Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-12-2010, 02:25 PM   #21
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: May 2005
Posts: 13,275
For me, there is not enough to worry about... there are 6 kids if my mother dies... there are 5 others if my oldest sister dies... there are 5 others if my oldest brother dies (and nobody thinks he will leave it to us even though he has no family of his own... we just don't see him that much anymore... his choosing)... all others have kids, so nothing coming from them...

And as someone pointed out... I lost more in a month during the crash as I would get from my mom... and a good number of times more than from what my sister would leave..

So, to me it is somthing that will be nice... but not enought to make a difference in my goal...
__________________

__________________
Texas Proud 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 07-12-2010, 02:41 PM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
haha's Avatar
 
Join Date: Apr 2003
Location: Hooverville
Posts: 22,385
Sometimes there can be positive surprises too. One of my brothers died last fall. He was deeply in debt, so sister, BIL and I did some emergency maneuvers in his final days to be sure there was money to bury him.

After he died and the smoke cleared, turns out he had transferred by beneficiary designation about $150,000 to my other brother -completely out of the reach of his creditors. This was slightly annoying, as the one who got the money was one who was no help and in fact was a pita during brother's illness. I did at least get a laugh out of the CC companies being the ones to pay for several years of bar bills, expensive dates, and trips. I think that the old dog might have planned it that way.

Ha
__________________

__________________
"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
haha is offline   Reply With Quote
Old 07-12-2010, 03:04 PM   #23
Thinks s/he gets paid by the post
jIMOh's Avatar
 
Join Date: Apr 2007
Location: Milford, OH
Posts: 2,085
Quote:
Originally Posted by Khan View Post
Don't plan on an inheritance until the check has cleared.
Don't plan on any money until check has cleared.

I will add one other comment:

To me much of the guesswork in planning is the accumulation of money. Between expenses today, market volatility savings rate, and amount current saved, those variables change (some more than others).

Those factors will change and therefore change "when" retirement can happen on their own accord. An inheritance is just one more accumulation unknown which cannot be factored in until you have the money.

It might be a turbo boost to allow you to retire once the check is cashed. It might shave 5-10 years of w*rk if it is received early enough in life.

My parents have told me their assets get split 25-25-25-25 to each kid. No idea how the money is being passed on (trust, beneficiary, cash assets etc...) and no idea when parents will pass (I am 37, parents are 72 and 67, each in moderate health) so its possible I will retire before money is received anyways.

Its not part of the plan, but if (and when) it happens, it just gets added into the buckets of money I have already (I assume some money inherited will be in IRA form and some will be cash, but I don't even know that). I will deal with the taxes when it happens (oh well) and not count on the money at all.
__________________
Light travels faster than sound. That is why some people appear bright until you hear them speak. One person's stupidity is another person's job security.
jIMOh is offline   Reply With Quote
Old 07-12-2010, 03:20 PM   #24
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Dawg52's Avatar
 
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 7,438
I would just consider an inheritance as gravy. Don't plan on it though.
__________________
Retired 3/31/2007@52
Full time wuss.......
Dawg52 is offline   Reply With Quote
Old 07-12-2010, 03:33 PM   #25
gone traveling
 
Join Date: Apr 2009
Location: Eastern PA
Posts: 3,851
I planned on receiving nothing from my parents.

They did not disappoint me ...
__________________
rescueme is offline   Reply With Quote
Old 07-12-2010, 04:14 PM   #26
Full time employment: Posting here.
ronocnikral's Avatar
 
Join Date: Apr 2010
Posts: 852
i've found my happiness and planning to be independent of any windfalls.

i've seen too many families ripped apart with members asking for an "advance" on their inheritance. my grandma must be worth quite a lot, as they formed a corporation and everyone gets a "share" every year. either way, i hope it works out for my pappy. my only request from him was not to leave a bill.

