Wife is getting 300k from a family property sale

So my wifes family owned a very expensive property that we just heard was sold and each family member gets $300,000. 

 

I was wondering if you guys have any suggestions on what we can do to avoid taxes and do something smart with the money.  We have a few kids but they already have college funds and are taken care of in that regard.  If you guys have any ideas Id really appreciate it.  We were leaning towards a Living Trust and Im thinking we definitely need to speak with an accountant.

 

Since this is the OG Im hopping to hear about some crazy shit youd do with that amount of cash..... if it was all coming to me shit would be a different story......

 

 

 

Thanks in advance, please enjoy this pic

 

 

Thanks in advance

I would retire Phone Post 3.0

Collin Reuter - I would retire Phone Post 3.0

 

We feel really lucky to have this coming but Im in my lower 30s, shes mid 20s and with 3 kids thats not realistic at all. 

 

 

 

If it was just me and 300k Id retire somewhere like Costa Rica tomorrow

PTM2020 - 


So which one of you convicts is gunna step up and help me out so I can get a round of ladyboys for you sick bastards?

Maybe pay off the house? Buy shansky a hooker? Or maybe just rent the hooker.....

This is the OG... Hookers and blow, duh! Phone Post 3.0

50k for each kid for when they graduate college and get their first real job. Pay down your debts and put the rest in a retirement fund. You're extremely fortunate to be getting this, use it to improve your familys quality of life. Phone Post 3.0

pay off as much debt as you can.

Now is not the best time to start experimenting with coke. Other than that you'll be fine. Phone Post 3.0

buy the girl in your picture?

Go to Vegas and bet it all on one hand of blackjack.

Bring a letter of credit from your bank for another $300k just in case you get a double down hand. Phone Post 3.0

Buy some property and rent that shit out! Phone Post 3.0

Im not sure but i think if you reinvest it in real estate, you dont have to pay capital gains. Phone Post 3.0

Invest it all. Phone Post 3.0

We used an inheritance to get completely out of debt and put the rest in savings. Phone Post 3.0

DisgracieJJ - Isn't Cole Conrad an investment banker? Phone Post 3.0
No, he retired. Phone Post 3.0

Now. OP pics of your current bank statement with the 300K. You know the rules Phone Post 3.0

Go buy 30-35 houses in Detroit and flip them.

Is it an inheritance or just profit from estate sale? The tax laws are conplicated and i know fuck all about them. Definitely consult a tax pro in your area. Phone Post 3.0