Board 8 > Do you expect an inheritance from your parents?

(+) Yeah! (+)

Who's getting in on that boomer wealth

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I don't know if my mom will have any money left over, but I imagine I'm getting whatever she has. My dad I have no idea. My in-laws, uh, no.

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Pretty certain Ill get half of whatever my parents have left over. Im hoping that they live very long lives at the expense of whatever that inheritance could be!

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My parents have told me to expect nothing as they plan to enjoy their retirement to the fullest.

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Maniac64 posted...

My parents have told me to expect nothing as they plan to enjoy their retirement to the fullest.

Do they own their house? The Boomer generation put so much emphasis on home ownership, so I think it's going to be really interesting when all of their kids who expect nothing suddenly come into these million dollar real estate windfalls.

Yes but I believe their plan is to sell it eventually. When going up and down stairs becomes to difficult.

Also it would definitely not be a million dollar windfall lol. It's a suburban home in Iowa, probably worth like 200k at most.

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The house should take care of most of it, and I only have one sibling, so I'd hope for option 5 in terms of like total value. But they love to spend the rest of what they have (and good for them, they earned it) so we'll see what happens.

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probably not much

neither of my parents have all that much money

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My parents are awful with money and have a negative net worth so I am not expecting to receive anything from them. Did not get anything from my grandparents either.
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Already received. It was a substantial chunk of change, although it would have been even larger if my dad hadn't remarried in the years after my mom's death. Stepmom got like half, and the other half was split between me and my sister. Would have been even more extreme if Dad hadn't made a clerical error in reassigning beneficiaries. End result was that I ended up with as much cash as my sister, plus the house. (She was supposed to get more money. The house was always being assigned to me.)

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All I'll be getting is people trying to get me to pay their debts.

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I honestly have no idea what my Dad's net worth is. I know he has quite a few properties but I don't know how many or the financial status on them. Either way I don't expect or want anything. He isn't that old (55) and I have 3 significantly younger siblings (I'm 34, they are 16/16/14) plus he's been married to my step-mum for 20+ years. I'm reasonably well set in another country so I'd rather it all just be allocated to them.

My mum is piss poor so there would be nothing on that side but again I wouldn't want anything even if there was.

I am an only child and my mom is unmarried, so whatever she leaves behind will be mine. I know the house is worth at least 300k. My dad pretty much had nothing when he died, but I got lots of his old personal stuff, which was nice for the memories.

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already received a big amount.
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I think my mom's death cost me around $1500 net

And I've never even met my dad

Where's the negative 0 to 10k option

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It depends on the housing market. I have three other siblings, but my parents also live in one of the most expensive cities in North America so the house alone could push things 500k+

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my dad is full of debt and has no real assets, plus he's really bad with money when he ever gets it

my mom has money but she may just leave it to her boyfriend who's been pitting us against her for almost 2 decades

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My sisters husband got a lot of money when his dad died because he was the only boy. They go overseas a lot on vacations.

My husbands parents are already dead and not sure if he got any money. I think it might have went to his stepmother who was unable to support herself due to issues. My parents are still alive, but there are 3 of us so I'm sure I wont get very much because my mother and father would want to be fair.

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I'm guessing it will be less of a help than the financial assistance they sometimes give me currently.

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Probably not, but my dad and stepmom could surprise me. Definitely nothing from my mother.

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lol nope

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I'm expecting something like $20,000 someday, but I'd rather my parents be around longer. Even though they're spending as much money as they can on living, which is something I only wish I could do. Which is why I have such a low estimate - they won't have much left, but at least it'll be something to help me get by.
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Depends on if I buy the family business before they pass or not

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not much

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I'm chinese so there's no inheritance, we just share money whenever someone needs it along the way

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Probably nothing, but that's fine with me. I'm most concerned that they are going to expect me to fund their retirement since they have nothing

Ain't happening.

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I chose $100k but that's only because I'm pretty sure I'll be getting the house. Otherwise it would probably be much lower.

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I don't even know where they are
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GTM posted...

