Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 11-30-2013, 11:37 AM   #61
Thinks s/he gets paid by the post
jollystomper's Avatar
 
Join Date: Apr 2012
Posts: 1,363
Quote:
Originally Posted by Sea Kayaker View Post
I find there is not a lot of talk on this site about inheritances... is this because not many will receive any, or is it because its kind of creepy and grasping to talk about?
In our case, our parents were immigrants who came to the U.S> without much, so we never assumed we'd have anything to inherit - which frankly was a good thing, as that gave us additional motivation to achieve financial independence. Any potential inheritance we may receive we plan to pass it along to our kids - they will need it more than we will.
__________________

__________________
Current target FIRE date: Under negotiation, can happen anytime.
jollystomper is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 11-30-2013, 11:49 AM   #62
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,905
Quote:
Originally Posted by Ready View Post
I think everyone's situation is a little bit different. But there are many factors that come in to play with inheritance money. Some parents could end up giving more away to charity than their children may expect. Some may need long term health care that could erode their inheritance. My parents don't have much saved, but even if they did, my Mom is 88 years old and still going strong. My grandmother lived until 99 years old. So the money may come much later than one could expect.

Inheritance should be looked at as uncertain, so that your financial plan doesn't fall apart should it not come to be. If it does come some day, then you can always reevaluate your situation. And if you have children, you may want to leave as much to them as your parents left to you, so you may still not think of this as money to be spent freely as part of retirement.
+1

My mother lived to 98 and by the time she was gone, her estate was much eroded due to end-of-life expenses. Still, I would not trade having her those extra years, for anything, and she enjoyed life up to the last month or two. We still inherited, but I have not touched that money. I never counted on it in the first place.

There are emotional issues for me, as I suspect there may be for others. She and my father worked their whole lives for that money and it is hard to just spend it on doo-dads or something. Being a custodian of that money is a responsibility, not a license to throw money around IMO. I am hoping to pass it on to my daughter, although if I live to be old I may need it for LTC.
__________________

__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is offline   Reply With Quote
Old 11-30-2013, 12:29 PM   #63
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Quote:
Originally Posted by Calico View Post
I have known more than one person who "knew" they were going to inherit money someday, and they planned their lives based on that "knowledge."A couple of them were in for an unpleasant surprise when the inheritance never came. Best to make all your plans without counting on a dime of inheritance, for many of the reasons in the previous post.
I guess if one has solid information from parents or other relatives about a future inheritance you could factor it in as a possible contingency and put it in the bird in the bush column. Otherwise it could be a shock for some to find that their parents' big house is mortgaged to the hilt and there's not much else in the estate--maybe they never recovered from 2008 and when their cd ladder's value plummeted they had to use up their nest egg.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 11-30-2013, 12:36 PM   #64
Full time employment: Posting here.
Calico's Avatar
 
Join Date: Apr 2012
Posts: 924
Quote:
Originally Posted by Sea Kayaker View Post

Like I mentioned, I've been planning for my own ER as though I will receive nothing, even though my parents have sat me down to explain that there will be a large amount bequeathed upon one day. I didn't inquire about it, but I think they have sensed for awhile my desire to walk away from my job, knowing how its slowly destroying their only son. I think they want me to ER as much as I do, and wanted to assure me, in their own way, that I shouldn't stress about losing my income, that my financial future set. Lucky to have them as parents, to be sure.

Could unforeseen circumstances prevent this from happening... sure. But you would think that between a "highly likely" large inheritance, the large amount we have already saved in our early 40's, our debt free and low cost lifestyle, and a wife who will continue to work for the foreseeable future that I could shake the death grip that OMY sydrome has upon me.
I re-read my original post, and think perhaps it came across a bit harsh. For that I sincerely apologize. When I said "best to make YOUR plans" I actually meant that as a general comment to folks who are considering including possible inheritances in their retirement planning, but I see now that is not how it came across. I certainly did not mean that as a "ding" directed at you. I have read several of your posts, and have been amazed and impressed by your savings rate and your disciplined planning for retirement. I wish you the best of luck with shaking the dreaded OMY syndrome! I expect to suffer from the same syndrome in a few years when I reach FI.
__________________
"Let America be the dream the dreamers dreamed, Let it be that great strong land of love, Where never kings connive nor tyrants scheme, That any man be crushed by one above." - Langston Hughes
Calico is offline   Reply With Quote
Old 11-30-2013, 12:45 PM   #65
Full time employment: Posting here.
Calico's Avatar
 
Join Date: Apr 2012
Posts: 924
Quote:
Originally Posted by Bestwifeever View Post

I guess if one has solid information from parents or other relatives about a future inheritance you could factor it in as a possible contingency and put it in the bird in the bush column. Otherwise it could be a shock for some to find that their parents' big house is mortgaged to the hilt and there's not much else in the estate--maybe they never recovered from 2008 and when their cd ladder's value plummeted they had to use up their nest egg.
My thoughts exactly.
__________________
"Let America be the dream the dreamers dreamed, Let it be that great strong land of love, Where never kings connive nor tyrants scheme, That any man be crushed by one above." - Langston Hughes
Calico is offline   Reply With Quote
Old 11-30-2013, 01:16 PM   #66
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,375
Quote:
Originally Posted by Calico View Post
My thoughts exactly.
I meant to say +1 when I quoted you
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 11-30-2013, 02:07 PM   #67
Full time employment: Posting here.
Calico's Avatar
 
Join Date: Apr 2012
Posts: 924
Quote:
Originally Posted by Bestwifeever View Post
I meant to say +1 when I quoted you
Great minds, and all that!
__________________

__________________
Calico is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


 

 
All times are GMT -6. The time now is 05:34 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.