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]

It’s not inaccurate. I pay my parents elder care bills. It’s market.

And just keep telling yourself that people on this situation die soon.[b] My parents have been like this for six years.[/b]

And yes many people won’t pay this because they don’t have it. But op’s parents do have it. And if parents have the money, it should be spent on giving them good elder care. So it could be spent down.[/quote]

Highly unusual to require 24 hour care for 6 years.  [/quote]

No it’s not. Parkinson’s, Alzheimer’s, etc. [/quote]

Yep. And I’ve got a parent with each [/quote]

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