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

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

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[quote=Anonymous]You cannot enjoy the inheritance from your elderly parents because you also will be old by then (their death) and there could be other costs that depletes the wealth.

Grandkids are the true beneficiary of inheritance...and they too would be in their 20s and 30s.
 
[u]Parents should give the maximum tax-free gift that they can (if they have the capacity) for things they value to their kids and not make them wait for end of life inheritance.  [/u]

We are UMC now but we do not have big inheritance to give our kids.  However, our financial gifts for them till now are
-  Debt-free college  education
-  Have them on our medical insurance till they age out. 
-  Let them stay with us for free (no rent, no food costs, no cost for using our cars and electronics, no utilities cost, they can host their friends and parties at home) if they work near us - so they could build their nest eggs. 
- Gave them access (and covered costs for them) for our Amazon, WF, Costco, dept stores, Uber, Starbucks. Put them on our family plan for various subscriptions.

We also gave them the following because we were able to afford it (since they earned their tuition through merit scholarships) - 
- New sedan once they went to college that should hopefully last them for 10 years
- Set up their first apartment - rent for a few months, all basic material things they needed to live comfortably. 
- 1st professional wardrobe once they started working. 
- Seed money when they starting college. Covered additional costs so that they could use their internship earnings to put in retirement and investments.  
- Being financially solvent and secure ourselves so that my kids do not have to fund us in our old age. Taking care of our health and home so that we are not a burden to our kids in the next 20 years.

In future we will pay entirely for their wedding.  If we have the financial wherewithal we will help with down payment to their home.

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