I'm chinese so there's no inheritance, we just share money whenever someone needs it along the way

I'm intrigued. If there's no inheritance, what happens when someone passes away? Where does the money / assets go?

I'm getting land. If I don't get disinherited.

Hey, it's inheritance vs care costs in the US, round 1, FIGHT!!

Basically whatever would be left to me will likely be absorbed by costs to care for parents as they age/various health problems emerge. This would not happen if we didn't live in the most profit-based healthcare system imaginable. Welp.

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I'm on the high end. But I honestly hope I don't have to see it. I'm not really ready for either of my parents to go.

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My parents are close to paying off their house (I think). They still have debt. They used their retirement money to help my older sister and one of my brothers. I'm expecting, at best, a portion of the proceeds from the sale of the house, but I'm not counting on it since it might also go towards paying for long term care for one or both of them.

A decent amount maybe.

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Probably not. I'm pretty estranged from my parents (stepdad is a psychopath, mom follows his word to the letter, bio dad not in the picture) so I doubt they have any plans on leaving anything to me. If they have anything I'm not sure what will happen to it, my half brother passed away several years ago so there's not really anyone for them to leave it to.

I doubt any of it's going to me.

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My family has always been well off asset wise. Like liquid money not as much though. So a lot of it is going to depend on the value of property and the like. I have a sibling and I've already seen the will so I know that everything is going to be split basically.

There will definitely be something left

Probably alot

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I took a guess, but I have a hard time estimating. Fortunately both my parents are still alive, so I haven't had to make those calculations before. I know my dad is fairly well off and now retired, but, well, he's going to have a comfortable and hopefully lengthy retirement. I do expect a good amount of money would be left over though, though certainly my sister and his long time girlfriend will also inherit much of it.

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I expect a partially paid house from my parents split three ways. Probably about $30k or so when all is said and done.

My wifes parents will likely leave us a couple hundred thousand though.

Hope they all live as long as possible. We dont need the money at the moment. Not that were rich, but were comfortable as we both work with salaries. No kids.

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I have way more money than my parents & siblings so prob not. I would refuse it anyway.

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No, my parents are poor

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ShatteredElysium posted...

I'm intrigued. If there's no inheritance, what happens when someone passes away? Where does the money / assets go?

GTM is describing it oddly, because there literally are inheritances

the family matriarch and/or patriarch kind of directs spending in most aspects of life. i think it's generally assumed that there will be someone in the next generation that steps up to help manage things long before they pass on, then become the new matriarch/patriarch

that new family leader then doles out money as needed. the point is that whoever inherits the main accounts isn't ever a surprise, and the new management doesn't really change anything

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ShatteredElysium posted...

I'm intrigued. If there's no inheritance, what happens when someone passes away? Where does the money / assets go?

I meant that as more of "we dont have to wait till someone dies to get their money" a lot of money is generally open to share among family. just ask if you need it and family will help out or vice versa, rather that than your son or father to live on the streets

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also to the answer the question i am not getting an inheritance

pretty sure people just get drained of everything they own to pay for medical expenses before they die


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GTM posted...

I meant that as more of "we dont have to wait till someone dies to get their money" a lot of money is generally open to share among family. just ask if you need it and family will help out or vice versa, rather that than your son or father to live on the streets

oh. i think that's just a human thing tbqh

what family lets their family live on the streets?

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Nope

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If my mom dies I take the house to mself and evict my dad and he walks away with a bunch of money and probably dies after squandering it all somehow.

If my dad dies I take some of his money and make sure my mom can't get ahold of it and accumulate massive debt because she has never learned how to deal with finances.

Complicated situation that I just sit here pondering how strangely it will play out.

(I inherited enough from a grandparent already to not really worry about it personally)

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I'll probably get half their house at least. Their pensions pay for everything so I don't see why they'd ever need to sell it.

banananor posted...

what family lets their family live on the streets?

My uncle will probably be homeless within six months and there's no way in hell anyone in my family is helping him out or taking him in. He hasn't worked in decades, my grandmother could never retire and worked herself to death paying all his bills. He's finally burning through the last of his portion of the inheritance from her and once that's gone he's on his own as far as I'm concerned.
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