How much will you inherit?

400mBro wrote:

Weird how many of you don't expect to give or receive an ingeritance. Where I come from, it's sort of a given and seen by both parents and children as necessary to "make it." You all seem low class.

This is the most bizarre topic/post on letsrun ever. If it's a troll attempt, it's pretty lame. If it's not, it's pretty sad. It sounds like you are licking your chops waiting for your parents to die. Then you call others low class.

Look, if you can't make it on your own, then your parents did a really bad job raising you.

You really need 2-4 million to make it. When you are in your 50's or 60's (the age most of us are when our parents pass on).

Look, I'm not knocking an inheritance. I'm likely going to get one in the next few years as my last parent is in really bad health. I'm NOT counting down the days, and if he spends it all, then fine (and I'm not telling you how much it'll might be). I'll likely leave an inheritance. Probably a large one, but that is NOT my goal. My goal is to have kids who don't need an inheritance. and certainly don't EXPECT one as their right. Having kids who expect it would be pretty sad.

There wasn't much left in the estate other than the house, and still finalizing it all. So a little over $100K.

My sibs took advantage of last surviving parent, lived in the house for free and took all the money and trashed the place and they are still asking for more. Greedy, entitled, and lazy. And one is a bully, if not sociopathic. Will cut off all ties when we are done over the next few months. Spouse will probably get about the same amount. They have more money/assets but have a big family.

Won't have a lot left unless I die younger than 70.

I expect nothing, expect maybe the annuity trickled down from when my father died and now my mother gets.

Paulie heh heh heh wrote:

[quote]400mBro wrote:

[quote]so sorry wrote:

[quote]400m wrote:

The crux of the biscuit is that you'd have to have an advanced degree to use an apostrophe on a smartphone.

Well played on the FZ riff!

"How do you plan on "passing it down?" The IRS limits cash gift contributions to $14,000. That's nice but would cover rent for about 6 months."

Wrong. You can gift up to 5.45 million in your lifetime. If you are married, your spouse can also gift \ 5.45 million. So you can gift almost 11 million TAX free.

The 14k limit is how much you can gift without filing the anything on your taxes and without lowering your lifetime gift limit.

As an example. Lets say you gift 1 million dollars to your child. You need to add this to your tax return. No taxes are due by you or your child. However, when you die, now you can only give away 4.45 million tax free. Everything after 4.45 million has the gift tax applied to it. Give away a million to another child, then you still have 3.45 million left on your life time limit. (That 5.45 million is subject to change. Last year it was 5.43 million. It could go way down or up going forward.)

Get it.

With the 14k. Each parent can give 14k per donee, and you can give away to child's spouse as well. That's 56k a year per married child without taxes and without affecting your lifetime limit. If they have children, you can gift to them as well.

Probably half the value of their house and that's about it. They are spending their money on travel and plan on dying broke.

I am not expecting anything from either my parents or my in-laws as nothing has ever been promised to any of their children. My parents live in a very nice house that is paid off, but it is out in the country and worth perhaps only about $150,000. They have a small 401k that they draw from on top of that, but then my dad also has a very good pension, so they do well with all that and SS. I have two siblings, so, unless one or both of them live for a very long time (which I would prefer), about the max I could see getting from them would be about $70,000 as their total would be divided among three children.

My wife's parents are very tight-lipped about the money they have, but they have the habits of The Millionaire Next Door. I would also love to see them live long lives and would be more than fine if they used up all their money or gave it away. They are regular church goers, so I imaging they might give a lot to their church.

Bottom line for me is that I don't need any inheritance from either and would rather have them all live to be 100+ as long as they are happy and healthy. My wife has one sibling, so even if they left 10% to their church or something like that, I imagine we might inherit more than $700,000 or so from them. I couldn't care less though. If we ever do inherit a lot of money, I think we will help our children buy homes or pay off debt or both.

