Reasons You Shouldn't Count on an Inheritance For Your Senior Living Expenses

There probably aren't a whole lot of people who haven't dreamed of having an rich, unknown uncle die and leave them a bundle of cash, even though we know it isn't likely to happen. Many of us do, however, count on inheriting at least something from our parents' estate to help ease the way through retirement. The seniors who learned frugality while living through the Great Depression were able to stash away large amounts of money that their baby boomer children were never able to amass. Some blame this on the spending habits of the boomer generation while others know that the extra funds to save just weren't available for most of them. Still, everyone needs an alternative plan rather than just waiting for their inheritance.

Seniors are living much longer these days. Even if your parents have a fairly comfortable estate, it only takes one major illness and a nursing home stay to substantially eat away at it, leaving nothing for anyone to inherit. The money belongs to your parents who rightfully believe that they should be allowed to spend it as they see fit. It's possible they aren't interested in leaving a lot of money to you thinking that if they could save enough for retirement, you should be able to do so, too. You should never count your chickens before they hatch.

The typical American family has changed a great deal in the decades since World War II. What was once a tight nuclear group of parents and children has now turned into a mixed conglomeration of step parents, step children, ex-spouses, and siblings who do not retain a close relationship due to the physical distance separating them. Families are no longer the close-knit groups they once were, and these dynamics mean that the already-sticky situation of dividing an estate amongst the heirs is even trickier than ever. In many instances, hard feelings abound, and family members sever all relations with each other on a permanent basis. That's obviously not what Mom and Dad would have wanted to happen within their family.

Because of the years of recession and unemployment, more people than ever are on shaky financial ground, and this leads to fighting over funds that become available from an estate. This fact coupled with the dwindling funds of seniors who are living for many more years has created a volatile situation, and thinking you'll inherit anything from your parents can mean counting on an impossible dream which can leave you in desperate straits for the many more years of your own life, especially with the government constantly wanting to reduce social security.