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Old 08-31-2017, 11:39 PM   #11 (permalink)
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Well med expenses are 75k, but the lawyer said hed be able to get it to at least 50k. He can only take a third of 100k if i get a third, otherwise we split whats left after med expenses. Im lookin at getting 20-30k. Im going to finish the house im in now, put it up for rent, then buy number 2. BUT i was askin to see shst kinda proffessional i should see to get the most out of it or if you guyz knew any tax shelter tricks... like my mcarter brown andy dufrane.
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Old 08-31-2017, 11:57 PM   #12 (permalink)
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Quote:
Originally Posted by iKNOWaFATman View Post
Im going to finish the house im in now, put it up for rent, then buy number 2.
That is a great idea.
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Old 09-01-2017, 07:11 AM   #13 (permalink)
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Dam straight, real estate is my retiremwnt plan... not 401ks and my pension.... what little i get in those will be nice tho.

I just want to make sure i dont overspend what i get and get hit with a tax bill. Or some kinda crazy didnt pass go dont collect $200 charge or something.

So as of right now, plan is when i get my money, talk to a cpa. Hoping he gives me good advice. The last one told me i couldnt write off my miles for work. Boy he lost me a lot of tax breaks.

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Old 09-01-2017, 07:55 AM   #14 (permalink)
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I loooooooooove settlement checks

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No, actually first if there's any debt /monthly payments wipe those out / close them from smallest-to-largest, invest some in a Roth IRA real estate and some silver, then go to Disney World and do the fast-pass if they have that
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Old 09-01-2017, 08:55 AM   #15 (permalink)
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I wouldn't get too excited.

Your lawyer will get from 33-40(some odd) percent based on whether this went to court or not. In addition, they will charge YOU for every piece of paper they printed and all the other little things they can hit you for. Most settlements happen where once the lawyer is paid they give you the rest to be responsible for the doctor bills. Any doctor that knows you got a settlement will typically NOT work with you on the bills.

You will not be taxed on the settlement.

I would count on that by the time the lawyer is paid, anything your borrowed or was negotiated to be paid from that will be issued and you will be given a whole lot less than you think you should as a remainder. Hands will pop out of nowhere looking for money, and it will be gone in a flash.

Make sure (regardless or what plans may or not materialize) that you do something fun and memory making with a part of it. Likely, it will be all you REALLY have left in the end.
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Old 09-01-2017, 06:25 PM   #16 (permalink)
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Betterment.com or Wealthfront.com my friend. Either drop it in a tax-advantage account for retirement, or if you want it liquid, drop it into a taxable index fund account. The markets are giving signs of topping out right now though, so depending on the timing you may want to hold onto it until after things fall, then invest.
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