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Old 07-12-2010, 07:18 PM   #41
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Even if I thought I would eventually get something I wouldn't plan on it until it actually happened. I expect no inheritence. My parents have very little now and will likely have nothing but SS and a small pension by their 70's so I would get no cash even if they died relatively young. Based on family history, my mom will likely live to be late 90's or beyond while I will be lucky to make late 70's. So I may not even outlive my mom. Therefore no inheritance.
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Old 07-12-2010, 07:18 PM   #42
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....

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?
Sounds similar to this opera which is hilarious:

Gianni Schicchi - Wikipedia, the free encyclopedia
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Old 07-12-2010, 07:40 PM   #43
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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.
This is probably where a lot of our eventual inheritance(s) will go. Kids and/or grandkids. Assuming we are comfortably FIRE'd and don't really need the money. We probably wouldn't give a huge lump sum, but maybe let them know that the grandkid's college is paid for, and take the extended family on vacations (depending on size of inheritance).
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Old 07-12-2010, 08:02 PM   #44
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..take the extended family on vacations
I thought you were risk-averse...
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Old 07-12-2010, 08:12 PM   #45
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Here is a picture of what I'll probably inherit from my Mom .
Attached Images
File Type: jpg 68_LargeMain.jpg (44.5 KB, 280 views)
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Old 07-12-2010, 08:35 PM   #46
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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?
No clue, but a favorite movie of mine has several great death scenes, including a gangster's and more on point, a Momma housewife's. The Momma rises from her deathbed to take care of business. Tampopo (Dandelion). Outstanding highly recommended film.
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Old 07-12-2010, 09:33 PM   #47
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I wish I had enough money to give to the people I care for now instead of having to wait until I'm a resident of a pine condo.
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Old 07-12-2010, 11:18 PM   #48
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No clue, but a favorite movie of mine has several great death scenes, including a gangster's and more on point, a Momma housewife's. The Momma rises from her deathbed to take care of business. Tampopo (Dandelion). Outstanding highly recommended film.
I loved this movie too! The actress that plays Tampopo (Nobuko Miyamoto) also has a great role in Taxing Woman. I appreciated that wordplay.

Ha
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Old 07-13-2010, 12:17 AM   #49
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I think the greatest danger in this area is not making FIRE plans that are contingent on external dependencies but in viewing loved ones (particularly parents) through a $$$-studded lens and cheapening what may be our last years with people who are often the most important people in our lives. I have to say that W2R was very helpful in enlightening me in this area a while ago.

In my case, my parents are very open about their finances and their estate plans, so I know with relative certainty that I stand to inherit enough to make me FI several times over. I also happen to know that I would spend every penny of that inheritance on my kids' college before I would spend a penny on anything for me, because that is what they value; doing otherwise would seem to be disrespectful.

I actually want to avoid becoming FI by inheritance, so ironically the prospect of that spurs me on to accelerate my independent FIRE plans. Currently I'm looking at basic FI in about 4-5 years.

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Old 07-13-2010, 12:23 AM   #50
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Many years ago when I was an intern, I looked after a single farmer who was dying of cancer. He was definitely FI and not a gregarious person. As soon as the news got out that he was not long for this world, a bevy of greedy relatives started showing up, exhausting whatever strength my patient had left. He soon asked for a "no visitors" sign. It was so obvious that the greedy relatives wanted part of the estate. I hope the farmer left his estate to charity.
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Old 07-13-2010, 12:30 AM   #51
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Another story:

It was a dark and stormy night...no, wrong story!

A relative died and left a widow, no children, leaving most of his estate to DW. When DW died she endowed a library in both their names. Relatives were upset and contested the will; thought that money should have "come back to the family". Lawyers calmly but firmly told them that it was DW's money and she could bequeath it to whoever or whatever she pleased.

Never, ever plan to receive an inheritance.
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Old 07-13-2010, 01:15 AM   #52
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Another vote here for "don't count your chickens before they're hatched". (and I think ls99's Alaskan version is great!) Both of my parents are still living and I also have a childless aunt who may or may not have put me in her will. I don't include any potential inheritance in my retirement plans—it would make me feel like I was saying to my relatives, "why don't you die so I can retire?" I hope they all live long enough to need every penny. There are too many unknowns for me even to guess how much they might leave me, if anything.

The one inheritance-related thing I do wonder if I should ask is, "if there is any inheritance, how have you arranged to have it go to the heirs?" I expect to be sort of low income when I retire. I won't have much in the way of deductions, and I don't know if any potential inheritance is of a size that might put me into a high tax bracket and get swallowed up by the IRS. If you inherit money, does it count as income? The last time I inherited anything was decades ago, from one of my grandfather's sisters who had no children of her own. (Those childless aunts keep popping up here there and everywhere—I'm one too! ) Anyway, it was only a few hundred dollars and I think I spent it on textbooks the next quarter. I don't think I had enough income to owe any taxes, and I have no recollection at all of whether I put it on my return or not or if I was even required to file that year.
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Old 07-13-2010, 02:23 AM   #53
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I have inherited from an aunt (I was also the executor of her will for 3 more beneficiaries) and from my father.
As I am the only child I will probably also inherit from my mom who is 82 and in excellent health.
As we all are very open I knew and know what was/is coming.
My mom and I made some taxdriven transfers but she can trust that all will be revised as soon as she wants or I have the feeling that it is harmful to our relationship. The assets will remain untouched as long as she lives.
Our own retirement planning does not count on any of her assets.

