Thanks for sharing this. It's well written and kind. I feel greedy thinking about these things, but right now I'm 39 and my parents are in their late 70s and I realized recently that it will do me absolutely no good to inherit what they leave me with when they pass, God willing that doesn't happen for another 20 or 30 years. I likely won't need their finances then, and it will be a hollow windfall that will feel empty after losing two of the most important people in my life.
Thus, I concluded that when you've really covered all your bases, giving away wealth is simply the best idea for all parties involved. I know that a significant income boost today would make a tremendous difference, and possibly change the trajectory of my life. And for my parents, what could be better than seeing your heirs, schools, charities, etc. be happy and prosper?
The conundrum is "really covering" all those bases.
What could be better than giving away the money? Knowing the money is there to buy care at a time when one cannot care for oneself, for all sorts of reasons where the person still wants to live.
About 12-ish years ago, a local attorney said the cost of "excellent" assisted care - which then cost about $8000 a month - would soon cost $20,000 a month. What will if be in 10 years, 20, 30?
It's not getting less expensive. People are living longer and longer. Medical advances continue to astonish. And sorry younger folks but mang of the oldest baby boomers are still years and years and years away from hitting that system.
It seems to be the way of it - the normal "inflation" from the pasage of time. Houses around here that cost about $100,000 50-ish years ago are going for $1.5 million now, for just one example. Food, college, travel, cars - very little costs less than it used to.
Anyone looking for "more" of their parents' money now is hopefully prepared to carry their parents' costs if it comes to that.
How much is enough?
Here's one very current example of a person who could run through $2 million in the next 10 years - with her "seed corn" diminishing every year and she could still be alive! (A colleague's mother lived to 103. And she wasn't ready to go. The remarkably healthy baby boomers are still more than 20 years from 100! Plenty of time to benefit from yet more modern medicine!)
viewtopic.php?t=442882
Sure, maybe there is some amount that's "enough." But is, say, $5 million enough for a healthy couple in their 70s who are accustomed to living nicely? That could be skinny!
A inheritance should be good enough. If the heirs are blessed enough to not need it, they can do some good with it.
Statistics: Posted by PeninsulaPerson — Thu Nov 14, 2024 5:14 am