"Generational Wealth: Are you getting an inheritance?" Wed Feb-17-16 03:18 PM by PimpTrickGangstaClik
A big part of the increase in economic inequality over the years is due to wealth inequality rather than income inequality. A large driver of wealth inequality, especially across racial lines, is inheritances. Slavery and Jim Crow is a major reason for this (redlining, unequal education/employment,etc) as blacks were not able to accumulate assets.
In recent generations blacks are starting to be able to accumulate some level of wealth, but I am wondering if there is a psychological or cultural component to inheritances. Some people are proud of the fact that they received no help and they expect those that follow them to do the same.
Did you get or are you expecting to receive any inheritance from your family? Did your parents receive any assets from previous generations?
Going forward, do you plan to pass on wealth to your children or are you going to make them bootstrap it?
1. "I'm an only child with no first cousins, so I'm going to get alot." In response to Reply # 0
I don't say that with full joy because it will only come after my parents and grandparents and 1 aunt are all gone, but I will get all of it. But hopefully that won't be for a good while.
With my parents and grandparents I think it will largely be houses. My aunt has a house on Capitol Hill and is quite cakey right now, too.
3. "i didn't get any from my side, but my wife did." In response to Reply # 0
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
4. "my parents both held stable but modest jobs..." In response to Reply # 0 Wed Feb-17-16 03:53 PM by murderbear
They lived relatively frugally in nyc, and put enough away to be comfortable with pensions and savings.
When they are gone, they'll leave behind enough to cover burial and to pay off MY mortgage, leaving me with any easier path to set aside savings for me to pass down.
They are in good health but we went over all paperwork/accounts about two weeks ago.
I'm actually very proud of their accomplishments/preparation.
PoppaGeorge Member since Nov 07th 2004 10384 posts
Wed Feb-17-16 03:54 PM
5. "Me and my oldest sister was supposed to get one from my greatgrandpops" In response to Reply # 0
He got sick in the 90's and his money dried up due to paying for medical bills and whomever he had managing the money fucking up his taxes.
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"Where was the peace when we were getting shot? Where's the peace when we were getting laid out? Where is the peace when we are in the back of ambulances? Where is the peace then? They don't want to call for peace then.
6. "i guess i am." In response to Reply # 0 Wed Feb-17-16 03:55 PM by SoWhat
>Did you get or are you expecting to receive any inheritance >from your family?
my parents are going to leave me with their house and/or cars. i doubt there will be any cash. i'm going to sell the house/cars for $.
honestly that's kind of a huge pain in the ass. i mean...i'll like having the house for a few days b/c of the sentimental value or w/e. but...selling it will be a massive hassle. i REALLY hope they sell it before they die.
>Did your parents receive any assets from previous >generations?
no.
>Going forward, do you plan to pass on wealth to your children >or are you going to make them bootstrap it?
i ain't got no kids. i am grateful every single day that i ain't got no kids. i have absolutely no desire to be a parent. none.
14. "assuming the house is paid off, sell it below its value." In response to Reply # 6
hopefully you can get rid of it quickly.
I know someone who was in a similar predicament but wanted to get every dollar he could out of it. Took him over a year to sell and wound up paying about $10,000 in ins/taxes and other bills over the year's time.
-The Knicks’ coaching search still includes a lone frontrunner, Kurt Rambis, whose qualifications for the position include a strong relationship with Jackson and a willingness to take the job.
It'll be equity in a house with a mortgage plus whatever's in the bank account and the furniture. It won't be enough to pay the house off or buy a new house, but it'll be okay.
Only child.
When dad died I got some cash (not much) and 2 years of a retirement stipend - like 12k in total.
9. "RE: Generational Wealth: Are you getting an inheritance?" In response to Reply # 0
Yeah, I am. My mom, dad and my grandparents. I don't like to think about it, but yeah...
My mom has recently moved so the next time I head to her home, I'm sure I'll get the "incaseshittour2016". I'll get land and jewelry from my grandparents and I'll get money from my Dad.
I really hate thinking of my grandparents and parents as sources of wealth when they die. I would give it all away if it meant keeping them here. But I know that's not possible.
