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Spending the Inheritance


Sandra and her husband came into a little bit of money and need Mary to be the tiebreaker on what to do with it. Mary offers her thoughts on their suggestions.

Download a transcript of this Mary Maxwell video (PDF)

Seniors over 70 often think about the legacy they would like to leave their family. If you need more assistance to identify what you would want to pass on to your loved ones, both materially and historically, here are some thing you can say to enlist their help. Read Wills and Inheritance: Leaving a Legacy from The 70-40 Rule® Program

Spending the Inheritance

-Mary Maxwell, Posted April 16,2012

From Sandra in Ft. Worth comes this query: "Dear Mary, I recently inherited a little bit of money when
my sister passed away. I would like to use it to upgrade our kitchen, which hasn't seen a new appliance
since Ford was in office. My husband wants to go on a vacation. He keeps telling me it could be
our last vacation, but he's always been a little dramatic. Will you be a tie-breaker on this one?"

Wow. Your husband says this might be your last vacation? That sounds a little sinister. I'd be nervous
about getting in a car with him. I'm just saying. Seriously, I don't know what a little bit of money is, but
if it's enough to upgrade a kitchen that hasn't changed in more than 34 years, I'm guessing it's several
thousand dollars. So you know what? You can do both. Get that granite and stainless steel upgrade
going tomorrow, then take a vacation. Although, I have to tell you. I was just in Ft. Worth and I don't
know why anyone would want to go somewhere else to have fun; they were swimming in their outdoor
pools in October. If you don't want to spend a lot of money on a vacation, I might suggest that you
travel to Omaha, where I live. We have air conditioning in the summer and heat in the winter, we have
a world class zoo, and we have so many good restaurants that we feel it is our civic duty to go out to
dinner 3 times a week. We'd love to have you and it would be a lot cheaper than say Marco Island,
and not as humid. Thanks for writing, Sandra.

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