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Old 05-30-2009, 05:40 PM
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MonkeyMama MonkeyMama is offline
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I too am sorry for your loss.

I think first and foremost you need a trusted financial advisor (& tax advisor as well). The two usually do not mix. & it doesn't hurt to have more than one opinion (I cringe at some of the things financial advisors advise their clients in their own personal interest, at times. Likewise, you wouldn't go for a tax advisor as your only source of financial advice).

I know there are a lot of DIY-ers on this board, but it is one thing to ease into things as you slowly accumulate wealth. Coming into money is a whole other animal. You need a trusted advisor (did your uncle have any?) while you take time to learn, grieve, and sort things out.

You will find there is not a lot of tax breaks for the middle class in the income range you describe. There is always maxing out retirement (& other tax-deferred) vehicles, giving to charity, buying real estate (to an extent), gifting money, and setting up trusts for future beneficiaries. Nothing I listed really amounts to much, except for future planning if you intend to preserve your wealth for future generations.

Being married is a good tax strategy (today) but not much of a money saving strategy overall.

You will find that investments do have favorable tax treatment. A lot of it will be taxed at lower dividend and capital gain rates. I don't think you have any chance in heck of avoiding the top tax rates though - sorry to say. But it's not like all your investment income will be taxed highly - that is the good news.

(P.S. I assume OP referred to annual income generated by the $2 mil+ assets he will now own. & OP seems aware of benefits of delaying IRA distributions, which would be taxed at higher rates).

Last edited by MonkeyMama : 05-30-2009 at 05:46 PM.
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