Anonymous
12/02/2019 11:30
Subject: Will you and DH get an inheritance?
Anonymous wrote:Anonymous wrote:Anonymous wrote:DH's Grandma has money set aside. (It won't be what some are hoping for)
MIL has been "sharing" while she's still alive. That's what she calls it. She doesn't want the Government taking most of it.
My mom received a small inheritance when my Grandma passed away.
Unless her estate is over $2m, govt shouldn’t get any of it.
She's been told the Government will take whatever percentage.
Her part of the family likes to discuss this stuff. I don't. She recently had a health scare, and that got her thinking.
I was surprised and uncomfortable when I wasn't even actually part of the family yet and people were talking about expected inheritance. Yuck. Some were planning their spending spree years ago. I laugh at them now.... the people they were planning on getting big bucks from are still alive.
There really is nothing humorous about that. It's actually really sickening..
Anonymous
12/02/2019 11:26
Subject: Will you and DH get an inheritance?
I can't predict whether my parents will choose to spend their money before they die--or, of course, whether they'll need it for medical expenses.
That said, my very rough estimate is that they have the following:
- several million dollars in investments
- an NYC apartment worth about $1.5-2 million
- a steinway piano worth probably $60K
They are investing about $50K in our kid's 529 (and she's little, so that'll grow).
Anything they leave I'll split with my sister. Even if there isn't any money left, their apartment should be worth something. We're not counting on any of it; we'll be grateful for anything.
That said, my very rough estimate is that they have the following:
- several million dollars in investments
- an NYC apartment worth about $1.5-2 million
- a steinway piano worth probably $60K
They are investing about $50K in our kid's 529 (and she's little, so that'll grow).
Anything they leave I'll split with my sister. Even if there isn't any money left, their apartment should be worth something. We're not counting on any of it; we'll be grateful for anything.
Anonymous
12/02/2019 11:24
Subject: Will you and DH get an inheritance?
My mom got a small inheritance from her parents (less than 100K). I won't receive an inheritance and neither will DH.
Depending on our long term care situation, we're hoping to leave DS with an inheritance as part of a trust.
Depending on our long term care situation, we're hoping to leave DS with an inheritance as part of a trust.
Anonymous
12/02/2019 11:18
Subject: Will you and DH get an inheritance?
Anonymous wrote:Anonymous wrote:DH's Grandma has money set aside. (It won't be what some are hoping for)
MIL has been "sharing" while she's still alive. That's what she calls it. She doesn't want the Government taking most of it.
My mom received a small inheritance when my Grandma passed away.
Unless her estate is over $2m, govt shouldn’t get any of it.
She's been told the Government will take whatever percentage.
Her part of the family likes to discuss this stuff. I don't. She recently had a health scare, and that got her thinking.
I was surprised and uncomfortable when I wasn't even actually part of the family yet and people were talking about expected inheritance. Yuck. Some were planning their spending spree years ago. I laugh at them now.... the people they were planning on getting big bucks from are still alive.
Anonymous
12/02/2019 11:14
Subject: Re:Will you and DH get an inheritance?
Anonymous wrote:My grandparents set up a trust - my mom got $2.5 million and I will get $1 million. We started to get payouts every year from that trust when I was around 25. It is VERY hard to not touch the money, harder than I expected, but I try to stick it all into protected accounts and not touch it. It's getting easier now that my husband and I make more money.
I have no idea if my mom plans to leave any of her inheritance to me or my kids when she dies. I haven't asked, it seems a little presumptuous considering I'm already getting a very generous $1 mil.
I hope to give my kids each $1.5 mil, but I'd like to start giving it to them in their mid-20s rather than when I die. Getting my money now, when my husband and I are trying to pay off student loans, buy a house, and put two kids through daycare has been enormously life changing, and I'd love to do that for them too.
My husband also got $50k when his grandfather passed. It might sound small-ish compared to my inheritance but it came at exactly the right time for us to buy our house, which has appreciated quite a bit, so it also was a hugely beneficial windfall to us. We've been extraordinarily fortunate. My dream is that one day once I have access to my trust I can give a very significant chunk of it to a cause I care about. I haven't figured out which one yet though.
Do you mean you don't touch the payout at all?
How do these trusts work?
Anonymous
12/02/2019 11:12
Subject: Re:Will you and DH get an inheritance?
Yes.
Anonymous
12/02/2019 11:10
Subject: Will you and DH get an inheritance?
Anonymous wrote:Anonymous wrote:DH's Grandma has money set aside. (It won't be what some are hoping for)
MIL has been "sharing" while she's still alive. That's what she calls it. She doesn't want the Government taking most of it.
My mom received a small inheritance when my Grandma passed away.
How rich is your MIL, where she is worried about the estate tax?
I don't know.
To her it isn't about how rich she is. She doesn't want to give the Government a penny more than she has to.
Her choice.
Anonymous
12/02/2019 10:44
Subject: Will you and DH get an inheritance?
Anonymous wrote:Yes. A stack of vintage National Geographic magazines!!
Yep. And some vintage 70's furniture.
Anonymous
12/02/2019 10:42
Subject: Will you and DH get an inheritance?
Yes. A stack of vintage National Geographic magazines!!
Anonymous
12/02/2019 10:41
Subject: Re:Will you and DH get an inheritance?
My grandparents set up a trust - my mom got $2.5 million and I will get $1 million. We started to get payouts every year from that trust when I was around 25. It is VERY hard to not touch the money, harder than I expected, but I try to stick it all into protected accounts and not touch it. It's getting easier now that my husband and I make more money.
