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Old 08-17-2012, 08:48 AM   #1
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Liberty What should I do?

So my dad has been deceased since 1985. The state of IL has held $1300 all this time and would not release it. My entire family has tried a few times to get this money.

So I had some trouble with bills- car repairs and a truck damaged the power wire to my house. This resulted in $550 in extra expense. On a recent call with mom- I lamented over my finances... she said- why dont you try to get that money- if you get it- you can use it to buy a car with. I said- I doubt they will release it- and that I would split it.

I went to my state reps office here in PA. I had them send the documentation to the state of IL. Now it sounds like IL will release the money.

The question is- what to do with it. When someone dies- the family ALWAYS fights over the money.

My brother is the guy who will find me my next car.

If I say nothing- and a year later- the issue comes up- or someone in the family tried to collect the $1300- it will come up that it was redeemed.

One Idea I had was buying 2 rolls of eagles and just holding it.

I also thought of dividing it up 5 ways. I considered dividing it in half.

Being that I made it possible to cash in the money- you could say- I should get a bonus.

It could be months to get another car. The range of price is $1400-$1600.

Just think if that $1300 in 1985 was parked in silver. How much would that be worth today?

IMO- anyone who gets the money will just spend it right away.

I could just park it in 2 rolls of eagles until I decide what to do.
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Old 08-17-2012, 09:10 AM   #2
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Penn - the moral (thus the right) thing is to have it divided as per his will or family members. Remember it was your dad's money - not yours.
For you to make the decisions to unilaterally do with it as you please is no different (smaller scale but same act) as bankers who choose to use customers' segregated accounts to spend as they please.
The argument from both is that they (in your case 'you'), know better than the others how to spend their money.
If your family gets their portion and blows it in one day, that's their issue. Yours is to be upright, honest and care for yourself. Give them some advice, but do not take what is rightfully theirs.
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Old 08-17-2012, 10:50 AM   #3
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I think you said I should go to the casino! :-)
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Old 08-17-2012, 10:56 AM   #4
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Originally Posted by Jetstream View Post:
Penn - the moral (thus the right) thing is to have it divided as per his will or family members. Remember it was your dad's money - not yours.
For you to make the decisions to unilaterally do with it as you please is no different (smaller scale but same act) as bankers who choose to use customers' segregated accounts to spend as they please.
The argument from both is that they (in your case 'you'), know better than the others how to spend their money.
If your family gets their portion and blows it in one day, that's their issue. Yours is to be upright, honest and care for yourself. Give them some advice, but do not take what is rightfully theirs.

Good point. What would my father want to happen. I will consider that. In the mean time- all I have is a letter saying they are processing the paper work. I do not have a check yet.

I am sure it will all work out.
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Old 08-17-2012, 11:08 AM   #5
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I looked us up again. The deleted my dads entry.

Meanwhile I see my brother and uncle each have some cash owed to them by the state. Under $200- but cash none the less.
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Old 08-17-2012, 01:02 PM   #6
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When my parents died, we siblings had to get together and make some plan to divide up the stuff (the money was covered in the will). My sister, with a glint in her eye and obviously spoiling for a fight wanted to do a round robin - you pick somthing, I pick something, and so on - but she'd prepared a detailed list ordered by (monetary) value for herself. Persian rugs, family silver, all that sort of thing.

I proposed I just take what I wanted, that no one else valued that much - my dads tools and electronics collection, the old records (78's and older, radio station transcription records of never-released live big bands, stuff like that) and a few of my mom's paintings that I had been inspired by. They couldn't believe their "luck". I grabbed that stuff, and returned to my "garden of eden" leaving them both dumbfounded I hadn't "gone for the gold" which wound up being a major PITA for them to shift and to sell as it turned out. And I urged them to sell the mansion and got it done just before the housing crash. Heh. They wanted me to move into it and keep it around for sentimental reasons, me of course carrying all the expenses for it (way over 1k a month in taxes alone). To heck with living near Wash DC. I moved out for good reasons.

Fights avoided, they blew their windfall...I'm well off myself. And in terms of real value (not just money), I think I came out ahead anyway...

Sadly, when my brother found out that with enough money, hookers and blow will come to your door, he didn't live long after that. Pretty much the same scene otherwise. I could hope sis would learn someday...
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Old 08-18-2012, 07:11 AM   #7
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DC- I find your experience troublesome- but common place. Shout out to you.
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Old 08-18-2012, 07:53 AM   #8
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My mentors dad died. in the will, it said, "I don't want Rex (the mentor) to have anything." The kids split the money evenly anyway.

His mom died. In the will, she said "I want Rex to have everything". Rex said, "wouldn't want to go against mamas wishes."

He said it was twenty years before his siblings would talk to him.

My sister is a multi-millionaire (and thinks I'm insane, there's intrinsically nothing wrong with the economy). She spends a LOT of time fighting with her inlaws over money. ugggh.
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Old 08-18-2012, 08:20 AM   #9
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My family knows when I die- my sister goes thru my stuff. My brother also made her the executrix.

My sister is the only one who would understand how I think... and what to do with my junk.

I keep changing my mind on this- but it is temping to buy eagles and when it comes up- yeah- you own x ounces. Want it now?? For over 20 years the money sat.. what is 5 more?
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Old 08-18-2012, 09:13 AM   #10
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Offer them to buy eagles with the money. See what they say. By all means feel free to buy eagles with your portion, but if a part of the money is theirs, it is still theirs.

Try reversing the situation, Penn. I ask you, how would you feel if a sibling got the money and made the choice without your input and decided that some hot stock-of-the-day was the way to make a lot and put it all into there?

Remember - it is never right to do wrong in order to right.
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Old 08-18-2012, 06:41 PM   #11
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When my dad died he left just enough cash to pay for his funeral
Fucking brilliant result and absolutely nothing to fall out about.

My mothers still going at 92 and ive told her i dont want anything, so my siblings can fall out and its free entertainment for me

Dont know if i can nail the zero as good as my dad did but i will try

You can understand why the Donkey Sanctury does so well (-:
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