Anonymous
Post 02/15/2013 02:51     Subject: For those of you that KNOW you will be inheriting money...
I am expecting a check in the low 6 figures next month from my late uncle's estate. I haven't been in contact with him for over 40 years and this inheritance is totally unexpected.

Obviously, I haven't factored this money into my financial plans, but it is a blessing since my DD is about to enter graduate school in the fall.
Anonymous
Post 02/15/2013 02:13     Subject: For those of you that KNOW you will be inheriting money...
Anonymous wrote:my parents are worth about 25 million, in their 60's right now, and spouses parents about 35 million, in their 50's right now. We both how two siblings, so our personal is 1/3 of the total---about -8million + 12 million=20million. But the reality is, both of our parents still have a long life ahead of them, and are involved with their grandkids. Other than this thread, I never think about it, or expect anything. Would much rather our parents live long and happy lives than get their money.


I appreciate your attitude but chances are very high that you WILL inherit a huge amount of money. Undoubtably, it has affected your lifestyle up to this point and will affect your children's.
Anonymous
Post 02/13/2013 14:12     Subject: Re:For those of you that KNOW you will be inheriting money...
DON'T factor it in.Depending on how the estate is handle, which state, who dies first, long illness you may see VERY little of the estate once it actually gets to you. We consider it a bonus if we end up with any considering how much taxes, attorney fees, accountants, cost to sell house, medical bills etc took out of the estate. Its amazing how much you can spend on settling an estate. We will be lucky we have enough to put aside a little for retirement or kids college.
Anonymous
Post 02/13/2013 09:45     Subject: For those of you that KNOW you will be inheriting money...
Anonymous wrote:
Anonymous wrote:I would pay off the student loans and save for college over the 401(k). But keep adding what you can to it all -- you can't count on ILs money especially if they spend many years ill/in nursing homes. $2M can disappear faster than you'd think.


+1. My mom's assisted living bill was $9K a month, plus extra help, and miscellaneous expenses (toiletries, meds, clothing). She spent four years in assisted living and needed a LOT of help because of severe dementia.


Another +1. Both of my parents needed nursing home care, and it spend down A LOT of the money they had hoped to pass along to us.

OP, keep saving and let whatever money comes to you be a bonus...but don't slack up on your investing because you're counting on that inheritance.
Anonymous
Post 02/12/2013 22:37     Subject: For those of you that KNOW you will be inheriting money...
my parents are worth about 25 million, in their 60's right now, and spouses parents about 35 million, in their 50's right now. We both how two siblings, so our personal is 1/3 of the total---about -8million + 12 million=20million. But the reality is, both of our parents still have a long life ahead of them, and are involved with their grandkids. Other than this thread, I never think about it, or expect anything. Would much rather our parents live long and happy lives than get their money.
Anonymous
Post 02/11/2013 21:38     Subject: For those of you that KNOW you will be inheriting money...
Anonymous wrote:
Anonymous wrote:Your parents could get swindled by Bernie Madoff (it happens). You may think they have more than they do. They can always change their will any time. They could also spend a lot on illnesses. Or other things. Don't count on it.


Ditto. One of your parents could die, remarry, and leave everything to the new spouse.


HEY! that's what my dad did
Anonymous
Post 02/11/2013 21:35     Subject: For those of you that KNOW you will be inheriting money...
Unless your dad's Bill Gates, I would not assume there will be money left for you. Even rich parents could c)get sick and run through their money, b) get swindled by a Madoff, or c) decide to leave their fortune to a home for cats. Unless Mom & Pop are currently on their deathbeds, comatose, and the wills are already signed, don't count your chickens. Plan to support yourself your whole life. If you do end up inheriting something, hooray, but if not, you'll be prepared.
Anonymous
Post 02/11/2013 18:52     Subject: Re:For those of you that KNOW you will be inheriting money...
If we dropped dead today, our kid would get about $10M (about half in insurance). But if we live 40 more years, like we're planning, there won't be much left to pass on. Our kids are still in college so we haven't had any planning discussions with them. And we just may not.
Anonymous
Post 02/11/2013 18:06     Subject: For those of you that KNOW you will be inheriting money...
Anonymous wrote:Your parents could get swindled by Bernie Madoff (it happens). You may think they have more than they do. They can always change their will any time. They could also spend a lot on illnesses. Or other things. Don't count on it.


Ditto. One of your parents could die, remarry, and leave everything to the new spouse.
Anonymous
Post 02/11/2013 17:49     Subject: For those of you that KNOW you will be inheriting money...
Your parents could get swindled by Bernie Madoff (it happens). You may think they have more than they do. They can always change their will any time. They could also spend a lot on illnesses. Or other things. Don't count on it.