Irv, my apologies for the suicide comment, but lest you misjudge me, it has to do with family, not money issues. It doesn't look like I'll be having children of my own, and am a bit emotionally raw about it right now, and your belly aching was just too much.
As for the money thing, I think your foolish to liquidate assets and create a huge tax burden. That's money that could be better put to use for the benefit of your family, St. Judes, or whatever else you want to do with it. Sending it to Uncle Sam is a total waste. You've amassed the wealth, use it properly.
So, again, some folks would love to have your "troubles".
My comment wasn't directed at you or anyone specific, but I know I am not always centered, I work on it when I can and notice it, but I also know when people are biased against me, I haven't gotten this far by letting it effect me 2 minutes after I notice it... I have been told you either love me or hate me, not much room for middle ground, people that know me seem to tolerate me for some reason, lol... I try my best to treat people how I would want to be treated or have my family and friends treated, you won't see me ever throw the first stone, I can promise you that, but I am the type to play to the death after being hit by said initial stone...
I understand a lot of people have sets of issues all there own, I wouldn't dare burdon an internet forum with my "real" issues, even with my wife sick that is about as far as the conversation goes, not much deeper, because people have their own problems and I know that... Topics I start like this one are to help me get a handle on something I may or may not think I am able to make constructive choices about, I know when it comes to money I am a roi guy, all about the return, and asking friends in person can be embarrassing because, a lot of the replys would be judgemental, not their fault, or anyone on this forums who judges me, but how my brain works judging doesn't come to my mind first.. You ask me advice I put myself in your shoes and tell you what I would do, its how my mind is prone to work, I do have diagnosed mild OCD.. While waiting for anything I have to count things, tiles in the doctors office, cars in traffic, people and chairs in restaurants, then I start dividing them and comparing the numbers to other items, for example patrons vs employees, patrons vs tables, and seats, females vs males, it all depends how long I have to wait.... Also the fact I need to control myself from over doing and obsessing on individual accomplishments trying to break 100% efficiency, or collecting all of something in a series or all of that item and its variables, I hate about myself... I wish I could own Spiderman # 1, 2, 4, 6, 9, and 11, NOPE I need 3 copies of #1, 5 copies of #2, and no less than 2 copies of each other issue and any of their variables, the good thing about that is I found a way to make money doing it, buy low and ungraded, send out for grading, buy before the demand hits by watching current events like movies, keep them perfect and well documented, don't fall in love with any and sell when the market is highest... I can honestly say I have a comic and autographed ball collection that probably approaches a million dollars, and it may stand me $150K after I add and subtract all the investments and moving around I did with the collectibles... I traded $5K of books for a few paintings by a guy named Gergory Perillo I brought them home and my wife was like WTH are you going to do with them? {they were of indians and a horse, lol}, I sold them pictures 9 months later for almost $30K, I gave $5K in books that cost me under $2500 and turned it into $28,800 in less than a year!!! SO that money goes rite back into where it originally came from, but my $2500 back in the bank, move the remainder to more tangible goods investing.... Its the best of both words, you get to enjoy nice things and profit from them, if you figure out how to do that you will enjoy them just that much more, imagine buying a stereo system for $20K listening to it for 2 years and selling it for $30K, then putting the $20K back in the bank and spending $10K on another stereo listening to that one for a while and selling it for $20K.... I can not think of anything better.. Problem is stereo don't work that way... Nor do boats, if I could get stereos and boats to go up in value after you use them I would be so much happier about spending money on them....
Anyway, I am sorry if you want children and are not going to have them, my uncle and many friends have adopted, my wife has brought up adopting a bunch of times {she is a pedi specialist at our largest pediatric hospital so sees a lot of kids in need}. Granted I wouldn't trade my kids for all the money in the world, if it meant I had to move into a housing project to keep one of them well I wouldn't think twice about it, I would pack up my clothes and go, thats not the issue in this post... I was surprised at the cost, I was surprised that I was the only one in my home surprised about the cost, and I was surprised that it has gotten past me, made me think what else do I ignore or not know about...
