Anyone Expecting A Huge Inheritance?

[Nutria]

But my thought is what if she needs that money later?

Give it back!!

[disneysteve]

I don't know how to get them to just spend it. I'd really love to see them do something wild and crazy and spendy with their money.

But if that isn't something that appeals to them, you aren't going to change that. Once frugal, always frugal. Frugality is a mindset. It often isn't about not having the money to spend more. It's about having no desire to spend more. I can't imagine someone who has lived frugally for 86 years is suddenly going to go "wild and crazy and spendy" with his money.

[disneysteve]

Give it back!!

Sure, if I haven't already spent it I'd be happy to. But if she gives us money now, I'm not putting it in savings. I'm using it. So it wouldn't still be sitting around down the line when she needed it.

[Jluke]

I have no issue with receiving an inheritance. What I do get a bit bothered by is my mom always wanting to give us money now. Her thought is I'm going to get it eventually anyway - why not give it to me now? But my thought is what if she needs that money later? I'd rather she keep it until she dies and then I'll get whatever is left.

Is she suggesting that to avoid the inheritance tax from the state of New Jersey that you will need to pay later?

or so that there is less for the "retirement home" to get their hands on?

[disneysteve]

Is she suggesting that to avoid the inheritance tax from the state of New Jersey that you will need to pay later?

or so that there is less for the "retirement home" to get their hands on?

Nope. She just figures she isn't using it so we should spend it now rather than wait until she dies to get it.

[Fishindude77]

My dad is pretty well off. I told him don't worry about me, give it to my siblings or his grandkids that need it more than me.

[sv2007]

I have no issue with receiving an inheritance. What I do get a bit bothered by is my mom always wanting to give us money now. Her thought is I'm going to get it eventually anyway - why not give it to me now? But my thought is what if she needs that money later? I'd rather she keep it until she dies and then I'll get whatever is left.

Maybe it's part of her estate planning by taking advantage of the annual giving allowance.

[disneysteve]

Maybe it's part of her estate planning by taking advantage of the annual giving allowance.

Her estate isn't nearly large enough for that to matter.

[terri77]

Honestly, I've never thought of it. I just hope that my parents have enough to last them several years comfortably. My father has two pensions (20 years military service as well as 20+ years with the state government). Anything left will be split between me and my two sisters.

[Outdoorsygal]

Yes we will get 160K or so within a few years

We will then have no house payment so will for sure, contribute all of my paycheck to the 401k &/or HSA

[Captain Save]

zilch .. nada.. def hope to start something for my generation

[Singuy]

zilch .. nada.. def hope to start something for my generation

+1 to that mentality. Too many people believe since their parents left them nothing, they will leave their kids with nothing. This goes with college tuition too.

[GoodSteward]

+1 to that mentality. Too many people believe since their parents left them nothing, they will leave their kids with nothing. This goes with college tuition too.

Same here. I expect nothing from my parents. I can't even get them to do better and save. My mom still thinks she is in good shape in early 50s with around 12-14k$ in a 401k. My wife and I are not happy that neither side appears to have planned well at all, and we are wondering if we will have to step in in another 10-15 years to make up the difference.

I've posted before I am going to teach my children different. No more of this waiting until you are 50 to care and carrying credit card debt is fine.

[Nutria]

Same here. I expect nothing from my parents. I can't even get them to do better and save. My mom still thinks she is in good shape in early 50s with around 12-14k$ in a 401k. My wife and I are not happy that neither side appears to have planned well at all, and we are wondering if we will have to step in in another 10-15 years to make up the difference.

I've posted before I am going to teach my children different. No more of this waiting until you are 50 to care and carrying credit card debt is fine.

While I've put 6% in a 401(k) since I was 32, that wasn't always a lot in absolute terms. (It's still not. ) And we didn't start reducing the CC debt until age 48...

[msomnipotent]

To be honest, I think I'm written out of my parents' wills. I'm just hoping they fixed their wills. Long story short, they willed their share of a house they own a 1/3rd of to 2 of my other sisters and they can't legally do that. Plus, they seem intent on giving one daughter their house, and she can't afford to pay the property taxes. I'm assuming it will be foreclosed on eventually. They are older and in somewhat poor health, so I would not be surprised if they went through their savings and had to sell the house to pay for nursing homes.