Reply to SO: Thoughts on sister and her DH buying a house with my mother?

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Reply to "SO: Thoughts on sister and her DH buying a house with my mother?"

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[quote=Anonymous]Op not sure if anyone has mentioned this...but there’s a decent chance you’re not going to inherit anything anyway.  You may be counting on an inheritance that won’t exist.

Your sibling who helps your mom very well could inherit it all.  This wouldn’t be the first time his has happened.

Secondly, your mom may go through all of her money.  Is she in a classic six on the UES?  If so I’m assuming the apartment is worth $2.5 million.  A lot of money, but not if you require 15 plus years of assisted living in the NY area.  I assume she has other money but you did say the apartment is her primary asset.  Not to mention there is a flip tax in NY and high costs to selling.

Your mom may be considering moving in with your sister because she financially NEEDS to.  It may be the only way you receive any inheritance if she is going to be able to avoid going to an assisted living facility for a number of years.

I know many people from the NE counting on significant inheritances from their parents.  They don’t seem to understand the high cost of retirement living their parents are facing.  Some of these families pay 40-50k a year just in property taxes!  Your mom is an example with paying $36k a year just in coop maintenance!   They may have millions in retirement but that’s what it takes to pay those kind of property taxes and maintain the expensive lifestyle they are accustomed to.  Then there are the high estate taxes and assisted living and nursing homes are even more expensive in the NE.  Your parents or parent in your case needs a networth above $5 million for you to stand to inherit more than a few hundred thousand, especially if you have more than one sibling.

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