Yes. But I didn't put it into FireCalc.
I liked Helen's response:
Inheritance is such a bitter sweet thing. Oddly I think knowing that I will inheritant a large chunk of change is what is motivating me with a fever to reach FI. The only way I can accept the money without guilt is proving to myself that I don't need it. And, I feel they handed me so much in life by paying for my education and being such good parents. I have a need to reach FI without a gift from my folks.
I really, really wish they had spent more of their money while they were young and healthy.
My parents have/had been a bit schizophrenic in talking to us kids about money. Like it was "there" but "not there" at the same time, which confounded me in the past, but in retrospect I understand and appreciate that tack. When I was in my 20's my father handed over control of a decent, but not overwhelming, sum which had started out under the UGMA. So I always knew I had a bit of a cushion that others didn't necessarily have, but it wasn't enough to live off of by a long shot. Fast-forward 20 years and what with work, a favorable RE market, and decently-performing investments here I am.
In the past I haven't always been super-frugal, but I "never touched principal"... My parent's LBYM ways have mostly stuck.. and I got addicted to that early feeling of independence.. independence from debt.. knowing that if I got fired or, later, if my business went under, I wouldn't starve, at least for a while. I was determined never to lose that feeling of being safely away from the edge!!
Now mom is doing ok for now on her own, but is not in the best of health. We visited a super-nice LTC place near sis, but she seems to have decided to stay in her own home as long as possible (I'd be happier if she spent the $$ on the LTC). I keep wondering how much of that decision has to do with wanting to preserve the egg for us, instead of using it to make her own life easier. I tell her that we are doing fine, and that we fortunately don't need her cash, but I'm not sure how much of that is getting through. She seems to be making the decision based on her current comfort level and independence, plus not leaving the neighborhood, friends, and doctors she knows, plus there's the initialization hump of moving to a new state which means new lawyer, new will, new DL, new insurance. She said she just doesn't want to deal with all that... understandable... but if I'm left with the feeling that's she's doing it to save $$ for us in the long run, I will feel guilty.. like it's 'blood money'.. even though that's not rational since it's her free choice.
We are talking about a woman who, when my dad bought her a fur coat in the '70s, insisted on buying two "so that you each could have one" when she died. When my dad bought her a ring, she chose one with 2 sapphires encircled by small diamonds "so that you can add a couple of diamonds and make two rings". That's her mentality.
So, yes, I'm counting on some inheritance (there's a pass-through trust from my dad that sis & I will split -- we are in the dark as to the amount) but frankly, I hope that my mom feels free to use her stash to make her own life more comfortable...
Strangely, she worries constantly about taxes, in particular inheritance taxes, though even back when the limits were lower we weren't talking about a horrendous sum.. maybe $50-60k. She was once talking about moving to Florida just so
we could save that $50k later on?!??! Arggh. In the meantime, she could be gifting out, what is it now?.. $12k p.a. each to both of us and our DHs, and I assume to my sister's kids.. But she restricts it to some portion of that to me and sis.. there's a block about gifting to our husbands.. I mentioned this tax-avoidance discrepancy in passing when we were on the subject, but it let it drop since I didn't want to look greedy (plus I got a glaring look!).
Earth to mom: DH and I have a joint account.. cough it up!!
(kidding!)
Wierdly, too.. she appears to be living mostly on the proceeds of the pass-through trust, while her taxable $$ grows (slowly, since she's probably in mostly treasuries and muni bonds). Nor do I think she examines the trust performance, just accepts what the bank (trustee) portions out. Whaddaya gonna do?
OldMcD: $100k = "meager" But that's the median net worth of an American family, it seems.. so... all in all, nothing to sneeze at. As far as the IRS is concerned you don't report it since the taxes are the responsibility of the estate. You could in theory spend the money to keep it off what you're obliged to report to the financial aid people, but since they do look at big ticket assets like cars and real estate, I don't know how much that will help.. maybe buy a boat? You'd have to review the particular application's forms to see what they ask.