My 2 cents:
- If you have a chance make sure that there is a clear and simple will and that you know where it is. Discourage the writer to make complicated rules like "what if A dies before B?".
- Make sure that there is a POA for all assets exceeding death and a living will.
- Make sure that you know where all the paperwork is stored.
- Never count the money till it is yours, even if you are the only child or know the will.
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Old 07-13-2010, 04:43 AM   #54
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The only time you can plan on it... is when the money is in your account. Otherwise, don't factor it into your plans. If it happens... whoopee, you have a windfall.
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Old 07-13-2010, 05:26 AM   #55
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It doesn't bother anybody else to be discussing counting up the money you're going to get when someone dies?
That was why I said in the OP that this thread might not be to everybody's taste. As I mentioned, this was never a taboo subject in my childhood home.

Thanks to everyone for all the replies. I'm going to continue my current FIRE plans, which include nothing on the inheritance, but on the other hand only finance our current levels of expenditure (which is 80K/year, not exactly skimping) until we're 80, on the basis that after that, we aren't going to be taking a lot of skiing vacations. Mum's money can pay for a better class of old folks' home after that. (Medical expenses are no problem: my employer's pension plan includes worldwide private medical cover for life, with essentially no limits, no co-pay, and no deductible. I can retire to the US and it's all covered.)
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Old 07-13-2010, 06:49 AM   #56
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Been there.. ready?
1. It gives you a chance to build wealth for the whole Family! Not just for you..
2.Responsibility comes with it..you owe it to them to use their $ to build a legacy for them
3. The Goal is to Invest it so it can be passed on thru your Kids and Grandkids in a Trust to be available to Bil out anyone in the family tree that may need help in their retirement yrs..
4. Example? $10,000 invested in a Balanced Fund like a VWELX since 1929? Is now worth over $5 Million!
5. Consult with an Estate Attorney and a FA on how to set up a Trust to put some of this $ away for the Goal In Mind.

Cost me $2,500 to set up a Irrevocable Trust and put $50k of an Inheritance into it with several guidelines before any of it can be issued out to any family members..In the meantime? It's invested into 5 different Mutual Funds ( at $10k each)...

Since 1998, it's now worth over $125k
Optimistically? the Next 2 generations won't need any of it and it can be worth $25 million and w/inflation, be worth about $10 million in our Dollars. Assuming [moderator edit] politicians don't find ways to get to it..
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Old 07-13-2010, 10:01 AM   #57
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Many years ago when I was an intern, I looked after a single farmer who was dying of cancer. He was definitely FI and not a gregarious person. As soon as the news got out that he was not long for this world, a bevy of greedy relatives started showing up, exhausting whatever strength my patient had left. He soon asked for a "no visitors" sign. It was so obvious that the greedy relatives wanted part of the estate. I hope the farmer left his estate to charity.
Money makes people do strange things. If one was to win the lottery, no doubt, he/she will have "friends and family members" he/she never knew about .

Kinda makes the idea of spending every single cent before expiring sound appealing
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Old 07-13-2010, 10:41 AM   #58
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Many years ago when I was an intern, I looked after a single farmer who was dying of cancer. He was definitely FI and not a gregarious person. As soon as the news got out that he was not long for this world, a bevy of greedy relatives started showing up, exhausting whatever strength my patient had left. He soon asked for a "no visitors" sign. It was so obvious that the greedy relatives wanted part of the estate. I hope the farmer left his estate to charity.
I worked in a bank once. Several of our older clients died during my tenure. More than once, granny wasn't cold yet before at least one of the kids would attempt to siphon her accounts. Of course, the accounts were frozen while awaiting probate, but they still tried.
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Old 07-13-2010, 11:17 AM   #59
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4. Example? $10,000 invested in a Balanced Fund like a VWELX since 1929? Is now worth over $5 Million!

Not to start a fight... but giving an example like this does not mean much... because there were very few people in 1929 who had $10K... heck, few people had $100...

To me... that is like saying.. "If you invested $1mill today, you will have X in...."... not many people have $1 mill today...
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Old 07-13-2010, 11:37 AM   #60
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Not to start a fight... but giving an example like this does not mean much... because there were very few people in 1929 who had $10K... heck, few people had $100...

To me... that is like saying.. "If you invested $1mill today, you will have X in...."... not many people have $1 mill today...
That's just the kind of negative thinking [moderator edit] politicians want you to fall for. (Of course, politicians of all persuasions are adept at using big-sounding numbers to scare people when it suits them.)

I also picked up on this:
Quote:
The Goal is to Invest it so it can be passed on thru your Kids and Grandkids in a Trust to be available to Bil out anyone in the family tree that may need help in their retirement yrs..
Great! No pension planning for me. I'll just spend, spend, spend now, and the family trust will be there in my retirement. After all, the family tree is pretty wide, and I don't feel too bad about stiffing a couple of the cousins.
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