162533976

    I'm sorry for your loss, and I've been dealing with some of these issues myself. Remember that there's no law that says you have to spend the money right away. Put it in a fairly conservative holding tank for a few months like a CD. Let your indecision allow you to save some money.

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