Inheriting before a relative dies

[propita]

Hubby and I are going to have one hell of a time when we get old: Lots of comics, Disney collectables (some not worth keeping now, some worth something), animation cels, etc.

And no kids.

And I'm not that fond of our nieces and nephews.

Provided we live to ripe old ages, we'll be selling off stuff, or finding good homes, for the stuff of value. The fairly-worthless stuff, I hope to find good homes for sooner, maybe some OCD collectors.

[Miss Chicken]

Deckerd wrote:

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My parents already spend everything on their children and grandchildren. They won't have anything left. Which is the way it should be.

Does this mean that they have given away their house?

In Australia is can be hard for people to give away everything because it can affect their pension. The allowable gifting amount is $10,000 in one year, or $30,000 over 5 years. If a person gives away more than that they are treated as if they still have it as assets when it comes to determining the amount of pension they received.

When my mum was alive she had a $300,000 unit (which she lived in with my brother) and about $300,000 in investments (savings and shares). She received a part pension which was about half her income, her investment made up the rest. All told she received about $35,000 a year.

[macloudt]

Deckerd wrote:

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My parents already spend everything on their children and grandchildren. They won't have anything left. Which is the way it should be.

My dad pays for my two older children to attend an independent school, and he expects no repayment for it (it's coming out of my inheritance). The combined tuition per annum is more than my husband and I earn. The local state school is crap, and I didn't want the kids going there. My dad has also already given all his kids our monetary share of the inheritance. This has allowed my husband and me to extend our house and give each child his/her own bedroom, which is how my dad wanted us to use the money. When he dies what will be left to share out are his possessions and the proceeds of the sale of his condo. Being the only daughter I already inherited our mother's jewellery when she died, and apart from some photographs and other small sentimental things there's nothing else I want. My house is packed to the gills as it is.