Are You Planning on Leaving an Inheritance?

[Bonny]

debthaven's comment in the LL thread made me wonder how many of you are planning on leaving an inheritance? Why or why not?

As you know from my prior posts I never expected to receive an inheritance from my folks and I haven't been disappointed yet.

[moneymom]

We plan to and it's a big priority for me personally.  I inherited some $ right when I became a mom.  That money has made parenting significantly easier on me.  I became a SAHM and DD has benefited from it all so much too.  Our lives changed drastically.  DH works very hard and sometimes long hours and now I'm home to take care of the house and finances and take that off his load.  We have been able to take trips we otherwise may have not been able to.  My biggest reasoning for wanting to pay it forward is that it seems money becomes a bigger issue for the future generations.  I would like to ease that up a bit on our kids.  

It really is about paying it forward for me...  and hoping it will benefit the kids just as it did us.

[milee]

Probably not.

Right now, I plan to provide some help with college and then possibly help with either house downpayments or business seed capital; all of which will be completely dependent on the boys' behavior, choices and attitude.

I am going to make sure I'm financially responsible and not a burden to my kids, but also I'm going to have fun with the money that I earned.

Edited to add:  I have not inherited a dime.  Not sure if I will inherit a dime, but do not think I will.  There is one relative that's wealthy and has hinted at including me in the will, but I am not close to that person and am not holding my breath. 

[Regis]

Yes, we plan to leave inheritances - and hopefully fairly large.  Both my wife and I will inherit pretty large sums and we plan to add to it to help out the next few generations.

[quince]

Nope. I do hope some money is left over- just because it would suck to run out of money...but no leaving significant amounts behind.  I hope to leave self-sufficient adults behind, who have been given help/gifts while we are all alive to enjoy it.

[Sam_2.0]

Seems to be a cultural thing. Many cultures emphasize leaving something behind for your kids. I like the idea of it. Hopefully by the time they would get it, they are nearing retirement on their own anyway (I plan to live for a long time! )

[giramomma]

We'll see. DS may not make it to adulthood.  Same with the peanut. So, that sort of solves the issue.

Seriously, though. It's hard to say. How can anyone accurately plan the last 15-20 years of their life with 95% certainty?

I mean, even if everything goes how I'd like it to: I need to go first. I would like to have no health issues, and die quickly in my sleep...That doesn't mean DH won't decide to spend the rest of our money on hookers and blow, leaving the kids nothing.

[midjd]

As with the college issue, my opinion on this has changed. I received zero parental assistance for college and will count myself lucky if I don't have to pay for my parents' funerals. Pre-kid, I figured I did it on my own and so could s/he.

Now I'm coming up on a decade out of college, and cost increases are insane. I think of the things I could do and the freedoms I would have without the burden of six-figure student loans. And I think how nice it would be to be left with something other than grief and paperwork when a loved one dies.

So I hope to be able to give DD more than I had. How much, I don't know.

[Bonny]

Nov 24, 2015 17:29:33 GMT -5 Sam_2.0 said:

Seems to be a cultural thing. Many cultures emphasize leaving something behind for your kids. I like the idea of it. Hopefully by the time they would get it, they are nearing retirement on their own anyway (I plan to live for a long time! )

Both Debt and my BFF are Americans living in France. My BFF has been very concerned about leaving her boys an inheritance which seemed really odd to me. Both of her parents are alive. This concern was before she received an unexpected decent-sized inheritance from her uncle.

I understand wanting to leave one if you benefited from one and of course the continental Europe rules are VERY different than the U.S. You can actually sue your parents for "wasting" your inheritance. I had to warn my friend that she risked losing ANY inheritance from her folks if she complained about her mom's spending.

[Bonny]

Nov 24, 2015 17:47:56 GMT -5 midjd said:

As with the college issue, my opinion on this has changed. I received zero parental assistance for college and will count myself lucky if I don't have to pay for my parents' funerals. 

Are we related?

[whoami]

If DH and I croak tomorrow, both my boys will be millionaires.

At this stage of their lives, the money would be pissed away on crap, which is why they don't inherit till 35.

With that said, we really don't plan on leaving them a bunch of money, but prefer to dole it out throughout the years as needed.

[swamp]

No. I will pay what I can for college.  I will help set them up as an adult with house down payments or something like that.  After that, they are on their own. 

I plan on dying when I spend my last penny.  I've worked hard for my money. I plan on enjoying it. 

I I doubt I will get any significant inheritance.  Maybe a few thousand.  I'm also,pretty sure DH will not get one. 

