Reply to If you knew you would inherit $6M, would you do things different?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]i supported my parents through the last 25 years of their life; that was mostly 30k a year until the last several years [b]which turned into more like $200k a year with memory care. [/b]

there is currently a generational trust in my spouses family but they are likely to live at least another 25 years. i view the actual inheritance to be the fact that we won't have to monetarily support them in old age. the primary lifestyle change we made is that we did decide to have children; i probably would not have done IVF if there had been any danger of needing to support the previous generation for significant years.

they have set up nice 529s for our children, and they buy the plane tickets for us to visit; those are the primary extent of our planning reliance on their money. (though we still contribute what our state allows for deductions to another 529). spouses tax-advantaged retirement funds are a little light for their age, which likely reflects some unconscious reliance on inheritance but their overall portfolio is fine.  i'm contributing the max i can to mine including catch-up.

in short, my perspective is that there is no windfall coming, and i live my life accordingly. our newest car is almost 20 years old and that's completely fine. we have a decent UMC life, and i'm delighted to hopefully have decades where they can enjoy their grandchildren.[/quote]

$200k a year on memory care is criminal and unnecessary. If this were the going rate, then think of how many people would work as memory care providers 24-7. No college education necessary but you live with someone and they pay you $200k a year. The market for this is incredibly small. Many people paying amounts like this are big spenders their entire life, or taken for a wild ride.

The average length of LTC is 2-4 years. During this time, your money should be growing and if you’re a widow then you should not have any other expenses since you’re not living at home.

I do feel bad for the elderly who spend large portions of their net worth on care, when it truly isn’t necessary. The large corporations providing care aren’t necessarily providing better care as their employees are often paid very little or minimum wage.

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What are your choices?  At home care requires someone to manage constantly, and what do you do if the caregiver doesn't show up?  It also is not cheap.  A facility costs $$$$$.  At the good ones, the care givers are paid decently, yes the corporations get more but I'm not leaving my parents at home with minimum wage care and hope all goes well.  You find the best facility you can afford and pay for it
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