Don't count on an inheritance

[troutman]

http://cnews.canoe.ca/CNEWS/Features.../19349186.html

Many people don't receive any inheritance, and of those who do, the median inheritance for today's baby boomers is only $64,000, according to a 2010 study from the Center for Retirement Research at Boston College. That's nothing to sniff at, but it's probably not enough to dramatically change most people's lives.

[Hack&Lube]

Oh good, I thought this thread was going to indicate that the new consolidation of estate law in Alberta was somehow going to invalidate the inheritance my family about to receive. Given the long lifespan of people in my family though, I won't really see any dividends until I'm about to die myself.

[bomba]

Mom told me before that she's spending every last penny.... looks like I'll be below the median!

[Misterpants]

Originally Posted by bomba

Mom told me before that she's spending every last penny.... looks like I'll be below the median!

You'll have to nip that in the bud. Wink, wink.

[Hack&Lube]

My grandfather has threatened to give it all away to charity. I feel guilty for questioning that, if only that I think it could be better spent and invested in a managed way while also still paying dividends to charitable causes.

[fredr123]

People counted on an inheritance?

Maybe I'm an outlier, but I can't think of a single member of my family (other than a confirmed bachelor uncle who works at a bank) that might have more than a sack of nickels to divvy up amongst those who survive him/her. I'm more likely to get calls from creditors trying to get me to pay my parents' debts (good luck with that one) than I am a call from an estate lawyer asking how I want my inheritance paid (over-sized novelty check, please).

[Hack&Lube]

What happens to debt when you die?

[fredr123]

Originally Posted by Hack&Lube

What happens to debt when you die?

It depends. Someone with an estates law background (troutman) would probably be able to give you a better rundown, but I will give you an example of what I was thinking of.

My father-in-law's mother passed away with a buttload of credit card debt. My father-in-law received calls on a weekly basis from Visa and Mastercard demanding he pay the outstanding balance. She died without assets of any real value and there wasn't enough money in the estate to cover all the debts she accumulated in life. He was the only surviving family member with his poop together, so to speak, but he was neither a co-signor nor a guarantor for any of his mother's debts. They were not his legal responsibility and he told them to shove it.

As far as I am aware, I have not been a co-signor or guarantor or was in any way involved with any loan or credit transaction with any of my family members (outside my wife and our mortgage, line of credit, car loan, etc.).

[Brotato]

Originally Posted by Hack&Lube

What happens to debt when you die?

You inherit it and have to live in poverty until you pay off Uncle Phil's 55 Plasma he bough ton 20% credit. JK.

[Misterpants]

Originally Posted by Hack&Lube

What happens to debt when you die?

It goes to heaven Hack&Lube. Now go to sleep.

[Sr. Mints]

Originally Posted by fredr123

It depends. Someone with an estates law background (troutman) would probably be able to give you a better rundown, but I will give you an example of what I was thinking of.

My father-in-law's mother passed away with a buttload of credit card debt. My father-in-law received calls on a weekly basis from Visa and Mastercard demanding he pay the outstanding balance. She died without assets of any real value and there wasn't enough money in the estate to cover all the debts she accumulated in life. He was the only surviving family member with his poop together, so to speak, but he was neither a co-signor nor a guarantor for any of his mother's debts. They were not his legal responsibility and he told them to shove it.

As far as I am aware, I have not been a co-signor or guarantor or was in any way involved with any loan or credit transaction with any of my family members (outside my wife and our mortgage, line of credit, car loan, etc.).

My father died, and my whenever we got any sort of calls about anything (including debt,) my mom just started asking for a fax number so she could send them a death certificate. The calls stopped quite quickly.

[MarchHare]

Don't count on an inheritance? Heck, I specifically don't want an inheritance.

My parents are 1-percenters, but I've told them to spend every last penny of their fortune either on themselves or charitable causes that are meaningful to them (my sister doesn't share this opinion, unfortunately). They made many sacrifices for their children while we were younger and gave us every opportunity to find our own success as adults (including teaching us the importance of proper retirement saving), so now I want to see them use their wealth to maximize the enjoyment of their senior years.

[Hack&Lube]

Originally Posted by MarchHare

Don't count on an inheritance? Heck, I specifically don't want an inheritance.

My parents are 1-percenters, but I've told them to spend every last penny of their fortune either on themselves or charitable causes that are meaningful to them (my sister doesn't share this opinion, unfortunately). They made many sacrifices for their children while we were younger and gave us every opportunity to find our own success as adults (including teaching us the importance of proper retirement saving), so now I want to see them use their wealth to maximize the enjoyment of their senior years.

For some parents, maximizing the enjoyment of their retirement years might also be ensuring they have something to pass onto their children or even grandchildren, even if you have found your own success.

Money can't buy happiness, but it can help pay for the search. I would want enough to be comfortable and to do the things I'd always wanted to do but there is only so much money can buy and buying the security of my children and grandchildren would be important to me as well.

[Nufy]

Originally Posted by Misterpants

It goes to heaven Hack&Lube. Now go the F$^K to sleep.

Fixed your post...

[pylon]

Phew, thank god all us 6 and 7 figure CP 1%ers here don't need to rely on one. Had me worried for a sec.

As long as my folks leave me the Bentley, the catamaran, and the weekend home in the Hamptons, I will be more than satisfied.

[Rathji]

I am not expecting an inheritance from either of my parents, but wouldn't be surprised if a little bit eventually trickled in from my Dad's side, depending on which order him and his wife die.

[Cowperson]

Originally Posted by bomba

Mom told me before that she's spending every last penny.... looks like I'll be below the median!

My mom recently told my brother that I've done too well in life, that I didn't need any more money and that her will would split all her assets between my brother and sister, neither of whom have saved a dime in their lives.

I'm a little confused as to how to react to this news. If at all.

However, I am a little amused that she lives in Three Hills, currently under RCMP siege, and, out driving yesterday, she was stopped and had her car searched from bunghole to butthole.

Heheheheheh.

Cowperson

[Hack&Lube]

Originally Posted by Cowperson

My mom recently told my brother that I've done too well in life, that I didn't need any more money and that her will would split all her assets between my brother and sister, neither of whom have saved a dime in their lives.

I'm a little confused as to how to react to this news. If at all.

However, I am a little amused that she lives in Three Hills, currently under RCMP siege, and, out driving yesterday, she was stopped and had her car searched from bunghole to butthole.

Heheheheheh.

Cowperson

I seem to have missed what was happening @ Three Hills. The Bible College went postal?

[Bobblehead]

This is an American article. While many of the issues discussed are valid, things like Estate taxes or inheritance taxes are totally different. I wish Canadian news would explain those difference, or at least mention that there is a difference. Maybe Quebecor should have hired someone to do more than cut and paste.

[fredr123]

Originally Posted by Hack&Lube

I seem to have missed what was happening @ Three Hills. The Bible College went postal?

I'm also confused. All this time I thought a bunghole was a butthole.