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[quote=Anonymous][quote=Anonymous][quote=Anonymous]I found out in the last year that my retired father has become quite high net worth, more than 20M.  It was an accidental disclosure and I kind of wish I did not know.  He has always said with a smile that he would be leaving me a little something, we shall see.  I love that he is starting to use the money to help some family members that can really use it and he finds that very rewarding.

DH and I are not counting on it, we hope it will be a long time, but it will be life changing for my sisters (depending on the amount also life changing for me but I am better set for retirement than they are).

DH’s dad also reached to him to talk to him about being his executor and disclosed he had a substantial estate.  Again, a shocker and we are hoping there are many years before we see any of that.

DH and I have always expected our moms to divide their estates evenly between their respective children and they will, but that would likely be substantially less than 1M each.  We literally had zero expectation that there would be anything from either of our fathers, who are both remarried.  The relationships are good, just did not see this coming.[/quote]

What are they waiting for?  I don’t get these parents who have over $20 million, are elderly and have not started transferring their assets.  They don’t need to wait. [/quote]

Step up basis is a powerful way to reduce taxes. Transferring the money when you're alive means realizing capital gains. [/quote]

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