Wife is getting 300k from a family property sale

reddit.com/r/personalfinance wiki covers this pretty well.

also check /r/investing and /r/financialindependence

One hand of black jack.....

A few houses for rental income is a great idea.

Here in NC you can easily get a house for 40,000 that will rent for over $700 a month.

Get a few of those and roll the yearly income into new properties for a dozen years or so and then retire. Phone Post 3.0

Not sure how this income will be taxed considering its "in the family" but, look into whats called a 1031 exchange.

1031 is the IRS code and basically you take the profit from the property sale and roll it into another property purchase (a multi-tenant commercial building may be a great family investment).  I deal with people doing this in commercial real estate here in Denver.

 

Invest in real estate. Paid off properties are gold mine for you. Monthly rental income and when it gains equity, you refi and buy new properties. Your kids are young and you don't need the money now, so you're in the perfect spot.

Whatever you do, don't be the typical stupi American and buy cars and tv's and take vacations. This is life changing money that you guys got.

pop bottles with bahamian midgets in the club

Bet on black and double up! I would put that straight into a retirement fund. Phone Post 3.0

You could rassle a lot of jimmies with that kinda money! Phone Post 3.0

I have a Nigerian friend you need to speak with.



Mark Phone Post 3.0

You need a highly qualified Estate Lawyer and separately a CPA.   Those two combined will have the smarts to make sure you don't give Uncle Sam any more than is necessary.  Good professionals ain't cheap, but they are invaluable.

If it's considered an inheritance, there is usually not tax on that if it's below a few million or so.

If it's not inheritance but is a gift, then you have to pay taxes on anything over $14,000. There's probably some clever ways to avoid taxes, like the reinvesting in real estate thing above.

I would pay off debt and put the rest in retirement funding. You can usually take money from retirement to pay for kids college and only have to pay income tax on it.

benchwarmer -


Not sure how this income will be taxed considering its "in the family" but, look into whats called a 1031 exchange.



1031 is the IRS code and basically you take the profit from the property sale and roll it into another property purchase (a multi-tenant commercial building may be a great family investment).  I deal with people doing this in commercial real estate here in Denver.



 

I 2nd this. I've done a few and they work out great if you know what you're doing. It's the #1 way a property flipper gets started and works their way up into bigger flips for bigger profit Phone Post 3.0

Is also suggest:

1) pay off all debt.
2) make no big purchases. Act like you never got the money.
3) one exception to #2, Id take a great Vacation with your family. Disney, Europe, Brazil, or somewhere similar. Make some memories. Phone Post 3.0