Family Inheritance?

[mmmmm...beer 822]

Here's just a curious question. For those of you with parents left, you think you are going to get any inheritance?

I'm not trying to be morbid, just thinking about life. I assume in the next decade my parents will all be gone.

My Mom and Dad where never married.

Mom was married 2x previously and is on her 3rd marriage now. For most of her life, she's had nothing. Now... she's in her 70's and probably has around $300k to her name. She lives off the ror from that. Lives in a 1 bdrm rental. She's asked when she does I disburse her money to her 3 sons. Her money has lasted her -$2k monthly draw for what 5 years now? And stayed about the same or gone up a little... So I guess maybe a little said and done there. I just want her money to last her.

Her first husband stayed in my life... He has been married and divorced 5x. He lives alone in a paid for condo in North Dakota. I'm the exector for his will. I assume my brother and I will split whatever we can sell his truck and condo for. Maybe $100k each? He's in his mid 70's. Doesn't take care of himself physically. I'm sort of shocked he's still around.

My Dad... I met when I turned 18. He came toy HS graduation. We've kept in contact since. He did fairly well for himself. Started a flooring business from scratch. Sold it to my brother on that side ladt year for $700 I think. But he and his brother in law bought apt complexes in the Baaken oilfield 20 years ago. I think he's a multi millionaire. (Maybe he can pay some back child support since he didn't give me a dime growing up). He has 5 kids and I'm apparently full share in his will. So... Maybe a couple hundred there.

All said and done... Most likely somewhere around $300-500 in the next 10 years I'd guess.

Granted... I haven't taken a dime from these folks for anything since I left home at 18... So I'm not "looking forward to my loot" as it is... Just thoughts on what's going to go down sooner than later I guess.

Other than Dad... There wasn't any plan at all about their future and old age. I'm just happy there aren't living in a shack in my backyard, though I've been a bit worried about that.

When these events all occur I assume we'll just throw it all into brokerage accounts and/or pay off the kids student loans as they come... Or down payments for their first homes as wedding gifts.

The second dreaded part of that is, having to figure out all their estate stuff.  Ie...sell all their stuff.  Get their affairs in order...funeral arrangements etc.  For at least 2 of them anyway.  Pops has his stuff squared away.

Wife has a similar situation in Puerto Rico.  Two aunties own 2 houses on the island, fairly close to each other, but hoarders too.  So much crap to do down there when the time comes.

 

[Strike 6,025]

Yeah.  I never thought about it much during my life.  I had a friend from HS who was literally just waiting for him Mother to die to get an inheritance.  He was an only child so he got it all.  I just thought it was kind of morbid.  Got an inheritance from an Uncle I didn't know too well who lived in Maine.  Probably wouldn't have gotten anything from him but he didn't have a will so the way the laws are up there it just happened.  My Dad left a little but not too much.  My Mother left the three of us a decent inheritance but of course she lived in CA and had owned her house since 1973 so the appreciation on that was huge over those 45 years.  Like you are talking, it all just went in to a brokerage account.  Makes retiring when I want to easier but otherwise not much change to my life.  I appreciate the money obviously but it was never part of my plans.

[mmmmm...beer 822]

11 minutes ago, Strike said:

I appreciate the money obviously but it was never part of my plans.

Right... I'm already retired a year now.  Just hit 51st birthday this week.

That being said, maybe it will give us a little push to have the wife retire early.  She's 49... I think we need her to work until she's 52.  That will give her 20 years in the fed.  Then she can "deferr" her retirement until she's 57.  She can start her pension then.

[mmmmm...beer 822]

Yeah... The only reason I'm thinking about it now is they are all in their 70's.

My wife's Mom is their age. She's currently in the hospital with MRSA induced pneumonia. She's doing better then when she got in, but the morbidity rate on that after hospitalization.... @ 70... a smoker... rough shape. No bueno.

[Strike 6,025]

7 minutes ago, mmmmm...beer said:

Right... I'm already retired a year now.  Just hit 51st birthday this week.

That being said, maybe it will give us a little push to have the wife retire early.  She's 49... I think we need her to work until she's 52.  That will give her 20 years in the fed.  Then she can "deferr" her retirement until she's 57.  She can start her pension then.

