Reply to If you know you’ll be inheriting a significant amount

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][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]

What sort of "help" do you plan to hire? [b]24-7 care one on one for one person is about 120-150k per year at home. [/b]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[/quote]

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.  [/quote]

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. [/quote]

Actually I have.  For my father.  [/quote]

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

Never did 24 hour care.  3 years of LT care.  [/quote]

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