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Money and Finances
Reply to "Time for some “riches to rags” stories."
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[quote=Anonymous]It’s not that hard to go from riches to rags. With 5-10 years of dementia care in retirement you’re looking at $1-2M gone. Then divide the rest among however many children and a $5M estate dwindles to under $1M per child after taxes. Say they spend $100K of that on whatever. The let’s say they have a health issue or a forced early retirement. You can easily see how they could end up with under $2M and by the time they die and divide their estate their kids inherit little to nothing.[/quote]
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