Reply to If you know you’ll be inheriting a significant amount

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[quote=Anonymous][quote=Anonymous]I think there is a big difference between knowing you will inherit a significant amount and being in your 40s with parents in your 70s who have $5-10M. To me, a significant amount is closer to knowing you'll inherit $15+M because it's pretty difficult to spend that kind of money down completely if you are over 70 in relatively poor health. If I knew my parents were worth $100M with 3 kids, I probably would make some changes, especially with regards to my savings rate (currently 28%). On the other hand, teaching my kids that savings and living within your means is extremely important is a top priority. In OP's case, expecting to inherit $2-3M which is what I'm guessing from the post probably would not change my behavior.

All that said, the scariest stories are those from parents who remarry after the death of one spouse and then all the plans can go to hell in a second. There are no guarantees in life and you should take care of yourself. Remember most people inherit after their best working years so why would you wait for money? [/quote]

I am in my 40s with parents in their 70s with probably $10-$20 million and good end-of-life-care insurance, and also some sort of generation-skipping trust of unknown amount from a great-uncle of mine. I am not counting on inheriting a penny as far as my planning goes. For one, I hope my parents live for a long time. For another, I don't see any harm in saving whatever we're able to now. I suppose there could be some tax consequences down the line to worry about if we inherit far more money than we know what to do with, but giving money to charity is an easy way to reduce taxes due, if so. Seems crazy to live far beyond my means now just because I expect to receive money I did absolutely nothing to earn at some unknown point in the future.[/quote]

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