Quote:
Originally Posted by Geraldsh
Considering an inheritance in retirement planning is like counting your chickens before they hatch. Are you sure you’re even mentioned in the will?
At the last minute my rich uncle decided his beautiful 19 year old caregiver needed his money more than I did! I must admit, he was right and I am doing ok in retirement.
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Yes, some people don’t know if they’re in the will. Or are alienated from their parents and family. But intergenerational bonds have been getting stronger in recent decades, and more people are privy to the wishes and financial status of their parents. Most first-time homebuyers in Canada today get substantial help from parents - often to the tune of over $100k. Living wills and living inheritances are increasingly common. Adult children today often have to step in to care for aging parents, including doing taxes, taking over management of finances, and moving in as live-in carers. Much of that $1 trillion transfer is being deliberately managed.
Both sets or our parents sat down with us years ago and outlined their wills and finances, so there would be no surprises. Of course there’s a lot of uncertainty in how long people live, and how much of a nest egg may be consumed by health care and assisted living. But in families that are open about finances, there shouldn’t be surprises like undisclosed borrowing against the value of a home.