Reply to Do you cut back on 401k/IRA saving if you expect to inherit millions?

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Reply to "Do you cut back on 401k/IRA saving if you expect to inherit millions?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Nope.  You don't know what can happen.[/quote]

THIS!!! My cousins (my parents' generation) had well over $20M decades ago. Their three children all expected to inherit it. Then their dad died and their mom got a new boyfriend. She cut off her kids and is leaving the money to him. Completely unexpected and my cousins (the three grown kids) had all based their lives around getting this money.

Your parents could also lose the investments, have long-term elder care needs that can zap through a big chunk, or anything else that could change a person's fortune.[/quote]

Your cousins were morons and did not have an appropriate estate plan. This scenario could have been easily avoided.

If your parents have 20M+, and have an air tight plan, there is no reason to think you won't inherited the lionshare of that. 
 
Odds are they have good LTC policies to help buffer some of that cost, but pending Armageddon, you're going to easily inherited 5M +[/quote]

I agree with you regarding the lack of appropriate estate plan, but the point is that it sounds like OP is in the same boat. OP hasn't received this money and it's only an estimated $3-5M. Too many ways that OP might not ever get this.[/quote]

Yes, and most happily married couples don't put in their wills "my half goes to my spouse but is protected so that if they marry a gold digger it passes directly to my kids"[/quote]

You can protect the money and still provide the surviving spouse with security.

Once you reach a certain threshold of money, protection is all you need. Get an independent trustee, set a % each year they access no mater what and provide for HEMS. THe independent trustee won't approve of withdrawals that would not benefit the wife or their biological kids

If my wife inherits a $20m trust, she could get 5% a year no matter what. Could she blow that on the pool boy, sure. But hopefully the 20m grows more than 5% so the corpus is protected.[/quote]

But that's not how OP's hopeful inheritance is being managed. You're talking about how things could be, but that's not the current reality.[/quote]

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