Do you expect an inheritance? (funds, rent, income, mortgage)
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No, I do not anticipate receiving an inheritance. My parents' modest life savings is going to pay for skilled nursing care for my mon who has advanced dementia. She has about 3 years of living expenses in the bank and then will have to apply for medicaid.
I suppose if she dies before then I will inherit a little money. But I'm certainly not counting on it.
i wonder about people who expect inheritances and choose not to save. my older brother seems to have no savings and a lifestyle more expensive than he can afford. firstly, you dont know when your parents will die. so you may not get anything until you are 60 or maybe older. next, my brother's "fiance" has pretty much destroyed the relationship of my father and brother; he may never see an inheritance.
On my side of the family, a very modest one, if any. On my wife's side of the family, a rather substantial one. My father-in-law is 70ish and loves to talk about what we'll get in the inheritance. I told him that, as far as I'm concerned, I'd rather he die with enough money to pay for his funeral and enjoy life with the rest.
But it plays absolutely zero role in our financial planning. Doing so either makes you improvident, a ghoul, or both. You make yourself prosperous by your own hard work and insight. Anything that comes your way after a loved one goes to his or her reward is just extra.
No, I do not anticipate receiving an inheritance. My parents' modest life savings is going to pay for skilled nursing care for my mon who has advanced dementia. She has about 3 years of living expenses in the bank and then will have to apply for medicare.
I suppose if she dies before then I will inherit a little money. But I'm certainly not counting on it.
Sorry to hear about that. My granmother had that too. We tried to take care of her at home, but couldnt do it, with both my pa and ma working. She had a tendancy to wander off, or, worse try to cook stuff and burn things...
Does it play any part in how you are saving/investing for your future?
I'm not expecting anything. I'm a case straight from the millionaire next door, where my parents view my husband and I as too successful, and will skip us over, since we don't need the money. It's kind of a odd, being penalized for making sacrifices, working, saving, moving for career, etc. I have a couple of siblings (each twice divorced, abandoned their children, substance abusers, etc.) who will most likely inherit, although, who knows maybe M & D will give all to charity....
Yes, and no. My mother's estate has a piece of property that is "worth" a nice chunk of change, but due to the politics in the area the land will take a long time to sell (mom's been gone for three years and she had been trying to sell it for three years before she died....). It might not even sell in my lifetime. And when it sells, we might not get much for it, or we might get the moon...
And because the estate has to pay out taxes and upkeep for this property, her remaining cash is tied up to keep this property going. It's a weird Catch-22. We lose the property there is little to inherit, we keep the property there is a lot to inherit.
So -- it's absolutely not part of the planning for retirement, but it will be a nice little bonus if it happens.
But -- when my in law's went -- I got some beautiful tablecloths and dresser scarves she had embroidered from the 40's and 50's. Money wise -- not much, but I can't tell you how I feel when I put one of those down on a table. Like a hug from heaven.
But -- when my in law's went -- I got some beautiful tablecloths and dresser scarves she had embroidered from the 40's and 50's. Money wise -- not much, but I can't tell you how I feel when I put one of those down on a table. Like a hug from heaven.
Things like that mean more than money.. Thats about what my folks got from my granparents on both sides. Small things like china, snapshots, pictures, a lamp. Things like that.
Given that my last grandparent just passed away (and did leave a decent inheritance) and my parents are still fairly young, that future is a long way off for me. But yes, I expect to probably get an inheritance. My parents own a dozen or so rental properties that they expect to live off the rents from in their retirement, and pass the properties on to my sister and I. But I would be fine if they spent every penny and I got nothing too. I don't feel entitled to it, but I do expect it will happen.
From my husbands parents, not so much. Actually, I'll be surprised if we don't end up financially supplementing his mother at some point.
I certainly hope not. My parents worked their a**es off to grow a small business into a local empire that brings them in a few hundred thousand dollars a year. I really hope that when they retire in a few years they spend almost all of whatever they saved before they die - they deserve it. Making so many sarcrafices to take my brother and I on vacations, buy us nice Christmas presents, pay for college, etc was very humbling to be a part of. They are finally starting to spend a little bit (go on nice vacations to Hawaii, build a new house, etc) but they have always been financially conservative so who knows.
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