If you know you’ll be inheriting a significant amount

[Anonymous]

I am operating as if I am getting nothing. I think that's the safest way to go. My dad has said a thousand times what his intentions are and how he's set things up. But he started dating last fall and although he's always been level-headed and non-impulsive, I know things can change. I expect nothing and will be fine with that. I'll be very pleasantly surprised if I get anything.

[Anonymous]

Anonymous wrote:52 weeks x 40 hours a week x $25/hour (to an agency which you want because they send replacements and do all the hiring) is $52k a year. If you need 24 hour care, multiply that by 3. And my figures are several years old so probably higher now.

It is higher now. We’re at $30-35, not through an agency. This is for CNAs. And realistically you can’t schedule people for exactly 24/7, the schedules just don’t work out perfectly. If you can’t have gaps, you get overlaps.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

No it’s not. Parkinson’s, Alzheimer’s, etc.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

Friend, you’ve never done this. Sorry. You don’t know how much it costs or how hard it is to find. We’re currently doing this for considerably more. Yes, some of our aides make that much. It’s well deserved. The overtime is considerable and we don’t provide health insurance. Not to mention you need sick coverage and to be basically always hiring in order to replace people.

Actually I have. For my father.

Please tell us how much you spent per year for 24/7 care at home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:15:57 again. Also, what is a “fully funded” 529? In-state flagship is 30K a year. SLACs are 77K a year. Some unis are 85-90K a year. For 2023. Who knows what it will be when your kids go to college!

$250K in the account with about 10 more years of growth to go. It’s definitely fully funded.

Ha - I used to think this. Let’s look at the stats.

Just picking an example, Duke: https://financialaid.duke.edu/how-aid-calculated/cost-attendance/

$84,517 excluding transportation, spending money, dorm supplies, clothing, gas, phone, insurance (health, car and dorm)

X 4 years = 338,068

Grad school, increased rates, more expensive school, etc.

I used to think like you.

Are you the same person who spends 150k a year on home health aides?

The vast majority of American kids don’t spend $338k attending college. Nor do most parents plan to pay for grad school. Additionally most parents are already paying for their child to eat, cell phone, activities etc while in HS.

You and your family sound like big spenders.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

No it’s not. Parkinson’s, Alzheimer’s, etc.

Alzheimer’s is on average 2-3 years of care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

No it’s not. Parkinson’s, Alzheimer’s, etc.

Alzheimer’s is on average 2-3 years of care.

Okay well good luck with that.

[Anonymous]

I don’t know if I’ll inherit anything but I’m definitely not seriously factoring the entirety of my parents’ end of life care into my planning as I know they have a good deal saved and are frugal. This is huge for me since I have two young kids and my sisters both have rather spent thrift in laws so they have to plan for supporting them eventually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

No it’s not. Parkinson’s, Alzheimer’s, etc.

Alzheimer’s is on average 2-3 years of care.

I guess my MIL was above average with 9 1/2 years. Plus, she would have been in care for 3-5 more years if my FIL had not been there.

[Anonymous]

Anonymous wrote:

Anonymous wrote:52 weeks x 40 hours a week x $25/hour (to an agency which you want because they send replacements and do all the hiring) is $52k a year. If you need 24 hour care, multiply that by 3. And my figures are several years old so probably higher now.

It is higher now. We’re at $30-35, not through an agency. This is for CNAs. And realistically you can’t schedule people for exactly 24/7, the schedules just don’t work out perfectly. If you can’t have gaps, you get overlaps.

My number was just for a basic home health aide and we did not do 24 hours because my dad was home and my mom (the patient) slept through the night usually.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

Friend, you’ve never done this. Sorry. You don’t know how much it costs or how hard it is to find. We’re currently doing this for considerably more. Yes, some of our aides make that much. It’s well deserved. The overtime is considerable and we don’t provide health insurance. Not to mention you need sick coverage and to be basically always hiring in order to replace people.

Actually I have. For my father.

Please tell us how much you spent per year for 24/7 care at home.

Never did 24 hour care. 3 years of LT care.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

No it’s not. Parkinson’s, Alzheimer’s, etc.

Alzheimer’s is on average 2-3 years of care.

I guess my MIL was above average with 9 1/2 years. Plus, she would have been in care for 3-5 more years if my FIL had not been there.

Sounds like they had the money to burn. Your average patient doesn’t require 12.5 years of LT care. That’s insane.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

Not really, my MIL needed it longer than that with early onset dementia. You never know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:52 weeks x 40 hours a week x $25/hour (to an agency which you want because they send replacements and do all the hiring) is $52k a year. If you need 24 hour care, multiply that by 3. And my figures are several years old so probably higher now.

It is higher now. We’re at $30-35, not through an agency. This is for CNAs. And realistically you can’t schedule people for exactly 24/7, the schedules just don’t work out perfectly. If you can’t have gaps, you get overlaps.

My number was just for a basic home health aide and we did not do 24 hours because my dad was home and my mom (the patient) slept through the night usually.

So what you’re saying is you haven’t had to do 24/7 care and you had an additional full time supervisor/caregiver who was unpaid.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think it depends on how your parents currently spend.

My mom has around $2 million and doesn’t spend the principle. She takes the minimum distribution and then reinvests it in a taxable account. She lives off around $75k a year without spending down principle.

She also has a $700k paid off house. I assume this will go to end of life care. The average stay in a nursing / end of life care facility is 2 years. We plan to hire help for her before that stage. I’d guess that is $50k a year. She lives in a house with a full bed and bath on the main floor.

I’d be shocked if I don’t inherit a million and plan to pay off any remaining mortgage and save the rest.

What sort of "help" do you plan to hire? 24-7 care one on one for one person is about 120-150k per year at home. That's if she is somewhat mobile. If she has to be lifted to get to bathroom or shower or into wheelchairs, the agency may make you hire two people for at least that time

This is inaccurate and far fetched. Think what a great career this could be. You could work 12 hour shifts and earn $75-80k per year and not even need a college education. Do you know how many people would want a job like this? Think of all of the people working 10 hour shifts at McDonald’s and earning $30k.

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon. My parents have been like this for six years.

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.

Highly unusual to require 24 hour care for 6 years.

It happens but it’s very rare. +100