I have no idea if my mom plans to leave any of her inheritance to me or my kids when she dies. I haven't asked, it seems a little presumptuous considering I'm already getting a very generous $1 mil.
I hope to give my kids each $1.5 mil, but I'd like to start giving it to them in their mid-20s rather than when I die. Getting my money now, when my husband and I are trying to pay off student loans, buy a house, and put two kids through daycare has been enormously life changing, and I'd love to do that for them too.
My husband also got $50k when his grandfather passed. It might sound small-ish compared to my inheritance but it came at exactly the right time for us to buy our house, which has appreciated quite a bit, so it also was a hugely beneficial windfall to us. We've been extraordinarily fortunate. My dream is that one day once I have access to my trust I can give a very significant chunk of it to a cause I care about. I haven't figured out which one yet though.
I have no idea if my mom plans to leave any of her inheritance to me or my kids when she dies. I haven't asked, it seems a little presumptuous considering I'm already getting a very generous $1 mil.
I hope to give my kids each $1.5 mil, but I'd like to start giving it to them in their mid-20s rather than when I die. Getting my money now, when my husband and I are trying to pay off student loans, buy a house, and put two kids through daycare has been enormously life changing, and I'd love to do that for them too.
My husband also got $50k when his grandfather passed. It might sound small-ish compared to my inheritance but it came at exactly the right time for us to buy our house, which has appreciated quite a bit, so it also was a hugely beneficial windfall to us. We've been extraordinarily fortunate. My dream is that one day once I have access to my trust I can give a very significant chunk of it to a cause I care about. I haven't figured out which one yet though.
Anonymous
12/02/2019 10:39
Subject: Re:Will you and DH get an inheritance?
Anonymous wrote:My parents did not get any. My mother's parents were poor. My father didn't get anything. His siblings got it all.
DH and I will each get some real estate from our parents.
I am hoping to pay my kids' college tuition so they would start their life free of debt. Hopefully I can leave them a little something too.
I feel really poor reading all you guys' inheritances. Starting blocks do make a difference. You probably also got access to great education, in addition to the financial stuff.
I do not think that most people get huge inheritances anymore than I think that most people have household incomes of 400K and 2 million in their 401Ks plus health insurance for life.
The numbers being thrown around on DCUM are not typical. At all. I would never live my life expecting some sort of magical windfall to rescue me anymore than I would just assume that I would one day win the lottery.
People put money away for their retirements for a reason. Being poor sucks! And they know it sucks.
Anonymous
12/02/2019 10:36
Subject: Will you and DH get an inheritance?
Anonymous wrote:Anonymous wrote:Anonymous wrote:Anonymous wrote:I have no idea and frankly IDGAF, I've made my own way in life. If we get one cool, if we don't, were still retiring at 55. Makes no difference.
It's not really a concern for me, either. I can see how it might make a difference to someone else, though. If you have ever been poor you know that.
OP.. same. We are living our lives with the expectation that we receive 0. I know too many people counting on it for their retirement or kids college.
How can they count on something that they have absolutely no control over? That's the thing that truly boggles the mind. It's their parents' money to spend as they please, it's not their adult children's "inheritance" until the parents passes away and actually leaves something to them after forking over most of it for their care in old age. Even then, the parents might opt to leave their estate to a charity or some random guy named Hank. It is their money. The parents don't owe their kids an inheritance, they are only responsible for themselves. Just as we all are.
In my case, most of the money is already put into trust so I have a pretty good sense of what I will inherit. The vast majority of the money is commercial real estate, so it’s always possible the DC area devalues and the value of the trust goes down. But my parents won’t spend the corpus because they can’t. The trust gives off about $400,000 of income a year, which my parents do spend.
Anonymous
12/02/2019 10:32
Subject: Re:Will you and DH get an inheritance?
My parents did not get any. My mother's parents were poor. My father didn't get anything. His siblings got it all.
DH and I will each get some real estate from our parents.
I am hoping to pay my kids' college tuition so they would start their life free of debt. Hopefully I can leave them a little something too.
I feel really poor reading all you guys' inheritances. Starting blocks do make a difference. You probably also got access to great education, in addition to the financial stuff.
DH and I will each get some real estate from our parents.
I am hoping to pay my kids' college tuition so they would start their life free of debt. Hopefully I can leave them a little something too.
I feel really poor reading all you guys' inheritances. Starting blocks do make a difference. You probably also got access to great education, in addition to the financial stuff.
Anonymous
12/02/2019 10:27
Subject: Will you and DH get an inheritance?
Anonymous wrote:Anonymous wrote:Anonymous wrote:I have no idea and frankly IDGAF, I've made my own way in life. If we get one cool, if we don't, were still retiring at 55. Makes no difference.
It's not really a concern for me, either. I can see how it might make a difference to someone else, though. If you have ever been poor you know that.
OP.. same. We are living our lives with the expectation that we receive 0. I know too many people counting on it for their retirement or kids college.
How can they count on something that they have absolutely no control over? That's the thing that truly boggles the mind. It's their parents' money to spend as they please, it's not their adult children's "inheritance" until the parents passes away and actually leaves something to them after forking over most of it for their care in old age. Even then, the parents might opt to leave their estate to a charity or some random guy named Hank. It is their money. The parents don't owe their kids an inheritance, they are only responsible for themselves. Just as we all are.
Anonymous
12/02/2019 10:24
Subject: Will you and DH get an inheritance?
My mom got 3mil. I got 1mil from her. I will leave each of 3 kids 10mil (in commercial real estate).