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Oct 05 '24
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u/Dodopilot_17 Oct 05 '24
I have a similar mother who inherited about half a million and is both scared of running out (and not doing anything not to) and also spending like a crazy person (10k a month)… I’ve been trying for a few years to have her make a sane budget, invest in good trackers and have a discipline to make her money lasts for her late years without any success.
The money just sits in her bank account, being drained by the day. There will be nothing left in a few years and I know I’ll have to pick up her tab at some point. Such a waste for everyone, especially her.
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u/HeftyArgument Oct 05 '24
To be fair, the money is hers; if she doesn’t give a shit about what happens to you after she’s gone, it’s her right to spend it 😂
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Oct 05 '24
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u/CreauxTeeRhobat Oct 05 '24
I'm the first person in my family to have any sort of retirement savings, thanks to my career and 401k. My older sibling had to "buy an investment property" just to get our parents to move out of my childhood home, in which they were severely underwater, but neither my sibling nor my parents have any actual retirement savings to speak of.
I'm not inheriting shit, and I'm okay with that ... Kinda. I would have liked to have inherited my childhood home...
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Oct 05 '24
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u/Suyefuji Oct 05 '24
My dad has been trying to shunt me and my brother the maximum amount of money that can be legally given before paying gift taxes annually. Anything to not pay taxes. It boggles my mind how much money they have but I'm not about to complain.
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u/MeasurementMobile747 Oct 06 '24
Be mindful of the "lifetime gift tax" limit. It caps the yearly gifts over a long time. The lifetime limit is super generous (13.61 million in 2024). As far as I know, one needs only to be mindful of the lifetime limit. Check with your tax preparer.
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u/Suyefuji Oct 06 '24
I'm 1000% sure my dad knows all of the applicable tax laws because that's the kind of person he is.
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u/MeasurementMobile747 Oct 06 '24
Like President Reagan said, Trust, but verify. If you aren't able to learn, that's one thing.
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u/Jeeringrhyme91 Oct 06 '24
This is my exact situation. My mom and dad gifted me a down payment on a house. They said they wanted to see me spend some of my inheritance while they were still alive to see me happy.
They're really wonderful people, but I wish things were a little more manageable on my own. Not that they would want it, but I hope to be able to save enough to send them on a vacation or something in a few years.
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Oct 05 '24
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u/ThomBear Oct 05 '24
I became aware of this at a very early age, when I realised we were poor even compared to neighbours on our council estate, who did ‘desserts’ and ‘birthday parties/presents’ - toff b*stards. 😏 (Sounds like it but, though I’m saying it with hindsight humour, not satire alas)
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u/UltraV_Catastrophe Oct 05 '24
And with rising living costs, healthcare dystopia’s, and likely an economic crash incoming, our parents are going to die in debt (which capitalism would LOVE for you to inherit. Good luck!)
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u/Mataraiki Oct 05 '24
My sister and I were set to inherit about $100k each from our grandparents. Four years of medical issues before they died later we both received $1k.
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u/jumpinthecaacYEAH Oct 07 '24
After Mom died, I received about 2.5k. Probably would have been more had it not been fucking cancer. I hate cancer with a burning passion, and I would rather have my mom than it or any amount of money...
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u/ThomBear Oct 05 '24
Wait, how do you inherit debt, or is that just if parents debts are tied up in property, like a lien on a house? If some company came to me saying I owed them money I didn’t personally from my now deceased mum I’d tell them just how far they can’t jump.
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u/bjambells Oct 06 '24
you don't inherit debt despite what a bunch of people are saying. If the deceased has debt that can pay it off with some money leftover, the estate will need to pay the debt and the beneficiaries inherit the rest. Make sure to never pay the dept of a deceased relative because lenders might ask and you are not responsible.
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u/menonte Oct 06 '24
Where I live it's different, let's say one of your relatives die, they have properties but also debt, you end up having to pay for inheritance tax and pay off their debts. Meanwhile all their bank accounts are frozen. You can refuse the inheritance but that's not always feasible or the best option in the long run.
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u/ThomBear Oct 07 '24
Here if a company has a lien on property they can claim the funds owed when that property is sold, so yes in essence you can inherit that debt as it’s tied up in the property, but if they have credit cards or unsecured loans not connected to the property they can sing for it. Those companies will have business insurance that covers their shortfall when someone who owes them money passes away.
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u/TrippTrappTrinn Oct 05 '24
No problem to give inheritance without being dead. Lots of people do it.
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Oct 05 '24
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u/KerissaKenro Oct 05 '24
Lost my dad last year and my grandma this year. I didn’t get any money, I did get some mementoes. It all is supporting my mom, and that is how it should be. And I would rather have her for the next twenty years than any amount of money
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u/Unique-Abberation Oct 05 '24
I keep seeing this one article about millennials waiting for an inheritance and every time I see it I just laugh out of incredulity. We aren't waiting for shit. They're spending that money before they die, they're not leaving us a goddamn thing except a burning planet
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u/SmokingGunontheRun Oct 05 '24
When I was 20, I applied for my first apartment (with a roommate who was a few years older than me). Property manger approved our applications, but asked if I could get one of my parents to co-sign due to my age.
Approached my mum and asked if she’d be willing to do so. She laughed and immediately agreed. She was unfortunately going through a bad divorce with my sociopath of a father and told me, “sure, but the joke’s on [property manager]. Pretty sure you have more money than me right now.”
Shit happens and not all of our parents a loaded. Fuck this mindset regardless; it’s awful from all angles.
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u/NoSarcasmIntended Oct 05 '24
Too bad the very people we're supposed to inherit from tanked the shit so hard that they, themselves, have to reverse mortgage to stay off the streets. We're not even getting inheritance. They sold themselves and their children out.
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u/IosifVissarionovichD Oct 05 '24
Reminds me of Medvedev saying something along the lines of "there is no money, but you all hang in there"
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u/AssociateJaded3931 Oct 05 '24
All of my four kids have nice houses of their own and I'm still alive. It can be done.
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u/WisdomsOptional Oct 06 '24
Parents died when I was younger, from drug habits. All I got was generational trauma and corpses with no money or insurance to bury them.
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u/ironmojoDec63 Oct 06 '24
So, I've been watching this Menendes show that presents a thought provoking alternative to "waiting around".
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u/purplegladys2022 Oct 07 '24
5 articles above this article discussed how boomers are living longer and longer.
They also tend to spend before they die more often then they used to.
No inheritances!!
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u/danuinah Oct 09 '24
I can't blame anyone, really, but myself; I'm too busy trying to survive this poverty spell; and I'm tired, really tired. I think this is how a lot of us, Millennials feel.
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u/DestyTalrayneNova Oct 05 '24
I know my parents. Only thing I might inherit from them is debt. I'm still recovering from bailing them out since I was 14. One of several reasons I cut them out of my life.