also, i know my FIL has quite a bit of cheese. between two pensions, health care coverage through the VA, a lawsuit settlement, he has quite a bit laying around. but, i would rather he spends it on his cable TV and learning to walk again.
__________________
ronocnikral is offline   Reply With Quote
Old 07-12-2010, 04:38 PM   #27
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,035
I received a surprise inheritance from a close friend of my family . We were all in her will to receive $1,000 and some personal items . When she died there half a million dollars so it was divided among all the people in the will . We all received $20,000 and the personal item . They nice thing was our children also inherited and they all put good use to the money . Payments towards graduate school , my niece expanded her business . I took my Mom & My Aunt & my daughter on a cruise and invested the rest . By the way my personal item was an original Tiffany lamp .
__________________
Moemg is offline   Reply With Quote
Old 07-12-2010, 05:18 PM   #28
Moderator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Rocky Inlets
Posts: 24,455
Families are funny and money often comes between people. An expected inheritance may not be there because of someone else’s greed or manipulations. Doesn’t matter how open the loved ones are because the problems originate with the survivors.
An inheritance is a nice surprise, especially when unexpected, but has a great capacity to disappoint, and for that reason shouldn’t be part of a financial plan.
__________________
MichaelB is offline   Reply With Quote
Old 07-12-2010, 05:21 PM   #29
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Location: Pittsburgh, PA suburbs
Posts: 1,769
I will likely inherit something from my 93 year old Aunt (who is in good health and very sprightly, God bless her). She has no children, only 6 nieces and nephews and some great nieces and nephews...all quite well off. I certainly don't count on anything at all. She asked me recently about leaving a substantial sum to her college, including her house which is near the campus. I encouraged her to do so...she got a scholarship to attend this school and goes there for various events still. She also wants to leave money to her church...another excellent idea as she derives a lot of spiritual strength from attendance. I think she should also leave a bequest to the young couple who live next door to her as they help her out a lot with small tasks, bring over some meals, have taken her to doctor's appointments.
__________________
WhoDaresWins is offline   Reply With Quote
Old 07-12-2010, 05:43 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
donheff's Avatar
 
Join Date: Feb 2006
Location: Washington, DC
Posts: 8,643
Quote:
Originally Posted by 73ss454 View Post
Seems like the only one in my family likely to leave an inheritance is me. (heh)
+1 Me too. When my mother died she left a little money to her 7 kids, 21 grandkids, and a few great grand kids. I bought a jet ski. My two kids know they may get a pile from DW and me but that it may get decimated by Mr. Market. So far they seem to be LBYMing with an eye to their own FI.
__________________
Every man is, or hopes to be, an Idler. -- Samuel Johnson
donheff is offline   Reply With Quote
Old 07-12-2010, 05:44 PM   #31
Recycles dryer sheets
heyduke's Avatar
 
Join Date: Aug 2009
Posts: 348
Quote:
Originally Posted by Moemg View Post
I... By the way my personal item was an original Tiffany lamp .
you knew we were going to ask... didn't you?
__________________
I am FIRE'd... :)
contract on the house, bought an RV and now traveling across America
heyduke is offline   Reply With Quote
Old 07-12-2010, 05:46 PM   #32
Thinks s/he gets paid by the post
Coach's Avatar
 
Join Date: Nov 2005
Location: Colorado, USA
Posts: 1,127
BigNick, I don't think you should feel grubby. Realistic planning means that you consider all possibilities.

I agree with the others -- there are still a lot of ifs for you. Too many to build a number and a date into your plan. But I would not ignore the possibility of inheritance. As time passes at least some of the ifs will resolve and the range of possibilities will narrow.

Coach
__________________
"Comprehensive health insurance is an idea whose time has come in America." President Richard M. Nixon, February 6, 1974
Coach is offline   Reply With Quote
Old 07-12-2010, 05:55 PM   #33
Thinks s/he gets paid by the post
73ss454's Avatar
 
Join Date: Oct 2004
Location: LaLa Land
Posts: 4,378
Quote:
Originally Posted by 73ss454 View Post
Seems like the only one in my family likely to leave an inheritance is me. (heh)
My bad, after careful thought I did get an inheritance, a Funeral Bill!
__________________
73ss454 is offline   Reply With Quote
Old 07-12-2010, 05:57 PM   #34
Thinks s/he gets paid by the post
grumpy's Avatar
 
