Do you anticipate inheriting money from your parents or grandparents? If so, how much? Do you plan on giving your children an inheritance? Why or why not?

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LOL. No such thing happening in my family. First-generation college graduate here - my parents worked blue collar jobs their entire life when they came to America and struggled just to make ends meet. I’m thankful I’m able to support them financially and will surely ensure my own kids one day are at least financially prepared for college.

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Yeah I’m basically planning to give my parents ~40-50k a year once I’m able so they can actually retire

likehelpful

Not at the expense of my retirement for sure, I’ve got a good path ahead and my SO comes from some generational wealth. But no way I’d have them stay with me in my old age, I’d rather sacrifice my own retirement than deal with that

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My parents have insane money like hundreds of millions so I’ll get probably close to 9 figures when it’s all said and done

likefunny

D2 I didn’t know that about Bill gates. His story is always told about working in his parents garage so I imagine normal middle class parents. His next level success and founding of a company still pivotal to modern computer and office infrastructure can’t be greatly diminished but I will admit, knowing this about him does have me view his story differently and I will never entirely be able to see him as “self made” again.

I have gotten lots of love and caring and for that, I will always be grateful - best parents ever. For my kids paid for colleges so they have no student loans. Hope to leave whatever iI have but neither needs anything.
I hope to be as good a parent as parents for to me.
Thank you, mom and dad.

likeupliftinghelpful

Tens of millions. I was told I will get zero. They made it from scratch so if I want it, I shall have to do the same.

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Also hard to say if they really aren’t leaving you any of it

I’ve never even thought about this before. I suppose my parents will leave me a little something if they don’t have major medical expenses before they die, because they’re very fiscally responsible. I also wouldn’t mind if they planned it so carefully that they leave me exactly $1 when they die 🤷🏻‍♀️ would rather they spend all of their hard-earned money on themselves before they pass.
However, I do think my kids would have an inheritance. My in-laws will likely leave an inheritance to my husband or our kids. And we are in a pretty good financial spot that I think we could leave a good amount at the end. I wouldn’t want my kids to count on it though.

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I’m with you. I hope my parents spend every last nickel before they pass away. It’s their money, they might as well enjoy it.
Fortunately/unfortunately, my family seems to have a problem with extreme frugality. My 85 year-old grandpa has a sizable amount of money saved up AND a cushy pension that he will keep collecting for as long as he lives. For some reason he still refuses to spend anything more than the bare minimum. He’s pretty much turned the water heater in his house so low that a shower is almost unbearable! All of my family tells him he should spend more money because he can’t take it to the grave with him, but alas he is a stubborn man set in his frugal ways.

likefunny

I will likely have to support my mother in her old age, and am concerned about her debts. Nothing expected here.

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I feel like I should add that I am white and from a well-educated family. I get the sense that the assumption is unless you’re from an immigrant family or a minority that you’ll be inheriting, but that is far from most people’s reality.

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I’ll set up a trust and let it grow there for 200 years. It’ll be donated to any city willing to put up a giant statue of me in the middle of the city center for a minimum of 100 years. Money will continue to grow until there is a taker.

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I really like this idea lmao

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My mom keeps trying to give me and my brother money, and says “it’ll be yours anyway when I die”. My brother is a partner at a small investment bank and I’m a partner at a consulting firm so neither of us need it... I hope my mom lives long enough to spend all of it and I hope the same dynamic ultimately applies to me and my kids, that I have money to give them and they don’t feel like they need it.

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I got nothing from my parents. but I paid out of state tuition for my kids, best inheritance they can get!

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I plan to (at a minimum) Max. Out my kids Roth so they don’t have to worry about retirement and they can live without that burden

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Makes sense for an accountant (to have paper shredders)

I’ll get nothing, but that’s because I’ve specifically told my mom to help my other siblings. One is graduating with a bunch of law school debt and the other is doing what makes him happy and doesn’t make much money, so they would benefit more from it. My kids already have trust fund’s from their grandparents that they won’t be able to touch until they are 40 so they don’t need anything. I hope I’ll have my student loan debt taken care of by the time it happens anyway so idk what I’d do with that money.

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I get nothing! Lucky me!

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Grand parents left millions for my mom and her siblings. They are still in court till tomorrow lol. My plan is to give my kids good opportunities and support them while alive and enjoy the money and time with them. I want them to be able to create their own path to wealth by giving the the right resources not just money.

likefunny

I’ll get something, but not sure how much. Could be a $1.98, 198K or 1.9M (there’s real estate involved in which my siblings and I have an interest, thanks to Mom & Dad). However, my 90 yr old Dad just remarried a 65 yr old woman after my Mom passed away and now wants to leave everything to her (house, stocks, etc.)! Did someone say gold digger? 🤦‍♀️🙄

likefunny

Threads like this are wild. I couldn’t imagine growing up with that kind of financial security. I hope to provide that for my family someday

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I find it loathsome to talk about inheritance. If we’re all lucky, this is an eventuality that’s decades away from materializing. Sooner and that’s just really sad.

Why not use your best years to build up your own wealth rather than hoping for a windfall in your 50s or 60s when your parents pass?

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EY1 is projecting 😂. Nobody decent is “hoping” or “banking on” inheritance money per your words lol. I know at least my life still carries on as if I wouldn’t have the inheritance money, do you get it? I’m not slacking or altering any of my decisions just because I’m “hoping” for something, and I believe most of the people here are the same. Wtf do you think we are working 50+ even when we know we’ll be comfortable even when we don’t work?

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Lol no

likehelpful

My family came here as refugees and built everything from scraps. I’m going to give back to them so they can retire easy and early. I don’t expect money from them.

My kids will not have a mentality of lack. They’ll be provided for financially and with love. I never knew I grew up poor until I gained that insight later on in life.

likeuplifting

I will not get an inheritance from my parents and hope they run out of money the day they die. We received a small one from my wife’s grandmother before she died to make a downpayment on our house because “she wanted to see us enjoy it rather than give it to use when she was dead. She always was a wise woman.

Our primary inheritance plan for our child is to receive the lake house and a trust that should throw off enough cash to maintain it. We would like for him to enjoy it with his family when we are gone or unable to use it, but don’t want it to be a financial burden to do so.

If he doesn’t live nearby, the trust can sell the house and buy one closer to him.

If he just doesn’t want a lake house and won’t use it, then the trust will sell it. Half goes to charity. Half goes to him — 5 years later. I wanted to remove the temptation to use the lake house to get out of a financial mess.

It also ensures that if he doesn’t marry well, the ex wife can never make a claim against the lake house because it’s in a trust for his benefit only.

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This is smart.

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