BigNick
Thinks s/he gets paid by the post
This subject might not to be to everyone's taste, I guess.
So far, when planning how big the pile needs to be, I haven't taken into account how much we might inherit. Having done some thinking about it, perhaps I should do.
My Dad is gone, my Mum is 86 and in reasonable health. My parents have both always been very open about their finances and so I know her net worth is about 400K. Her estate will be split between me and my sister.
Mum's sister is 90, in great shape, and is probably worth 600K. She has no children of her own. The most likely candidates for her will are her four nieces and nephews, of whom I am one. I don't think that she will leave all the money to her cat or the nice people from the Meals on Wheels service, but you never know.
DW's parents are 89 and 84, and not in good shape. (MIL (84) is bedridden after multiple strokes; FIL (89) is worn out from caring for her and has heart problems. DW hopes MIL will go first but we rather fear that FIL will keel over before her.) I estimate their net worth to be about 250K, mostly in their house. This will be split between DW and BIL. (BIL has power of attorney for both parents, which is a good move.) An annuity to pay for nursing care for MIL would cost about 70K.
All of that means that at some time in the next ten years or so, we are likely to inherit somewhere between 240K and 480K. This will make quite a difference to the size of the retirement fund. In fact, if I knew for a fact that I had 300K coming my way in 5 years, I would be in a position to FIRE today.
Anyone have any experience with this? I feel slightly grubby for even mentioning it, but as I mentioned, our family has always been pretty up-front about the whole thing. (DW is from a working-class background where having enough money to pay for your own funeral was the extent of most people's retirement planning...)
So far, when planning how big the pile needs to be, I haven't taken into account how much we might inherit. Having done some thinking about it, perhaps I should do.
My Dad is gone, my Mum is 86 and in reasonable health. My parents have both always been very open about their finances and so I know her net worth is about 400K. Her estate will be split between me and my sister.
Mum's sister is 90, in great shape, and is probably worth 600K. She has no children of her own. The most likely candidates for her will are her four nieces and nephews, of whom I am one. I don't think that she will leave all the money to her cat or the nice people from the Meals on Wheels service, but you never know.
DW's parents are 89 and 84, and not in good shape. (MIL (84) is bedridden after multiple strokes; FIL (89) is worn out from caring for her and has heart problems. DW hopes MIL will go first but we rather fear that FIL will keel over before her.) I estimate their net worth to be about 250K, mostly in their house. This will be split between DW and BIL. (BIL has power of attorney for both parents, which is a good move.) An annuity to pay for nursing care for MIL would cost about 70K.
All of that means that at some time in the next ten years or so, we are likely to inherit somewhere between 240K and 480K. This will make quite a difference to the size of the retirement fund. In fact, if I knew for a fact that I had 300K coming my way in 5 years, I would be in a position to FIRE today.
Anyone have any experience with this? I feel slightly grubby for even mentioning it, but as I mentioned, our family has always been pretty up-front about the whole thing. (DW is from a working-class background where having enough money to pay for your own funeral was the extent of most people's retirement planning...)