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Money and Finances
Reply to "If you know you’ll be inheriting a significant amount"
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[quote=Anonymous]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. [/quote]
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