Sorry if I'm rambling, but ill try to explain my situation. I'm a 22 yr old college student, living is southern OH. About a week ago I was home for the weekend, watching my 1 yr old brother. My parents went out to celebrate a belated anniversary, and were both killed in a hit and run while walking to their car. I talked to my school, did a temporary withdraw and moved home to try to be there for my little brother. I've already gotten both of us counseling, in addition to what I have for my depression. Still kinda in denial/shock.
Anyways, now onto the finance stuff. I was fortunate enough to have very well to do parents. Dad made ~160k a year, Mom used to make 90k before she had my little brother, and we lived well within our means. My parents did discuss some basics of finance, helped me setup my 401k, went into brief details on how mortgages work after we refinanced the family home, and a few other basics. Now I inherited our entire estate, save a handful of charities. Idk how specific to be so ill just list everything I have the 3 family cars (all paid off) an SUV valued at 17k, my dad's sports car worth 35k, and the car i used worth about 9k. Parents had just finished paying off the house which was appraised in 2011 for 275k. Total of all various checking/short-term savings accounts is about 150k. Life insurance policy was 1M. Then there's the big one: total of various mutual funds, investments, 401k/IRAs is just over 8M. I plan on leaving most of this pretty much as is, I've already contacted my parent's advisers at Fidelity. Basically just wondered if anyone had advice to not piss this all away as I can be a spender at times. Also, what is involved in setting up a trust for my younger brother to ensure he gets his portion. Is that something my parent's fidelity adviser can do, or is there a good firm that i should look into. Also, I know it is probably a bad idea, but I feel it would be best to move out, as the family house feels so suffocating. I've looked for nice 2 bed apartments in my area, and found some for 1000-1400 a month, which is doable with my current assets. I am 2 semesters away from finishing my degree, but not many of the remaining classes can be taken online. I'd like to finish, but don't want to just hand my brother over to a caregiver.
I guess i just wanted to hear people's advice on what to do as I am kinda at a loss right now TL;DR college student, have baby brother, inherited roughly 8 figures, no idea how to manage it.
submitted by _throw_a to personalfinance
[link] [160 comments]
from reddit: the front page of the internet http://ift.tt/1KPrGBr
0 commentaires:
Enregistrer un commentaire