Join Date: Jul 2004
Posts: 1,321
I have some experience with inheriting money from parents. Before I ER'd I inherited around $180K from my mother. DW's father is nearing the end of his life and she will inherit around $200K. In our planning we have always intended to fund college expenses of grandchildren (when we have some - DIL is pregnant with the first). We never counted these amounts toward figuring out when we would be FI. But we did allocate less of our portfolio toward future education costs. I figured that if these expected inheritances didn't materialize, we still had many years to accumulate the education funds.
__________________
grumpy is offline   Reply With Quote
Old 07-12-2010, 06:15 PM   #35
Thinks s/he gets paid by the post
ls99's Avatar
 
Join Date: May 2008
Posts: 4,792
To paraphrase an old saying from my days in Alaska: Go and get that bear, before you try to sell its hide.
__________________
There must be moderation in everything, including moderation.
ls99 is offline   Reply With Quote
Old 07-12-2010, 06:34 PM   #36
Moderator Emeritus
CuppaJoe's Avatar
 
Join Date: Jun 2007
Location: At The Cafe
Posts: 6,866
Quote:
Originally Posted by Moemg View Post
I received a surprise inheritance from a close friend of my family.... By the way my personal item was an original Tiffany lamp .
I (and everyone* he ever met) received a never worn tee-shirt from a rock concert from a childhood friend; it was a nice gesture from his family.

--------
* Not the same tee-shirt.
__________________
CuppaJoe is offline   Reply With Quote
Old 07-12-2010, 06:41 PM   #37
gone traveling
 
Join Date: May 2008
Posts: 3,864
You retire on the potatoes, not the gravy. Plan accordingly.
__________________
Westernskies is offline   Reply With Quote
Old 07-12-2010, 06:52 PM   #38
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
braumeister's Avatar
 
Join Date: Feb 2010
Location: Northern Kentucky
Posts: 8,601
Just one other stray thought.
Don't know where she lives, but some states have an estate tax that can take a sizable bite out of whatever is left when she dies. Unlike the federal estate tax, there is often no threshold on state estate taxes, so the applicable percentage is applied to the estate and the state takes it off the top, with the remainder distributed to the heirs.
__________________
Pas de lieu Rhône que nous.
braumeister is offline   Reply With Quote
Old 07-12-2010, 07:09 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
TromboneAl's Avatar
 
Join Date: Jun 2006
Posts: 11,198
It doesn't bother anybody else to be discussing counting up the money you're going to get when someone dies?

Reminds me of that movie in which the old Italian women are gathered around someone's deathbed waiting to pounce on her possessions as soon as she takes her last breath. Anybody know what movie that was?
__________________
Al
TromboneAl is offline   Reply With Quote
Old 07-12-2010, 07:15 PM   #40
Moderator Emeritus
Khan's Avatar
 
Join Date: Aug 2006
Location: Pine Island, Florida
Posts: 6,868
Send a message via AIM to Khan
Just as a derailment:

Back in the '60s Father's parents took in a relative who was demented (don't know a better word, drank and smoked himself to that condition). They took care of him for a year or so before he died.

After he died there was a small insurance policy from his time in the military (Don't know details).

Obviously the money should have gone to the folks who took care of him.

One of the relatives demanded a share and there were lawyers involved and the money got split up (as one aunt said: enough to buy a pair of jeans).

The relative who demanded the money wasn't spoken to for several years. Then he showed up at a Thanksgiving dinner crying and begging for forgiveness because it was his wife's idea and she was now dead.

Family is highly overrated.
__________________

__________________
"Knowin' no one nowhere's gonna miss us when we're gone..."
Khan 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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Leaving US before 62 and receive early retirement benefits RobertStone Hi, I am... 5 06-06-2010 08:55 AM
Ever Receive Unemployment Compensation? mickeyd Other topics 50 10-16-2009 01:39 PM
Do you receive Social Sec. from another country? itsmyparty FIRE and Money 7 04-18-2008 11:48 PM
A canceled credit card can still receive charges and refunds Alan FIRE and Money 10 10-12-2007 07:04 PM
Do/Did you receive a bonus? wildcat FIRE and Money 49 07-03-2007 06:29 PM

 

 
All times are GMT -6. The time now is 10:56 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.