From: jake@omnimode.com (jake johnson)
Newsgroups: misc.invest.financial-plan
Subject: Re: Inheritance: What to do?
Date: 21 May 2004 15:00:30 GMT
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"Sgt. Sausage"  wrote in message news:...

> We're pretty well off, making roughly 165K a year between
> the both of us, and we live in rural Ohio -- this equates to a
> king's ransome where we live. As such, we've been socking
> away money for about 10 years and plan on retiring in 10
> more.

Congrats, you've accomplished a lot in a short period of time and
should be proud.  You've definitely raised some good questions, but I
think that some more information is needed if anyone is to provide any
helpful tips.  I can infer from the general numbers you've mentioned
that you have over $500K socked away outside of the tax-advantaged
assets, but this number isn't mentioned.   This number would
definitely be higher than your 401ks and IRAs, correct?  Where do you
have this money invested?  Perhaps this is invested in the Rental R/E?

You didn't say much about your business or much about its form of
organization (a partnership?).  How variable is its income stream? 
(You've made 'roughly 165K' since you were 24?) I thought that Ohio
had been through a rough spot economically, but perhaps your business
is not sensitive to these shifts.  You were concerned about liability
regarding the rental r/e, but not for the business?

My guess is that you're involved in the family business of your father
perhaps and there may be some tax strategies to be employed there
(family limited partnership?).  Generally, I'd think that you'd want
to ensure that any future inheritance coming your way has been
streamlined for taxes.

Thus far, its hard to say at 34 that you don't need to work anymore.