inheritance

stickby

My potential inheritance from my parents is in the eight figures. 

 

I have an advanced degree and a career; but I will quit my job and travel, take classes, etc when it comes through.  We don't have children to spend it on either. 

CommieBasterd

are you looking for a sister wife?

Lulufish

That's pretty awesome.

immabust

I'm jealous.

hoforsho

Are you scared they will go off the deep end one day and blow it all in Vegas?

AEAEAE101

Wow.  How is your parent's health?  How is that for flameful!

IHaveSoMuch2Say

I hate you. 

hindsight's_a_biotch

Maybe because I'm jealous but I find this acceptable. After all, it's your money coming into the house. 

I think it's a different dynamic than marrying a man with a kick ass job so you can stay home. 

stickby

hoforsho:

Are you scared they will go off the deep end one day and blow it all in Vegas?

 

I want them to be happy and they can obviously do whatever they want with their money.  A decent portion has already been moved into trusts and the like so some is gauranteed.  And I do work and pay my bills on my current salary.

I admit that I contribute the bare minimum to retirement and don't have life insurance because of this.  (If we were planning on children I would be rethinking that stance). 

NaturalBlond

Totally jealous. How has this fact changed your approach to life or has it?

stickby

swimbikepuke:

How old are your parents?  A lot can happen between now and then.  DH probably had a 7 figure inheritance once upon a time.  But I would guess that his father's diagnosis of Parkinson's ten years ago and the fact that at 87 years old, they're still on the "all measurers possible" living will plan, means there's not going to be much of anything left by the time *the* time comes.  

 Ohhh, maybe I should make a Debbie Downer AE... 

 

I'm sorry to hear that.  My parents are both in fantastic health at age 62 thankfully.  That means I'm at least 20 years away from seeing the money.  However, as I said, some estate planning has been done (taking advantage of gifting regulations) already.   

IHaveSoMuch2Say

Are you an only child? Is this inherited money they are passing along to you or are they bootstrappers?

stickby

NaturalBlond:

Totally jealous. How has this fact changed your approach to life or has it?

 

As I mentioned, I contribute the bare minimum to retirement and have no life insurance.  My husband and I do not want children.

I have no student loans, but still had the perfectionist qualities to do well in school, and to fairly well for my career.  I actually didn't know how well off my parents were until after college and got more and more information since then.  They did not spoil us at all, and living in an affluent area. we seemed to be the same as everyone else. 

stickby

double post

stickby

IHaveSoMuch2Say:

Are you an only child? Is this inherited money they are passing along to you or are they bootstrappers?

 

I have one brother who is also going to inherit 50% of the estate.  My dad is a total bootstrapper.  He started his own business, invested the profits wisely, made some savvy deals and sold it at the right time.  My mom was a SAHM. 

NaturalBlond

What does your H do with this info? Does he have life insurance? Retirement? Student loans?

stickby

SBP, that really sucks on all fronts. Can I ask if you FIL has disability or longterm care insurance?  I know my parents are paying pretty hefty premiums for both, but who knows how much that actually covers?

 

My husband and I both work and live the (upper?) middle class lifestyle.  Our cash flow is that of a couple making $100K per year combined so that's how we live.  He has student loans from law school but at low interest rates so we aren't paying them down in a hurry.  He hasn't changed his retirement or life insurance contributions since we got married, so still paying for both.  

We just know (hope) that sometime down the road we will be able to relax and that we have a pretty good safety net in place. 

flagburner

hindsight's_a_biotch:

Maybe because I'm jealous but I find this acceptable. After all, it's your money coming into the house. 

I think it's a different dynamic than marrying a man with a kick ass job so you can stay home. 

 

What if you married a man when you were both broke with tons of student loans and both worked really hard and then he started making a lot of money and you hated your job and it had no future potential to ever make much money? Then is it ok?

 OP- I know money is not more important than your parents but it was awesome of them to provide for you. Keep livin the dream! 

flagburner

hindsight's_a_biotch:

Maybe because I'm jealous but I find this acceptable. After all, it's your money coming into the house. 

I think it's a different dynamic than marrying a man with a kick ass job so you can stay home. 

 

What if you married a man when you were both broke with tons of student loans and both worked really hard and then he started making a lot of money and you hated your job and it had no future potential to ever make much money? Then is it ok?

 OP- I know money is not more important than your parents but it was awesome of them to provide for you. Keep livin the dream! 

scarylala

I know mine will be significant, but more like in the five digits instead of eight.  I could not imagine getting that kind of money. 

pghctwife

Ditto SBPs caution - obviously (well Im no lawyer so maybe not? but I assume...) the money that is trusted to you (and the money that has been gifted already) is yours but I wouldnt live like the rest is a guarantee. My grandparents frittered their money away on their own volition (lots of really insane investments and spending it all just on whatever), but still... they left nothing. Less than nothing as there were outstanding debts upon death. And they qualified for care under title 19, but both required full-time, 100% care in their final years. Oh and yeah Alzheimers sucks. Paying OOP for that care is very very expensive.

I stand to inherit a good amt from my parents - no clue what the ballpark value is but Im sure it is in the 7 figures (but divided by 4) once you consider all their assets. Plus who knows what the business will be valued at - could be a lot, could be nothing. Depends what the future holds... and therefore it does not play into our own retirement planning, current lifestyle, etc. Honestly, I love my parents and I really hope that this isnt money I see for a really freaking long time. And by then who knows what will be left of it. The cautionary tale that is my grandparents is certainly a part of that for me.

Obviously if this is money already in your pocket that is different but beyond that I would tread carefully.

 

funkytown123

Wow. I'm jealous.

I suspect mine will be reasonably significant from a certain relative, but I literally can't imagine how much money 8 figures is. 

LaurierGirl28

strija:

SBP, that really sucks on all fronts. Can I ask if you FIL has disability or longterm care insurance?  I know my parents are paying pretty hefty premiums for both, but who knows how much that actually covers?

 

My husband and I both work and live the (upper?) middle class lifestyle.  Our cash flow is that of a couple making $100K per year combined so that's how we live.  He has student loans from law school but at low interest rates so we aren't paying them down in a hurry.  He hasn't changed his retirement or life insurance contributions since we got married, so still paying for both.  

We just know (hope) that sometime down the road we will be able to relax and that we have a pretty good safety net in place. 

 

Not sure if you have this option, BUT if your parents have that much $$ now, I would suggest getting what I *think* is a whole life insurance policy - basically, they pay for it in full now and then you get a guaranteed amount when they die. There aren't monthly premiums, its paid up front, guaranteed, etc.

 DH's parents got him a mid 7-figure policy for something like $1M, which is pretty decent.