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Advice for Moms Advice for Moms

Today-Update

Posted by on Apr. 28, 2014 at 11:49 PM
  • 16 Replies

After a very long meeting with the retirement person(2 hours) my bro and I are the beneficiaries on my mothers retirement. A large amount of money will be deposited to accounts in our names. It is an IRA account that it is mandated to go into. Any money we take out will be taxed. DH and I want to buy a house. My mom's estate will not be settled until mid July. We are not sure about anything right now. We have found policies and copies of stuff we have no idea if they are still valid. The attorney is handling all of that for us. But the retirement money is going into our accounts within the next 7-10 days. I want to wait until everything on my mom's estate is settled before I buy anything. Plus it is MY money. But I still think DH's name should be put on the account and definitely any house. Should I wait until the entire estate is settled or go ahead and start looking?

by on Apr. 28, 2014 at 11:49 PM
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Replies (1-10):
beadingmom17
by Bronze Member on Apr. 28, 2014 at 11:52 PM
I would wait. Looking to see what's out there doesn't hurt, but I wouldn't jump at anything just yet.
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SexyTeacher
by Gold Member on Apr. 29, 2014 at 12:28 PM

Any more opinions?

 

Mommy2justone
by Mommy2justtwo on Apr. 29, 2014 at 1:14 PM

I would wait it out. 

SexyTeacher
by Gold Member on Apr. 30, 2014 at 12:28 PM

Should DH's name be put on the account?

 

 

a_and_j_momma
by Gold Member on Apr. 30, 2014 at 12:34 PM
I would wait. My mom died almost 2 years ago and we are still paying a probate lawyer
a_and_j_momma
by Gold Member on Apr. 30, 2014 at 12:35 PM
I don't see the need for it. I mean, it isn't like I makes a difference when getting a loan. If you feel he needs to be then sure but for home buying makes no difference

Quoting SexyTeacher:

Should DH's name be put on the account?


 


 

waytomanykids10
by Bronze Member on Apr. 30, 2014 at 7:02 PM

Yo have to pay taxes on what you inherited. That really sucks.

Lindalou907
by Silver Member on Apr. 30, 2014 at 7:11 PM

Whenever you get a large amount of money or have a life changing event it's best to sit tight and don't do anything for a year, so you have time to think. Unless your marriage is SUPER solid do NOT mingle the money in a joint account, your inheritance is only yours legally, not community property, but only if you keep it separate. The fact that it was pre-taxed money means if you take out a lot you will be taxed a lot, get some advice from a tax preparer! I'm not positive but I think if you wait until your own retirement, when your income goes down, you will be taxed much less.

Lindalou907
by Silver Member on Apr. 30, 2014 at 7:14 PM

That's because when her mom saved it it was BEFORE taxes, so the poor woman was going to spend it in her retirement when her taxes would be less because she wouldn't be earning a salary anymore, it's a shame.


Quoting waytomanykids10:

Yo have to pay taxes on what you inherited. That really sucks.


waytomanykids10
by Bronze Member on Apr. 30, 2014 at 7:22 PM

 Makes me glad my MIL made it so we won't have to pay a penny in taxes when she passes away.

Quoting Lindalou907:

That's because when her mom saved it it was BEFORE taxes, so the poor woman was going to spend it in her retirement when her taxes would be less because she wouldn't be earning a salary anymore, it's a shame.

 

Quoting waytomanykids10:

Yo have to pay taxes on what you inherited. That really sucks.

 

 

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