Always interesting how some external factor plays in to these decisions.  For me, it's the cost of health care.  Also, it turns out private health care plans often won't cover you if you're a pilot.  So for the moment, I work both to cover the cost of flying and to get the relatively low priced health insurance an employer sponsored health care plan provides which does cover pilots.  

[mmmmm...beer 822]

2 minutes ago, Strike said:

Always interesting how some external factor plays in to these decisions.  For me, it's the cost of health care.  Also, it turns out private health care plans often won't cover you if you're a pilot.  So for the moment, I work both to cover the cost of flying and to get the relatively low priced health insurance an employer sponsored health care plan provides which does cover pilots.  

Oh for sure.  Health insurance is damned near #1.  Since I retired a fed, I can stay on the Federal Employee Health Benefits (FEHB) plans.  It's about $942 a month for family.  That's really the only reason we could have her retire early.  Even if I croak early, as she is a "survivor" on my pension, she'll be able to keep the health insurance.

[WhiteWonder 2,931]

Unfortunately I am constantly reminded of it because of my grandmothers house. It’s just her left at 91. She had 2 sons and my uncle passed away at 49 so it’s just my Dad and the house is already in his name. …And my parents also just have 2 sons. 

When my father put her house in his name, he actually wanted me to put it in my name. It needs a TON of work and if it were sold today, would most likely be sold to a contractor for $500 and leveled to build a $1.2. That’s typical in their town.

My main interest in buying it would be to not see it demolished but the reality is, all the changes I’d want to make would leave it close to unrecognizable anyway. I could try to do my best to keep as many original aspects as possible.

My father won’t sell it to me. He will only put it in my name and give it to me. When I say “that’s your inheritance” he says he has plenty of other inheritance and it’s just going to be my inheritance anyway. I guess he also realizes the headache it will be.

he also made me take a copy of his will a few years ago. I’ve never looked at it.

My mother’s parents are gone. Their estate was split among 4 siblings. My father as the only surviving child will receive the entirety of his parents estate and I am 1 of 2 kids so it will most likely be sizable. But I expect them to be around for another 30 and I’d prefer them spend as much as they can and do everything they want in retirement 

[mmmmm...beer 822]

8 minutes ago, WhiteWonder said:

Unfortunately I am constantly reminded of it because of my grandmothers house. It’s just her left at 91. She had 2 sons and my uncle passed away at 49 so it’s just my Dad and the house is already in his name. …And my parents also just have 2 sons. 

When my father put her house in his name, he actually wanted me to put it in my name. It needs a TON of work and if it were sold today, would most likely be sold to a contractor for $500 and leveled to build a $1.2. That’s typical in their town.

My main interest in buying it would be to not see it demolished but the reality is, all the changes I’d want to make would leave it close to unrecognizable anyway. I could try to do my best to keep as many original aspects as possible.

My father won’t sell it to me. He will only put it in my name and give it to me. When I say “that’s your inheritance” he says he has plenty of other inheritance and it’s just going to be my inheritance anyway. I guess he also realizes the headache it will be.

he also made me take a copy of his will a few years ago. I’ve never looked at it.

My mother’s parents are gone. Their estate was split among 4 siblings. My father as the only surviving child will receive the entirety of his parents estate and I am 1 of 2 kids so it will most likely be sizable. But I expect them to be around for another 30 and I’d prefer them spend as much as they can and do everything they want in retirement 

I've something similar back in North Dakota.  My Grandma's house on my Mom's side.  It's an old farmhouse.  Doesn't even sit on a concrete foundation.  It's on 2 acres.  I have a couple of my cousins living in it now, fixing it up and maintaining it.  Mom is the youngest and last living of the 14 kids.  Once Mom passes there's a pretty good chance I'll have it torn down.  Lots of great memories in the house, but it's about done... Has to be close to 100 years old.  To fix it would cost danged near as much to knock it down.  Pour a foundation for a decent stick built modular.  That's if I ever want to go back to North Dakota... Which we haven't lived in since we got married 24 years ago. So... slim chances...

Mom just gave it to me... So I end up paying the $700 a year in property tax.

[Drizzay 746]

My sisters and I will inherit our family home It is 100% paid off.  It's not very big, but in a desirable area, ao it's maybe worth 250-300k.  I have no idea about bank accounts or stocks, etc.  I don't care.  I am just happy they are both relatively healthy for being almost 80.