Roth IRAs are supposed to be earned income. Are they working already?

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Sep 28, 2016
11:16:30am

DK- Contributor

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DK-

Previous username: Reformed Cougar
New username: bYuFB
Bio page: DK-
Joined: Sep 18, 2013
Last login: Feb 8, 2023
Total posts: 0 (0 FO)

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Messages

Author

Time

POLL: Do you expect to receive an inheritance from your parents?

kccougar All-American

9/28/16 9:43am

My approach to finances is to only count on what I can produce myself.

Mister P

9/28/16 9:47am

Inheritance, under some theories, will become crucial to future generations.

Baron

9/28/16 9:48am

True. Already got the kids Roth IRA going for that

cougfanz

9/28/16 9:55am

Roth IRAs are supposed to be earned income. Are they working already?

DK-

9/28/16 11:16am

yea, i'm an independent contractor so get some earned income, plus some from FIL

cougfanz

9/28/16 4:26pm

But wealth/money is not a finite resource. It can be spread around and America

TheLoneCougar

9/28/16 9:59am

Don't worry about that at all. Hilary's new 65% estate tax will take care of it

DK-

9/28/16 11:03am

Between my parents and my wife's parents we may end up with around 30K if we are

cougaman

9/28/16 9:54am

Yeah, big families + tithing = no dice

cougfanz

9/28/16 9:56am

On the contrary, I expect to be hounded by creditors.

Slim

9/28/16 9:56am

Haha, me too. Trying to ensure I didn't "sign" anything associated with them and

cougfanz

9/28/16 9:58am

Me too

mobius

9/28/16 10:01am

Luckily my step dad left my mom or this would be the case with us. Man was he

cougaman

9/28/16 10:06am

I think I expect based on their wealth, but I won't make or break me financially

TheLoneCougar

9/28/16 9:57am

So if they left it all to your other siblings and gave you nothing, no problem?

AFCougK9

9/28/16 10:07am

Honestly I don't think so, but I haven't been in that situation.

TheLoneCougar

9/28/16 10:20am

BlueFrog is already living off of his wife's inheritance, while we

Cougarealist

9/28/16 9:58am

We'll likely inherit a 1/5 share of 2 meh houses. Both of our parents have been

Pimpin4Paradise

9/28/16 9:59am

Ahahahahahahahahahahahahaha

SandYFan

9/28/16 10:03am

I grew up below poverty with parents in blue collar job and neither finished HS. Grateful not to

soupie

9/28/16 10:04am

I think it depends on the health of my parents in their later years

LaserCoug

9/28/16 10:07am

My parents seem obsessed with leaving something for us kids

Jersey hunter

9/28/16 10:08am

To my point below, I wonder if they would enjoy giving while they're alive...

CougaReb

9/28/16 10:14am

I plan on living within my means and spending the last $ I have on my burial

LaserCoug

9/28/16 10:15am

I have 8 siblings and my parents keep refinancing their home/vehicles

CougarHut

9/28/16 10:10am

One challenge with longer life spans is that inheritances are now coming...

CougaReb

9/28/16 10:12am

That's in an interesting observation

Linescratcher

9/28/16 10:17am

My parents have started doing some of those things. Not significant amounts of

TheLoneCougar

9/28/16 10:24am

I rarely think about it, but I'll get a little.

Belboz

9/28/16 10:19am

<< Deleted >>

UCLACoug

9/28/16 10:22am

I can't imagine working so hard to be dirty to get free money.

Belboz

9/28/16 10:37am

Wow, sorry to hear that...

TheLoneCougar

9/28/16 10:40am

Inheritance is weird

boyblue

9/28/16 10:22am

A guy in my ward told his dad, "I hope the last check you write before you die bounces."

kccougar

9/28/16 10:25am

This is what my dad told us in a family meeting after he retired.

WhiteKnight

9/28/16 10:47am

Expect? No. Hope for? Yes. But I'm hoping it will be a looooong time away

frontrowcougar

9/28/16 10:32am

Talked to guy who told me inheritance would pay for his 5 kids' college/missions

ForzaPuma

9/28/16 10:46am

I might get an old lawnmower or something.

Galileo5

9/28/16 10:53am

My parents are still living, but they already gave me my inheritance

Yurdue

9/28/16 11:01am

I've gotta convince my siblings to accept tokens and trinkets in lieu of cash

Linescratcher

9/28/16 11:08am

Yes, but with 7 sibs and most in worse shape than me, I don't expect much.

SouthernCoug

9/28/16 11:06am

My parents died young and then my last surviving grandparent died later at

OremDad

9/28/16 11:53am

That's really poignant.

Linescratcher

9/28/16 11:58am

RE: My parents died young and then my last surviving grandparent died later at

hadmonster

9/28/16 4:10pm

I expect to receive phone calls

TheDeek

9/28/16 12:00pm

Yes

Rakoto2009

9/28/16 2:57pm

No. I expect I'll have to clean up a bunch of debt/bills. Should be fun.

Triznaynay

9/28/16 3:01pm

Why would you have to pay for someone else's debts?

Conan

9/28/16 3:07pm

Because Citi-Bank doesn't believe in the 2nd Article of Faith

TheDeek

9/28/16 11:30pm

Correct. They hope people are dumb enough to assume someone else's debt.

Conan

9/29/16 12:38am

I suppose the sale of the house will be divided.

byujacob

9/28/16 4:48pm

8 kids in the family. Big fat NOPE.

VACOUGFAN

9/29/16 5:49am

Sweet. We're getting Golden Corral?

LaserCoug

9/29/16 5:52am

I said might. don't go spending that one before we get it.

VACOUGFAN

9/29/16 5:55am

I thought they were more ponderosa people

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