#inherited

Inherited house, what should I do with it?

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Inherited house, what should I do with it? I 26M just recently inherited a home from a family member. The home valuation is about $480k today. I am currently renting, I have a lot of student debt, and I am wanting to buy a home eventually. The question is, should I sell the home, rent it out, or just live in it? The house is very far from where I currently live and work at, so living in …

Reddit Personal Finance 973 2024-02-03

Inherited House Equity Question

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Inherited House Equity Question My siblings (3) and I have inherited a large brick house in a beautiful neighborhood. Our father had some cognitive issues toward the end of his life and the house is in bad shape. Needs a new slate roof, no working bathrooms, water damage, etc… I restore and renovate buildings for a living and my father requested that I “fix up” the house aft…

Reddit Personal Finance 548 2023-11-12

Inherited my moms house….so much debt

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Inherited my moms house….so much debt Hello everyone! I am in a bit of a pickle right now and need help. My mother passed away 1 month ago. Its just me and my brother now. Her only asset was our childhood home. We’re going to be starting the probate process soon with a good lawyer however we have received confusing information recently and I just need an unbiased 3rd…

Reddit Personal Finance 699 2023-10-13

Inherited some money – developing a plan

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Inherited some money – developing a plan Three years ago my grandmother died from a covid infection. My mom and uncle (her two children) died years prior, leaving just my cousin and me, both only children. Everything was split evenly between the two of us. We have been unable to sell her house until this week, as she requested that we allow her sister to continue living in the house un…

Reddit Personal Finance 141 2023-10-11

Inherited a 401k. Pay off student loan or save it?

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Inherited a 401k. Pay off student loan or save it? My wife and I had just finished paying off all CC debt and our cars while student loans payments were paused. It was about 40k in total. We just have a mortgage for 275k. My wife recently finished her MBA and thats about 80k. Our combined gross income is 210. My uncle was saving for retirement his entire life, but sadly lost his battle with can…

Reddit Personal Finance 179 2023-10-05

Inherited a mild hoarders home. What now?

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Inherited a mild hoarders home. What now? My father recently passed away. He was never married and I’m an only child, so everything goes to me. Luckily he left me a good chunk of change so I have options, but unsure the right route to take. His house is my childhood home. It has about $50,000 left on the mortgage, which the estate will cover. He was a mild hoarder so there is a lot of j…

Reddit Personal Finance 218 2023-09-30

Inherited 401k non-spouse

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Inherited 401k non-spouse I recently inherited a 401k and a traditional IRA with substantial balances from my dad. I am subject to the 10 year rule. I would like to consult a professional to create a plan on how to best withdraw the funds to minimize the taxes that I would need to pay and how to reinvest them for my own retirement. I’m not sure where to start looking – d…

Reddit Personal Finance 130 2023-09-20

How to get out of inherited timeshare?

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How to get out of inherited timeshare? A close family member is likely to pass away in the next year (old age). When that happens, their will says that I will inherit their timeshare in a Caribbean island (outside of the U.S.). I have heard about the financial downsides of owning a timeshare. How do I get out of this inherited timeshare? I am located in the U.S. submitted by /…

Reddit Personal Finance 177 2023-09-11

Seeking Financial Advice on Inherited Money and Investment Options

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Seeking Financial Advice on Inherited Money and Investment Options Hello Reddit community, I’m facing a financial decision that I could really use some guidance on, and I thought this subreddit would be a great place to seek some suggestions. Backstory: When I was in high school, my father passed away, and I was informed that I would inherit some money, but the exact amount wasn’t disclosed until I turned 24. W…

Reddit Personal Finance 175 2023-08-30

Inherited IRA Help Please

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Inherited IRA Help Please My father in law died in 2018, and left my husband an inherited IRA worth $200k. I understand that the rules have changed somewhat since he inherited it. Can someone 1) please explain the new rules 2) provides ideas on how to re-invest it. We already max out our 401k and Roth IRA. We also have 529s for our kids who will go to college (if they…

Reddit Personal Finance 163 2023-08-29

Inherited sterling silverware. What’s it really worth, and what’s the best way to sell it?

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Inherited sterling silverware. What’s it really worth, and what’s the best way to sell it? About 4 lbs. of it in total. 50+ years old. Each piece says STERLING on the back. Comes with several roll-up cloths with individual slots and sewn label tags for each cloth such as “Soup Spoons.” If it’s all really sterling silver, how can I get an idea of its value before selling so I don’t get hosed? And will I make more selling it as a vintag…

Reddit Personal Finance 169 2023-08-13

Inherited money, how much to put down on home now?

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Inherited money, how much to put down on home now? My spouse and I have been saving up for a home the past few years and learned here recently we are soon going to inherit ~500K. We haven’t officially started the home buying process but are expecting to start seriously looking this fall. Our price range is 6-700K for a home. We have saved enough to put over 20% down (~150K) and live comfortably….

Reddit Personal Finance 203 2023-08-13

I inherited land and am not sure if I should keep or sell.

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I inherited land and am not sure if I should keep or sell. I got 80 acres of land that is involved in a fracking agreement? I can’t retract the agreement. I will get $200 a month from it for the foreseeable future. Should I try to sell it? What would it be worth over in the South-east US? I am trying to look up what I can sell it for and I can’t find something relevant. I only see prices for selling fra…

Reddit Personal Finance 178 2023-08-02

Inherited a house and investments, what to do now?

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Inherited a house and investments, what to do now? Hello! A family member passed away earlier this year and has left me with everything. I am looking to maximize returns and minimize taxes in any way possible. My current finances: $750 in checking $11,500 in HYSA @ 4.25% New student with stipend of $26,000/year $48,000 of debt from undergrad student loans, a mix of federal and private (def…

Reddit Personal Finance 245 2023-08-02

Inherited land with my siblings…

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Inherited land with my siblings… So, my grandmother passed away about 2 years ago, and I and my siblings collectively inherited a large plot of land. Long story short, my other siblings want to hold onto the land as an investment, but I very much would like to sell for a plethora of reasons (it’s pretty undesirable land in the desert of Texas, I’d rather not have an investment …

Reddit Personal Finance 280 2023-07-18

Inherited a house that’s been hard to sell

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Inherited a house that’s been hard to sell Hello all. This is a long story so please be kind. Brief; I inherited a house, 2 years ago, that was been difficult to sell because of the market and it’s location. I did get some tenants, who were fabulous, and they they contacted me this week asking if they could get out of their lease early. My father died unexpectedly in September 2021. My…

Reddit Personal Finance 133 2023-07-07