Anonymous
04/18/2023 08:52
Subject: If you know you’ll be inheriting a significant amount
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Sadly, OP, I’m not sure that counts as a significant amount of money. It’s better than nothing, of course! Just live as if you expected nothing, because 1M does not go a long way, unless you invest it for your kids.
You know what’s sad? People living in bubbles who think $1 mil wouldn’t significantly improve the lives of most people. You all are so very clueless. [/quote
+1. I was thinking the same.
Same. We are high earners and inheriting a million means we can payoff our mortgage early. Our mortgage is our largest expense. That’s huge.
I agree $1M is a lot of money, but not many will still have a mortgage when they inherit. Ours will be paid off in our early 50’s. Our inheritance will most likely come in our late 60’s. As I’ve said upthread we don’t “count” on it for our retirement, but it’s fairly likely it will come and will provide a lot more cushion. We mostly plan to use it to increase travel expenses (including with our kids) and also to supplement them and their families. Plus of course they will receive it all when we die - it would be way to much to spend in a generation.
Sounds like you’re in flyover (kids and mortgage by age 30) or don’t have a sub3% mortgage.
Nope. Took at 15 year loan in 2016 at 2.5%. Nova. Anyone taking a mortgage by their mid 30’s will be done by mid 60’s with no acceleration though.
Anonymous
04/18/2023 08:52
Subject: Re:If you know you’ll be inheriting a significant amount
We already inherited about that much and do nothing different. It gives us a bit more freedom in terms of career choices or if a big expense comes up, but basically we pretend it’s not there.
Anonymous
04/18/2023 08:42
Subject: If you know you’ll be inheriting a significant amount
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Sadly, OP, I’m not sure that counts as a significant amount of money. It’s better than nothing, of course! Just live as if you expected nothing, because 1M does not go a long way, unless you invest it for your kids.
You know what’s sad? People living in bubbles who think $1 mil wouldn’t significantly improve the lives of most people. You all are so very clueless. [/quote
+1. I was thinking the same.
Same. We are high earners and inheriting a million means we can payoff our mortgage early. Our mortgage is our largest expense. That’s huge.
I agree $1M is a lot of money, but not many will still have a mortgage when they inherit. Ours will be paid off in our early 50’s. Our inheritance will most likely come in our late 60’s. As I’ve said upthread we don’t “count” on it for our retirement, but it’s fairly likely it will come and will provide a lot more cushion. We mostly plan to use it to increase travel expenses (including with our kids) and also to supplement them and their families. Plus of course they will receive it all when we die - it would be way to much to spend in a generation.
Sounds like you’re in flyover (kids and mortgage by age 30) or don’t have a sub3% mortgage.
Anonymous
04/18/2023 07:02
Subject: If you know you’ll be inheriting a significant amount
You never know what can happen. My husbands grandmother owned a commercial property that was worth about $5 million about 10 years ago. When she past she left it to her three kids (my mother in law, her brother and her sister). Her brother and sister never had any children so it was always understood that they would leave the property to my husband and his two siblings. About a year before the grandmother died, we learned that my husbands uncle had a daughter when he was in his late 60s. He also married the women he had the child with. My MIL was really upset and her brother promised that his share of the property would still go to her kids, but I feel like that is preposterous and there is no way he won’t leave it to his daughter. Whatever happens I’m sure this whole situation will be a big drama one day and we will get a small fraction of what the property is worth, if we are lucky. Long story short - never count on an inheritance because anything can happen.
Anonymous
04/18/2023 06:51
Subject: If you know you’ll be inheriting a significant amount
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:Sadly, OP, I’m not sure that counts as a significant amount of money. It’s better than nothing, of course! Just live as if you expected nothing, because 1M does not go a long way, unless you invest it for your kids.
You know what’s sad? People living in bubbles who think $1 mil wouldn’t significantly improve the lives of most people. You all are so very clueless.
+1. I was thinking the same.
Same. We are high earners and inheriting a million means we can payoff our mortgage early. Our mortgage is our largest expense. That’s huge.
I agree $1M is a lot of money, but not many will still have a mortgage when they inherit. Ours will be paid off in our early 50’s. Our inheritance will most likely come in our late 60’s. As I’ve said upthread we don’t “count” on it for our retirement, but it’s fairly likely it will come and will provide a lot more cushion. We mostly plan to use it to increase travel expenses (including with our kids) and also to supplement them and their families. Plus of course they will receive it all when we die - it would be way to much to spend in a generation.
Anonymous
04/18/2023 06:26
Subject: If you know you’ll be inheriting a significant amount
Anonymous wrote:Anonymous wrote:Anonymous wrote:Sadly, OP, I’m not sure that counts as a significant amount of money. It’s better than nothing, of course! Just live as if you expected nothing, because 1M does not go a long way, unless you invest it for your kids.
You know what’s sad? People living in bubbles who think $1 mil wouldn’t significantly improve the lives of most people. You all are so very clueless.
+1. I was thinking the same.
Same. We are high earners and inheriting a million means we can payoff our mortgage early. Our mortgage is our largest expense. That’s huge.