[alabamagal]

Probably not. Will be small of anything.

Both sets of my grandparents supported themselves until the end and left small inheritances to my parents. My parents gifted 10% to split between me and 2 brother. So $4k went to my kids college fund and $2k was used to buy a piano.

I expect small amount from my parents, but mainly they should be self supporting. We will get $0 from DH family and hoping we don't have to support his mom ( currently widowed and living on ss)

[ArchietheDragon]

It is hopefully a long way off. Big if I get an inheritance I would like to pay it forward.

[Tiny]

I don't "plan" to leave one, but I'm youngish and have accumulated a pretty big pile of wealth... so, if I die sometime soon, my beneficiaries will get a part of the big pile of money. If I live to be 90 ::shudder:: there might not be so much money and at that point it might all be going to predetermined charity(s) or a select few people (who may not be directly related to me (one of the hazards of being a late in life baby and not having children myself).

Any "inheritance" will simply be whatever money is there when I die -- could be a lot could be very little = depends on when I die.

[Shooby]

Our priority is to plan for our old age and help the kids with college. So that is the legacy hopefully to get them on a good path. And whatever is left if there is any they can split it up. My mom spent a lot on assisted living and the nursing home. She was fortunate not to have used all ger assets.

[Tiny]

Nov 24, 2015 17:51:56 GMT -5 Bonny said:

Nov 24, 2015 17:29:33 GMT -5 Sam_2.0 said:

Seems to be a cultural thing. Many cultures emphasize leaving something behind for your kids. I like the idea of it. Hopefully by the time they would get it, they are nearing retirement on their own anyway (I plan to live for a long time! )

Both Debt and my BFF are Americans living in France. My BFF has been very concerned about leaving her boys an inheritance which seemed really odd to me. Both of her parents are alive. This concern was before she received an unexpected decent-sized inheritance from her uncle.

I understand wanting to leave one if you benefited from one and of course the continental Europe rules are VERY different than the U.S. You can actually sue your parents for "wasting" your inheritance. I had to warn my friend that she risked losing ANY inheritance from her folks if she complained about her mom's spending.

I agree it may be a cultural (or Family) thing...     a couple of friends (single, no kids) are/were very big on helping their nieces/nephews with big $$ amounts and/or putting a lot of time/effort and money into making sure they would leave an inheritance (for family or someone).    They were also kind of shocked when they discovered I didn't get much of an inheritance (by their standard) when my mom died (want' really expecting much of anything) and that I've never gone out of my way (life insurance for example) to provide for people who are not directly dependant on me if I should die. 

[dannylion]

Unless something really catastrophic happens, I hope to have enough left over to leave a financial legacy.  If I end up in a nursing home earlier than anticipated, that will have an effect on the amount, but since I cannot predict the future and am generally a positive and optimistic person, I am assuming I will have enough to make a modest impact. 

I have no children, but I do have cousins, so I'm leaving 40% of my estate divided among my surviving first cousin and her 2 adult children, 10% to the 2 adult children of another (deceased) first cousin, and 50% divided among Best Friends Animal Sanctuary, Warrior Canine Connection, and the museum foundation associated with my former employer. 

If the 2 cousins sharing the 10% portion continue to pretend I do not exist, I will likely reconsider that portion and distribute it differently.  The cousins who will be sharing the 40% portion keep in touch and actually seem interested in whether I am alive or dead.  Ironically, they are all well off.  The 2 cousins who ignore me are not well off.  Go figure. 

 

[lynnerself]

Yes, we hope to leave an inheritance. And it's not a cultural thing. My parents were the first of several generations to have much money to leave.

It was never a goal for us to leave a legacy. But when I inherited from my parents and our assets increased over time we realized there may be a substantial inheritance left for the kids. (Rather than try to spend it all before we die.)
However, we do not have long term care insurance, so there is always the chance that the money may get used up for that. As far as I know DD and DS are not planning or depending on inheriting anything.

[andi9899]

Nov 24, 2015 17:10:41 GMT -5 Bonny said:

debthaven's comment in the LL thread made me wonder how many of you are planning on leaving an inheritance? Why or why not?

As you know from my prior posts I never expected to receive an inheritance from my folks and I haven't been disappointed yet.

I'm already going to be strapped to a cot in the basement while the girls collect my social security check until I die. They can't have anything else after that.

[Value Buy]

Nov 24, 2015 20:02:52 GMT -5 ArchietheDragon said:

It is hopefully a long way off. Big if I get an inheritance I would like to pay it forward.

It is what you consider an inheritance is, in some cases.