In the scheme of things, NO $3K is not a lot of money, but as anyone mildly intelligent can tell by my posts I like to know that my money is being spent wisely, I like getting more than I pay for and when I am done with it getting more or such a high percentage of my money back that I owned it for virtually nothing compared to its use.. Just look in my garage, Jeep Wrangler, one of the highest resale values in a passenger vehicle, Toyota still the highest resale value according to most all studies. i am not sure why I obsess about returns maybe its from the years of research on property values and housing value trends, made me crazy about tracing every last cent... Maybe watching the economy go from over night millionaires to homeless and on government assistance, scared me into being over protective of what I have, I don't know... And I know I think about money way too much, I always say one day I won't worry about money, but for some reason that day is getting further and further away....
One more thing ski, as far as the tax burden you are correct, I would not sell everything all at once, after painstakingly going so far out of my way to make sure all my investments were sound and putting so much work into each and every one. I do plan on keeping the very profitable low maintenance properties for a very long time, why would I sell a property for $300K when it makes me $30K a year after taxes and expenses, 10 years and I get the $300K and keep my property still worth by them hopefully $330K.... But there are a couple that are a lot of work, mostly because of occupants and areas {I have all nice areas for rent, no inner city or anything like that, BUT, some areas like to pllay games with homestead taxes and rental income taxes...} my properties are all setup to be maintenance free for 30 years when I finish them, 30 yr roofs, 30 year sidings, 30 year porches, 30 year heating systems, ect ect ect but stuff still happens, between tenants I have to go in, clean, repair walls, floors, fixtures, appliances, ect and if someone doesn't stay at least a year, it gets to be a pain.. Even with all of my planning I can not get a hold where people live in one place for the longest, I rent to people with long histories at their last residence, I buy in neighborhoods with stable structure and local businesses, but still sometimes you get them tenants that sign 1 year and leave, now I have to re advertise, have it empty for a month or 15 days, clean it, paint it, plaster the holes they put for pictures, ect...
Its a live and learn business, I tried doing rentals in the city near colleges, dorm rooms, OMG never again, them kids are animals, I was getting calls at 4 am that the front windows fell out of the house and are on the lawn, the sink fell through the counter, someone on the 3rd floor fell asleep in the tub and drown to death plus destroyed the entire building with flood damage... I sold them properties FAST, lol.... You wouldn't believe how dangerous college is, them kids die left and right, I don't need that sh!t on my plate... I had 3 just disappear!! They all came back but parents are calling me like I know where they are, I never et them, I couldn't tell you what color, size, shape, they were... The money was insane though, a 3 story apartment in the city that wouldn't get you $800 a floor turned into 15 student dorm rooms with 3 common areas at $590 a room!!!! A house I bought at auction for $28K invested 110K into it and the first year the rents made over $105K!!!! and all rents have to be paid in advance for the year!!! OUt of 40 kids that rented 11 got there security deposits back though, so you could spend $50K redoing the place every year lol... I still own 1 small one near PC, its 9 rooms with 3 common areas, $650 per month with $2000 security deposits, entire lease paid up front annually, and my office manager picks the tenants personally... It has been very good so far with that one, but it is very close to a police sub station, lol...
Anyway enough about business, I only talk so much about it because maybe someday someone from here may think about going into the realty business, now is a great time to invest, some may turn up their nose like I am bragging, but there are a few local guys that would kill for a few minutes of my advice on the matter... You have good credit, are a little handy, and have a little equity or capital to start with and you can be a millionaire in 10 years, not rocket surgery, I have already learned form my own mistakes... I have had people contact me for business plans on how to do it in FLorida, TN, Ohio {property is super cheap in some areas, but for good reason}, I have a friend that flys me out to Oregon to help him with new developments, we spend some time hunting and eating, then go sit down in his office where he sets me up my own desk and we go over everything from local economy structure to what material to use on the driveways and what color to do the appliances... This is once a year, I use it like a vacation {because I am cheap}....
Anyway, look into it, lets all be rich and complain about money... IN 10 years we can all invite BSA over to dump lobster carcasses in the ocean with us...
