Long time lurker, first time posting.......been reading/learning on this site for months now. I'm 45, divorced, good job with large company,good salary and benfits. Definately a LBYM kind of guy, saving/investing a large percent of my take home for ER. Up until recently, I had planned ER in 2017 at 55 when all my planets seem to line up, bills paid off, pension, and enough money saved (according to firecalc and all other retirement calculator I can find).
Here is where I need some help...I recently found out that I will soon (when an elderly, sick relative dies) recieve a large inheritance. Somewhere north of $500,000. When that happens, that's it, I'm done- ER.
This money is willed to go to my father, who is independently wealthy and already retired. He says he does not need the money and is going to give it to me.
My question is this- If this were to happen now, I can see where he can get the money without paying estate taxes on it, but how can he then give it to me while he is still alive? Is he mistaken that he can just pass it on to me without being taxed? Would the will need to be changed to reflect me as the beneficiary instead of him?
Any and all comments/thoughts appreciated.
Here is where I need some help...I recently found out that I will soon (when an elderly, sick relative dies) recieve a large inheritance. Somewhere north of $500,000. When that happens, that's it, I'm done- ER.
This money is willed to go to my father, who is independently wealthy and already retired. He says he does not need the money and is going to give it to me.
My question is this- If this were to happen now, I can see where he can get the money without paying estate taxes on it, but how can he then give it to me while he is still alive? Is he mistaken that he can just pass it on to me without being taxed? Would the will need to be changed to reflect me as the beneficiary instead of him?
Any and all comments/thoughts appreciated.