When the last parent dies, there is usually something to give away. Some people might leave it all to charity, etc.
Most simply leave what is left to the kids, or if disappointed in them, the grand children.
My mother received half of her mother's small estate. A house worth only $30,000 back in the sixties, and savings bonds and savings account, split with her only sister.
My father received 1/4th of the family farm, only 70 acres or so, split four ways.
Two brother-in-laws wanted to sell immediately, even though the older brother lived on the farm and farmed it. My father was upset with the brother-in-laws and told his sisters he would never sell. 
He gave his 1/4th to his brother, outright, and the two sisters sold their share to there brother on credit.
Have to remember farmland was only about four hundred an acre back then, if that. My dad never said whether he received payment years later or not. This all happened before I was even born, circa 1940 or so.

My parents split everything equally with all the children.
Basically a house, less than 80,000 in value, and savings bonds and stocks and bonds.
We are doing the same. Split evenly between the two adult children. We are not anticipating not spending money, and saving it just for them, We will live the life we want, and they get whatever is left.
Quite frankly, my parent's nest egg grew rapidly after retirement, and we think ours should be stable, and show a slight increase, although we will be drawing down for travel and other good times, but the principal should probably be safe.

I agree with Arch, pay it forward, but I'll be darn if I will leave it to the IRS to pay down the national debt


 
 

[mollyanna58]

Nov 24, 2015 20:50:29 GMT -5 andi9899 said:

Nov 24, 2015 17:10:41 GMT -5 Bonny said:

debthaven 's comment in the LL thread made me wonder how many of you are planning on leaving an inheritance? Why or why not?

As you know from my prior posts I never expected to receive an inheritance from my folks and I haven't been disappointed yet.

I'm already going to be strapped to a cot in the basement while the girls collect my social security check until I die. They can't have anything else after that.

Just as long as they don't leave you strapped on the cot after you die so they can keep collecting your social security. 

A social security employee came out to visit my grandmother when she was about 95 to make sure she was in fact still alive.

[plugginaway22]

"I'm already going to be strapped to a cot in the basement while the girls collect my social security check until I die. They can't have anything else after that."


made me chuckle! 
 

[msventoux]

I'm not planning on it.  I have no heirs.  I'm saving money now, and if I die before I'm ready my beneficiaries will get it.  But ideally I'm saving for retirement and as soon as I've spent my last penny I'll kick the bucket.  I've had to fend for myself, everyone else in my life can do the same.

[Phoenix84]

Since I don't even have a family yet, hard to say.  In theory, if I had kids, I'd like to leave them something, but it's hard to plan for such a contingency so far out.  I'd probably try to find a balance of enjoying my money, but still not looking to spend every red cent I have. 

My parents should be self supporting in retirement.  Dad will get a pretty good government pension (the better, older version), mom will get social security, and I know they've saved and invested, and own their  home outright.  I'll probably get something from my parents, but I doubt it will be a life altering amount.  

I'm surprised to learn so many will give or receive house down payment assistance.  My parents never gave me any house down payment assistance.  Just seems a bit strange.

[busymom]

I'm going to try & leave something for my kids. DS will need a trust fund set up, due to his disability. And, I want DD to at least have an "emergency fund". We're toying with the idea of doing the same thing as our IL's: put the house in a trust, so if we spend all of our savings on care in our old age, the house would at least go to the kids.

[NoNamePerson]

Nope. My son is grown and doing quite well on his own. I once made a comment to him about getting pre need burial plan and he said "no need for that spend your money while you are alive" I'll roll you down the hill into the woods, cover your with leaves when the time comes!!

I hope the last check I write before I die bounces  

OH and I don't have grandkids to leave it to either so there!!


ETA: I do have burial plot paid for. They had a two for one when I moved my mother here so I took advantage of that    

[tskeeter]

Nov 24, 2015 17:10:41 GMT -5 Bonny said:

debthaven 's comment in the LL thread made me wonder how many of you are planning on leaving an inheritance? Why or why not?

As you know from my prior posts I never expected to receive an inheritance from my folks and I haven't been disappointed yet.

There will only be an inheritance if DW makes a mistake and doesn't spend her last dime on wine and cabana boys.

[Deleted]

I don't expect to receive one and while it would be nice to leave one, I don't see that happening unless I die young, which wouldn't be cool.  I just don't see being about to accumulate much more than what I need to live comfortably for 30 some years.  My hope is I can get the kids through school debt free and that they don't ever have to help me out financially. 

[GRG a/k/a goldenrulegirl]

My answer to the OP: