Inheritance?? (poll and comments)

**forHISglory** · 12-31-2011, 04:54 PM

My elderly parents own a farm worth about $600,000. We have urged them to sell it and live in a little comfort in their latter years. They refuse to do so, saying they want us kids to have it as an inheritance. Meanwhile they have money problems as there is very little cash flow.

While an inheritance would be nice (there are 5 of us to split that farm inheritance), I am not living as though it is in my future. I find that it is better to not expect an inheritance, and live within my means. But I know a family who is spending like crazy on non-essentials because they are expecting an inheritance.

With the state of the economy, I was wondering if families are trying to have inheritances for their children, or if this is just basically gone. So feel free to take the poll, and also to leave comments.

If I did this right, the poll is anonymous. When it comes to receiving an inheritance, I left this open on amount and from whom. When it comes to leaving an inheritance, I left this open on amount/type and to whom. You might expect an inheritance from a parent, an aunt, or a friend, for example, and it might be money, land, stock, jewelry, etc. You might choose to leave an inheritance to your family, or you might choose to leave it to a charity. Just think of the various options as you answer. Also you can select more than one answer on the poll.

**Contrary Housewife** · 12-31-2011, 05:13 PM

I have always lived as if there would be no inheritance. We did get lucky that we received something when DH's folks passed on, which enabled us to pay off a lot of CC debt. And we will get something in 10 or 20 years when my mom goes.

However, in the here and now there is no inheritance to bail us out of trouble if we were to have any.

I have no heirs so I plan to spend it making myself comfortable and leave a house full of ugly old furniture to whatever distant relatives remain. There will be some good yard sale finds when I'm gone, for sure!

**monkeywrangler71** · 12-31-2011, 05:31 PM

I checked the boxes even though I don't believe anything about the future is absolute. However, my parents own 4 properties so I expect to inherit something at some point. It doesn't factor into our financial preparations for the future because I also expect (or at least hope) that we will be decades into our own retirement before that happens. Or if they decide to sell their property and go on a whirlwind trip around the world with the proceeds, that's fine too.

I also expect to leave something behind, at the very least a paid for house, provided we do not have a financial disaster at some point later in life.

**ml2620** · 12-31-2011, 06:05 PM

My mom and dad expected a sizable inheritance from my great aunt, not to say they lived a luxurious lifestyle, but they didn't save much for retirement because they knew this inheritance was coming.

However, her cousins contested the will and made things very ugly, VERY. Nine years of lawyer, courts fees and a downturn in the real estate market and there isn't much left.

Very sad because my parents were always so kind and generous to everyone and are now paying the consequences.

**MaryCarney** · 12-31-2011, 06:11 PM

My mom literally spent every dime traveling the world, and only because she recieved a pension contribution from her employer THE DAY SHE DIED did we have enough $$ to bury her.

My dad and stepmom have a sum of $$ put aside, never draw from it, living solely on their social security. Comfortably. They are considering buying a home closer to us with some of the $$ as they currently rent. If I never see a cent of it - fine by me.

The in-laws left a farm to be sold (which caused a permanent rift in the family, even though the law REQUIRED that it be sold), and we got enough to put a new roof on the house and install central air. My life would not have been any different without it.

I would like to leave memories for my kids, and a few cherished objects. If there's $$ left at the end, so be it.

**FrabjousDay** · 12-31-2011, 06:34 PM

The only person I can ultimately rely on in this world is me. If I receive any sort of inheritance, I'll view it as a wonderful gift. No expectations here.

**zakity** · 12-31-2011, 09:01 PM

I am sure that we will inherit something. But, I am not expecting to get anything. If they are nice enough to let us have something, then that will be way cool. If not, then it is their stuff to decide where it will go and not my place to tell them who to give it to.

As for us leaving behind an inheritance, well, it depends on how long we live.

**hmcart** · 12-31-2011, 09:32 PM

Dh is an only child but we dont live as if we will inherit anything. We do however have decent insurance policies in the event something happens to one or both of us. We have 4 kids (3 our own and we are raising my 12 yr old sister). We want them taken care of but because of legal issues my sister will not benefit financially if we pass until she is 18. We have had her for 2 years and are raising her as if she was one of our kids.

**khaski** · 12-31-2011, 09:40 PM

I don't expect to inherit anything from my parents. My MIL passed away last year, her house in a nice town which might have been worth $250,000 to $300,000k she had already 'sold' to her daughter who lives with her for $1. She had nothing but a meager life insurance policy to cover her final expenses with a few k leftover, which went to my SIL. She then refused to even repay us the few hundred $s we put out for the urn, even though she originally promised to and had $ leftover after the expenses. She proceeded to lie to a lot of family members about things not even remotely true, not even a possible misunderstanding (we were trying to tke the house out from under her, we just wanted to get our hands on her Mom's things to sell). So what we got out of that- down a few hundred $s for the urn despite my MIL trying to provide for such things, and out a sis/SIL as she and my hubby have not spoken since this went down. No loss there...really showed her true colors, she's ruthless.

My FIL, upon hearing about all of this (he and my MIL divorced years ago) promptly went to his lawyer and had his will changed to exclude my SIL (they hadn't spoken in over a decade anyways). So, someday, when he passes, his current wife and my hubby will split everything- which basically comes down to their house, worth roughy $100k now. It's paid for. She has a right to live there as long as she wishes, though she is from Hungary, and once he passes will return there to her kids nd grandkids. So, someday, we expect to inherit maybe $40-60k, but we'll see. Its hard to say if she will do the right thing and honor the will without a fight.

We plan as though we will get nothing....I am really striving to not only provide well for ourselves in our old age but have enough to leave our kids something someday.

**forHISglory** · 01-01-2012, 12:22 AM

My grandparents left a modest legacy to their children, so both of my parents inherited a small amount of money, plus heirlooms, such as dishes, furniture, etc. My grandparents lived very frugally, so there were no bills left after their death, but there wasn't much else left, either. My parents took the small inheritances and invested them. They have now used all of that for living expenses. I fully expected them to sell the farm and live off the proceeds. They could live quite well, and still have some left over. Mom and Dad have lived so simply and sacrifically over the years, and have done without. I honestly would rather see them use their resources than scrimp so that we get an inheritance. But it's their money.... I appreciate how much they love us kids. But here's the possible problem. They would like the farm left intact. But none of us kids went into farming. None of us can afford to buy out the others. We could possibly form a corporation and divide the profits each year (getting a tenant farmer). But two of my sibs are not doing well financially, and would probably want to sell out. It's a potentially tough situation.

Hubby and I would like to leave an inheritance to our heirs. But we are trying to think of responsible ways to leave it. Of course that is assuming that we have anything left to leave!! We'd like for part to be incentives to our grandkids for education. Just not sure yet how to do this.

**Sophiasmama** · 01-01-2012, 12:45 AM

I will receive an inheritence...but do not live as though one is coming...why would we save $30,000 a yr otherwise lol...Hoping my parents spend it all,honestly mean that...cause if we have planned it right we will be wealthy on our own...and leave an inheritence for Sophie and her family(if she has kids).

**Spirit Deer** · 01-01-2012, 01:21 AM

With the cost of nursing home care, I don't see how anyone can count on an inheritance.

**Lynnwantstosave$$** · 01-01-2012, 03:35 AM

My husband's grandfather left money behind for everyone. But we won't see it for awhile, it is being dispersed in steps. Sometimes i wish i could have just enough to buy a decent reliable car.

**wanderlusting** · 01-01-2012, 06:26 AM

We may get an inheritance, but we're hoping that the people who are money rich and land rich are able to live long enough to enjoy their money and land.

DH's family has a ranch worth millions, but grandma won't sell it even though she has very little to live on. We know that if she passes, DH's dad and aunts will sell it ASAP. So I'd rather that grandma sells it and be able to enjoy the money since the land will be gone anyways.

**Greebo** · 01-01-2012, 06:56 AM

Originally Posted by Spirit Deer

With the cost of nursing home care, I don't see how anyone can count on an inheritance.

This.

I'm an only child, and my parents are rather fit for their age (both 80ish and still very active) but you never know what could happen between now and the end. The best that may happen is I'll get a few hundred k between their house/possessions and their stock holdings. Or it may all go to their health later in life.

I dunno, and more importantly, its THEIR MONEY, so I live as if there won't be anything.