What would you do?

[mike]

uncle harry

Id buy a 40 ish foot steel or aluminium boat and sail the five capes sevral times just for the rush of 50 - 60 degree south power reaching.

 

[mike nehring]

Sea of Cortez and Sounthbound on a Legend

Purchase a 5 to 7 year old Legend, ensure she is seaworthy, transport her to the northern reaches of Sea of Cortez, stock provisions and head south.

 

[Sailman123]

No Problem

No problem at all... I'd buy and upgrade a 40 footer with $200,000 and invest the remaining $300,000 at a conservative return of let's say 5%. That gives me $15,000 a year to live on, or more if I take small hits from the principal. And hey, I could do some part time work for beer money. O.K. so where is my Uncle Harry???Sailman123

 

[Gary Harkins]

Are you kidding?

Where do I find one of these "Uncle Harry's?" I'm within two years of retirement anyway. An additional $500,000 would allow me to fulfill my dream of cruising around the world.

 

[Kevin (Maelstrom)]

GO

Good-bye

 

[abe]

DONT FORGET UNCLE SAM WILL TAKE 1/2 ....

well 40% +/-. So, now you only have about 300k to work with.

 

[cfb]

its five oclock someplace

i would be on that new boat in a breeze

 

[Ken "Dancin Bear"]

Go cruisin

I would move my C30 to the pacific northwest and sail until the money runs out.If I can't spend it quick enough I would probably upgrade to one of those nice Tayana 37,s or similiar that I can sail to Australia for some decent beer.Uncle Harry can send the money via email to attn: 1cashconverter@sailmail.ca

 

[ian graham]

dear old uncle what's-his-name...

Whee, new boat for christmas! i am so gone this is a recording, ...a recording, ...a recording...

 

[Anchor Down]

Savor, or Splurge?

For those who immediately went to arguments about will provisions holding up in court: you really don't understand the concept of "hypothetical," do you?*** *** ***Okay:I have 300K after taxes.Buy/equip a suitable yacht for 100k. Invest the remaining 200k in a good mutual that gives an average 12% return. It will yield $24,000 gross income, in perpetuity, or $2,000/month.I don't know what bracket an $24k gross puts you into, but it can't be much. Say you're at 27% and keep $1460/mo.That will go a long way toward keeping the cruise going; for many, it fulfills all budget requirements. I'm sure I could do it (I didn't go overboard on the size of my boat).After you return in three years, you only draw enough money to cover dockage/maintenance, so the principal will grow. Next time out, you can either take out everything over the 200k for provisioning, etc., and be right back to a $1460/mo cruising budget, or leave some of it in and have a larger income-generating principal. Income you earn while shoreside will affect your situation, of course.Wait: I already have a coastal cruiser!Spending $15k on upgrades, equipment, provisions leaves me $285k. The same investment/tax scenario boils down to $2080/mo, net. I'll be quite happy, somewhere between Vancouver & Costa Rica.Or, just blow the money on a great 3-4 year circumnavigation that you will remember forever.Of course, I couldn't afford to leave my job for three years, either, but it's nice to dream.

 

[r.w.landau]

Have not read any responses. However,Gift given...

I would carefully invest it at a minumim 7% returnI would look into buying a used 30'-32' boat. Boats cost by the foot. Slips, bottom paint, etc.We ( my wife and I ) would sail to Haiti/Dominican republic. Observe real time conditions. Report them back to News sources and to Christian ministries.From there sail south west to northern South America. Once again, following directions to impoverished nations,to do the same. I would enjoy the gift given me but also understand the charge and obligation that it was given with...r.w.landau

 

[Clyde]

You only get the money for cruising.

Some of the terms of the will are vague. For interest; "do some serious long-distance cruising for at least three of the next five years…"What constitutes a serious long-distance cruise? How long is long-distance? To get an offshore passage making certificate from US Sailing, you have to sail 600 NM. 250 NM of the 600 NM has to be 50 NM from shore in 15 KN winds. You should have to get the executor of the will to define the term long-distance to insure that you met the terms of the will. You have five years in which to complete three years of long-distance sailing: a minimum of 600 NM offshore passage per year? Harbor hoping along the coast or lake sailing may not meet the long-distance cruising requirements. It sounds like if you don't meet the minimum long-distance cruising in five years, you would have to repay the money you used."The money can only be spent on a boat (if necessary), outfitting the boat for passage making, and/or cruising expenses."Even if you did meet the requirements of the will, the executor can only reimburse you for money used during the passage making. It sounds like you will not be given any money for slip fees unless it's during a passage. You will not be given money for insurance unless there is a "Rider coverage" to get insurance for an ocean crossing and not for normal coverage for the sailboat docked at it's slip. You could not use the money for everyday expenses or invest the money; it can only be used for cruising. Since I couldn't afford to quit my job, I would plan on doing three weeks cruises of over 600 NM offshore and keep a week in reserve for bad weather and breakdowns for the next three years. After that I would still have to do long-distance cruising if I wanted to get any money from the will. It still sounds like a good deal, even if the money was limited to cruising expenses only.Fair Winds,Clyde

 

[r.w.landau]

Clyde, where did the will require insurance?

I am assuming that this is someone that has done a Seat of the pants, cruise. My uncle Bim who has passed, was a free spirit at the age of 14. He went off to places in the south (Florida before it was really Florida)that most of the family never knew where he was. I assume it is this type of excentric that would post the money. We are not talking being qualified nor insured. We are talking doing it!You are thinking to much, get out of the office!r.w.landau

 

[Jeanne B]

I be gone cruzin!

I would waste no, I repeat no time. I'd just be gone! I am 57 and I wouldn't waste a minute thinking about it. I'd just go and once on my way I'd start planning where I wanted to go first. I believe I'd start in the Med. Jeanne B

 

[Graysailor]

Color me gone.....

.....with a Hunter 49!

 

[Doug]

Root of evil

Clyde must be a lawyer... They can put a kink in your best dream. Anyway, If you already have a respectable boat, how much perpetual income would make you feel safe to plan on cruising for 20 years (or till you were expected to die) I'm asking because some of you seem to need to be multimillionaires and I personally felt maybe 40K minimum as an income would be plenty. The after tax $300K would put me where I'd be outa here in a minute and getting some sun. How much do you think is enough?

 

[Franklin]

An additional?

What the hell? Take 40% of that and put it in stock. Buy $3 stock with it and let the market ride it up another two pennies before it realizes only one person was responsible for the rise in price (you'd be surprised of the idiots looking for a coattail to ride) and sell. You just made $1300+...well above what a normal cruiser spends for a month. You worked 10 minutes for a month's expenses of eating out and enjoying the cruising lifestyle. Even if you never earned a penny....I could cruise for 33 years off $400,000.

 

[r.w.landau]

Doug, Good piont and what about self-funding

by jobs along the way...r.w.landau

 

[David Underwood]

Dear Uncle Harry...

Hope this reaches you, we are doing just fine and are having the time of our lives. Thank you for the special gift you left, you are a wise man. We think of you every day while fishing for dinner, sunning our buns and toasting you as the sun sets... God Bless!

 

[Zsolt Regenyi]

*YKS Happy

I am happy because I am a divorced men so wife will not be with me.My boat would be a supper automatic sailboat - and probably I would go with a new girlfrend. The "inviting expenses" for a nice young girl may also be included as a refitting of the Captain (myself)Destination: far from civilised places -because I do not want to "loose" my young lady.Cheers Zsolt Regenyi