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tacklejunkie

My dilemma

24 posts in this topic

What would you folks do? My parents, who are retired, came into some money. They then gave a portion of it to their kids. It's a large amount and i don't feel right taking it. So, do I return it, which they won't take back, or just destroy the check and never tell them therefore giving them a hidden cash stash?

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They want you to have this money. That is what will make them happy.

Spend the money on something you will enjoy and share the stories and memories of what you bought with them.

Seeing their kids happy is priceless and will be worth much more than a hidden cash stash.

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Use it to buy them Long Term Care insurance. Helps them, you and your Siblings. smile

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You could also look at putting it into a college fund for the grandkids.

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I would buy a savings bond, or just put it in the bank, and save it just in case they ever need it!

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take it use it. my mom gave her boys a chunk of money from the railroad settlement after he died from that asbestos cancer. they gave it to ya for a reason. is it not what you would do for your kids??????

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Take it... either use the money for a safe long-term investment, or purchase something that will always remind you of their generousity and love...

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To refuse a gift is to insult the giver. If you truly don't want the money, you could donate it to a charity that is important to your parents.

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Take the money. Use some of it to buy something nice your parents have always wanted, but have not got themselves. I know my Dad would want a new Goldwing, and I have always wanted to get him one. Maybe a trip together, or even with the entire family so they can see everyone together.

Take the rest of it and do what you want with it. My guess would be they want to see their money used to make you happy, and they cannot see that if they gave it away after they are gone. Respect their wishes.

If you don't want to do that, invest it with the understanding this money can be used for anything they need in later life. IE medical bills, hospice, nursing care, etc.

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I'm curious why you don't feel right taking it? How would you feel if you gave someone a gift and they refused to take it?

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Ditto what others are saying. Take the money, use it wisely, and let them know what you use it on. They will enjoy that, and I bet would appreciate knowing it is being used wisely - I know I would.

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I'll just echo what others have said, or you could save it for that inflation you keep warning us about. wink

Seriously, enjoy the gift.

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Yup, its what your parents wanted to do. Use some on them, get yourself something that you can show them, invest the rest, high risk-high reward. Pass the tradition on when your time comes

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Donate it to the Obama re-election campaign fund, or use it to help disenfranchised voters by giving it to ACORN. grin

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Let me ask this, do they still have money to where they are confortable? If yes, then do what you will with it. I would invest most of it at this time. IF no, I would put it somewhere where you have ready access to it to help them out if they need it. Either way, put it away for a rainy day. Your parents want you to have it. I know if I have the means I would love to do that for my children down the road.

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Donate it to the Obama re-election campaign fund, or use it to help disenfranchised voters by giving it to ACORN. grin

Actually, after the last 8 years, i was thinking more along the lines of the "Homeless Conservative Voter Trust Fund." grin

Thanks for the advice, guys. It's been bugging me to accept this money from people(parents) who are on a fixed income. It's my pride.

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I don't mean to be morbid but have your parents prepared for the inevitable? Since they have "extra money" this may be a good time to make those plans. My parents have prepaid for everything and made all the plans so our family won't have that to worry about. Plus nothing is going to get cheaper. Sorry to switch gears from away fun ideas.

Back to fun ideas, how about spending the money on an Alaska fishing trip?

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I understand where you are coming from with them being on fixed income. I honestly would put it away and if they need some help, you have it there.

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Thanks for the advice, guys. It's been bugging me to accept this money from people(parents) who are on a fixed income. It's my pride.

Ah. Then I'd definitely consider investing it (not in an aggressive plan) and letting it grow and grow. That way if something happens to your parents that requires more than their fixed income (and presumably health insurance/Medicare) can handle, you can get to that money.

And if they live out their lives easily and with no health/financial emergencies, it will be your growing nest egg for later on.

Pride. It gets in the way sometimes, doesn't it? Sure does with me anyway. smilesmile

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A conservative investment would be an inflation adjusted bond from the government. There are TIPS and Ibonds available.

http://www.treasurydirect.gov/indiv/products/prod_tipsvsibonds.htm

Or a money market fund or a CD or CDs from a federally insured institution.

If it is a large piece of money be aware of gift tax.

I agree that if it possible they would need it and you don't, then stash it away.

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Take it and take care of them when they need it tell them thanks and do the right thing.

After the last 8 years allot more people are on a fixed income its called Unemployment LOL.

Enjoy a bit of security and take care of mom and dad when they need it.

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Originally Posted By: tacklejunkie
Thanks for the advice, guys. It's been bugging me to accept this money from people(parents) who are on a fixed income. It's my pride.

Ah. Then I'd definitely consider investing it (not in an aggressive plan) and letting it grow and grow. That way if something happens to your parents that requires more than their fixed income (and presumably health insurance/Medicare) can handle, you can get to that money.

And if they live out their lives easily and with no health/financial emergencies, it will be your growing nest egg for later on.

Pride. It gets in the way sometimes, doesn't it? Sure does with me anyway. smilesmile

I think i'll do that but not tell them. That way, they will think i spent it on myself as it will show up as spent in their bank statement but they'll be none the wiser

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I know one he!! of a good investment broker who is an HSO/FM member and lives in your neck of the woods. You can always drop me an e-mail. smilesmile

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You are very fortunate. Do something good with it! Take care of your family. "Pay it forward" Enjoy.

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