As far as my daughter, my mom has already set up an account for her, we have an account for her, and anything that we acquire will go to her.
My hubby being an only child will get my mother in law's assets. He really doesn't care.
"We don't make mistakes, we just have happy little accidents" - Bob Ross
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17. "One of my parents got from their parents but didnt need it/touch it. " In response to Reply # 0
My other parent didn't get a thing. They did a lot for themselves given where they came from. Growing up I've always heard that " God bless the child....." talk so I grew up with no expectations of anything. Mom used to always tell me about a friend of hers who used to brag about waiting on their parents to die to inherit this and that and ended up dying of heart disease before the parents. I often wonder if it was a true story or one to scare me into working for my own shit lol.
When I became a parent though, the talk became the continuation/legacy talk. They encourage me to do my own thing but remind me I have something to continue when they're gone. I accept that and plan to. I'm already putting that into my kid's head too.
legsdiamond Member since May 05th 2011 79947 posts
Thu Feb-18-16 11:38 AM
19. "my grandfather left some cheese but since he had 8 children..." In response to Reply # 0
well, do the math. He still broke us off so with a nice lol chunk so I won't complain.
My dad has no money and my mom was killed in a car accident so we got a settlement.
I was able to make a down payment on our house with that money and plan on keeping this property for my daughter.
my wife's mom has a home in Southport and so think she is leaving it to my wife or she will split it with her sister. I'm sure my wife is getting broke off though.
Her can built houses all over Southport, NC. A small port town that used to be all black that is now filled with white people. Especially since that damn Safe Haven movie came out.
Definitely going to leave my kid some money and property.
**************** TBH the fact that you're even a mod here fits squarely within Jag's narrative of OK-sanctioned aggression, bullying, and toxicity. *shrug*
I don't like to dwell on it because that person is far more valuable to my life while they're living. I'm working towards not needing it for myself but maybe it'll benefit my children as they begin to carve out a life for themselves!
23. "Nursing Homes and Reverse Mortgages " In response to Reply # 0
are really fucking up black people's inheritances. Most of us don't have any real investments outside of our homes and from what I can tell, so many seniors took out reverse mortgages on homes which now have them underwater, that any planned inheritance is going down the drain.
TheAlbionist Member since Jul 04th 2011 3306 posts
Fri Feb-19-16 07:13 AM
25. "Not expecting anything, no." In response to Reply # 0 Fri Feb-19-16 07:14 AM by TheAlbionist
(YT)
Parents did pretty well, but we've told them to try and spend it all. They spent enough on us already when we were kids and they deserve luxury for a couple of decades.
I'm scraping by under my own steam and so is my oldest brother. If anything's left, it'll be directed towards my other brother who's never properly found his feet moneywise.
neither of my parents grew up rich (though my mom would probably have gotten a lot had her dad not passed when she was 13) the little my mom did get when her mom died allowed them to by the house i grew up in. My dad has done very well for himself, and i assume me and my sisters if nothing else will be left real estate worth quite a bit.
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28. "My Dad left me and my siblings an inheritance when he " In response to Reply # 0
died. I haven't touched it yet. I guess I'll also get my parents house and any savings. My grandparents are dead and we have their houses. We're renting them out, and it's a huge pain.
30. "My uncle died recently..." In response to Reply # 0
At some point my dumb aunt who never finished high school convinced him to cancel his life insurance because he was paying for it each month.
When he died she was surprised that instead of getting his whole pension now she only gets half of it. which is barely enough to cover her mortgage...
I kid you not it was the most undignified funeral service I have ever seen. I dont even like talking about it. there was a viewing and he was in a wood box with a blanket covering hit bottom half ...
But to answer I havent discussed it with my mom. but I know my dad has a policy that will go to me.
I dont expect it to be kick back money but it will surely cover his burial...
I have an insurance policy on my self and Creflo Dollar is the beneficiary...
SHA NA NAH!!!!! HE COMING IN A HONDA!!!!
You take the blue pill, the story ends. You wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland, and I show you how deep the rabbit hole goes.
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