If both of my in-laws passed today, my wife and I would receive about $8m after all liabilities of the estate are cleared (she's an only child, they owe very little on their house). They are in their mid 50's, so I'm anticipating that this will be closer to $15m when they do pass. If my parents died today, we would inherit about $100k after estate is settled (4 kids, 6 grandkids receiving equal shares, they owe about half a million on their house and another half million in business debt). No idea what will happen with theirs as time goes on. The amount passed on will get bigger, but it will get divided once we start having kids and my younger sister starts having kids.

Anywhere between $0 and a few million.

As am I. You're an idiot. Notice the apostrophe? Wait for it, here comes another...It's a feature on any phone made after 2005.

I expect to inherit the earth.

My parents have a house and money that is probably worth between $1-2M. But I'm not going to count on it. And I don't think my brother is either. And I would rather keep the house and use the money to pay for the upkeep and taxes. It'll be like a family home base/retirement home for me and my brother.

I will inherit the wind.

I expect to inherit zero. My parents are poor by American standards. Not literally poor - they have a roof over their heads, a car that functions, and don't have to worry about not being able to afford to eat. However, they have never made enough money to buy a home or save for retirement. I fully expect to be supporting them financially if they become physically unable to work before they pass away.

Nothing unless I earn a bachelors in a lab science, math, or engineering; or a

Ph.D in the liberal arts. I have my grandpa's will in my desk.

400m wrote:

In aboslute terms, it is probably well above average for a typical American. BUT you must also remember that the "average" American is a room-temperture IQ freak with no money sense, so I'm really not focused on them.

Where I come from (nice suburb of a major city) it's not at all uncommon to have friends that common from very wealthy families, I'm talking $10-$100 million range. So my inheritance is low compared to my social circle.

It does NOT make me a deadbeat. My parents do not help me in any form whatsover in my current situation, save for a nice dinner once a month a few hundred bucks on the holidays.

My father-in-law just passed away and he left us $120k. I consider that a lot and will grow to much more in the 30 years before I retire.

But I would give it all back and more so my kids could have had more time to get to know him.

I hope my parents leave me nothing and enjoy their retirement.

You disgust me for crowd sourcing inheritance and planning for yours. You probably are a troll but you really are a scumbag.

Oh and end of life care can wipe out a lot of money.

I think the OP is a major d000sh; why?

"First rule of fight club."

That said, I totally understand his comments (not saying I agree). I know many multi-mills "in my circles"; I should be so lucky.

I could see between $0 and $4MM, depending on long-term medical costs. No, I don't *expect* or *require* it; it's just how things are (Olde New Englande, self-made hoarders in fortunate towns).

That said, I am already planning on what/how to hand to my offspring, exactly as d000sh OP said: a mil or so to each offspring with a paid-off residence (for occupancy or renting) in a super-suburb of a coastal metropolis. Have at it, kids.

Most of my ancestors (and relatives) saved and have nothing (or worse, lost it; thanks dad!). Selfish jerks (oops). *I*, for one, care about my bloodlines, and thank my thrifty, ivied in-laws every stinkin' day (and have done 'em right proud, I might add).

phidipidippides wrote:

Mazzei wrote:

Just to clarify.... the $14k is the gift limit from person to person. $5.5 million is the inheritance limit.

The $5.5 million can be used at any time, it's not just an inheritance exemption. The $14,000 you're thinking of is the annual exclusion you can gift in a year before eating into your lifetime limit.

Do people really not know these things?

I didn't know these things. No one in my family is rich enough to pass down an inheritance so there was never any need to learn it. Also, answering OP's question: $0.

I know I did not inherit the proper genetics from my parents to ever break 14 min for 5k. Did not inherit the correct 'sport genes' to be decent over 100-200 meters.

I know I will not inherit any money, and their house is not worth much.

I do not worry or wonder about it. it is what it is.

Do anyone think any truly great runner knew they would inherit much of value?

Is there an incentive to run hard, train, and strive to better yourself if you know you will never have to worry about money?

From the replies to this thread, (which reportedly is a bunch of primarily serious runners from the US) it is clear why such a large prosperous nation such as the USA gets crushed by poor half starved Africans on the track.