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]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]

Their father could have prevented that with careful planning.   That’s too bad.  [/quote]

True. The irony is that their dad's dad was a lawyer and schemed to force a deathbed change to a childless relative's will. The new will left everything to lawyer and his family instead of splitting it across all the nieces and nephews (the original will included my dad). That's where all the money came from. This obviously created family rifts. After all that, the scheming lawyer relative didn't take some simple steps to ensure it stayed in the family. The money went to scheming lawyer's son's wife who is now giving it to new boyfriend. The BF has already extracted a lot of it from her. So the fortune is going out of the family. Scheming lawyer's son and his 3 grown children never amounted to anything professionally. They all just sat around waiting to inherit and spent every dime they were ever given on a lifestyle they couldn't support on their own. Now so many relationships are destroyed. The money has been more of a curse than anything.

I'm almost glad that my dad got cut out with this deathbed coerced will. My siblings and I all did well professionally and are self sufficient. I feel bad for my 3 cousins who are my generation, but they're also very bitter about the money and not nice people to be around.[/quote]

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