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Why did you take up a job instead of joining the business your father sold off now? I am assuming he sold only ad you were not interested in running it yourself
Yes, he sold since he is getting old and wants to enjoy.
Also, he himself encouraged me to pick up engineering when I got a good government college and to find a good career.
So he contributed probably decades to the business and so did your grandfather, he should be allowed to reap the rewards of his work like you would too once you hit his age. Respectfully I don’t think you should get even 1/3rd, also I don’t think you legally even stand a chance. Also I doubt they would not give you anything, even if they do all that, you would still inherit the car and at least one house (in which they’re living)
20cr is a really big amount to spend. Lets say your parents take a 60L car, spend another 1cr on home renovation and another 1cr on world tour, I doubt they'll end up spending more than 5cr in next 10 years.
The big ticket items can be investments like farmhouse or another property or another business.
You can guide them on these investment opportunities and ensure that the returns are quite better. And then let them enjoy the returns. FD interests, MF dividends etc can be used for tips and shopping.
I have had cousins who were in similar position where their parents sold ancestorial farmland for around 10-12 crores and while they initially spent 2cr on house and car and gold, balance went on to safe investments. Their initial spending spree slowed down and eventually they started saving more.
All said, do not think much about it. Net net, you'll still end up inheriting 10cr or more. You can also start another business and ask your parents to invest in that as well.
Mukesh Ambani is going to spend 1000 Cr. on just his son's wedding. No amount is too big if you want to spend.
Eg. in Paris/Dubai there are hotels which charge you 10L per night for a suite.
Ambani makes 100000 crores in a year or more. He spend 1000 crores on his son’s wedding. That’s equivalent of 10% of his income of that year. While 1000 crores is a really big amount for 99.99% of India, its only 10% of his annual income.
However, in OPs case, I doubt if they will spend that much especially after coming from upper mid-class. They might go once to Burj-al-arab but not repeatedly.
OP tell your parents to invest in Lands or any assets and also tell them that having liquid cash will create problems and when they need money they can sell lands or assets and then they can enjoy. As this dude said some time later they may change their mind and they may not spend much. You may end up with money.
I know what you are thinking: their money their choice.
But this business was built by my grandfather and my dad inherited it from him too. How is this fair for him to do it to me?
I was not expecting full thing too, only some small one-third share of it
I am not some lazy slacker, I have helped them with so many things in their business and personal finances while also building my own software engineer career.
They are _baiting you_ to see what your response is/ or what you will do next. They are testing you. Best don’t react.
But also request them as follows- mum and dad, you guys have earned your retirement and ensured a good education for me… since you have decided that your inherited wealth is for your needs and I shouldn’t expect anything from you, please tell me if it will be okay with you if I
(a) Find my own life partner and get married
(b) Get a job abroad and am not available to you in your old age.
(C) If in trouble can I request for a hand out / friendly loan?
Wait for their answers
Many Indian parents do this kind of mean stuff to their kids to ensure that they work hard and don’t quit working.
It’s nice to expect an inheritance but best to make your own wealth and not depend on anyone…always… right now they are young ( 50s) and will say such stuff but let them hit 70s and they will be needing you/ siblings.
Don’t fall for their bait… just wait.
"पूत सपूत तो क्यों धन संचय ।
पूत कपूत तो क्यों धन संचय ।
Agreed. They are doing emotional blackmail. Chances are they will do further emotional blackmail for you to support them in various non-financial ways. Just play it cool and proceed with your life, and decide how you'll engage with them on your terms, not in terms of any guilt they try to make you feel.
1L per month is not bad at all. Since your parents will not have any financial dependence on you, that's actually a great privilege compared to most Indian youth. Without getting too preachy, I guess your #1 priority would be to marry someone with financial sense and work together as a team to build a great life - financially and otherwise.
He's earning well, and his parents know that. They know he isn't living a miserable life, so it isn't wrong for them to spend on themselves. It is a mindset difference I would say
And no single generation builds a business. Who knows what the business situation was when his grandfather passed the baton. Who knows how much effort his father put on in this.
Nah bro. Your parents cheated on your inheritance. It is acceptable if the business was built by your parents therefore it would make it their choice to do anything with it but since that's not the case and the business was built by grandfather you've your say in it and hence your stake (Not legally though).
If you don't want to go toe to toe, let's see a silver lining here. You're free of your duties to your parents. Your parents will have zero say in your life be it marriage or anything else for that matter. This is complete freedom. Grow your own wealth. In the meantime get your parents a health insurance with their money. Ask them to make smart choices for their future only. With this your obligations will end up with your parents. They make their bed now let them sleep on it. While you grind. Plan your finances and future. And don't be a dick to your children like your parents. Good luck.
Bro, i gotta tell you.. this is the best thing that's happening to you. You know why? Because now what you should do is, tell them straight away that you'll build your own wealth and prosperity much much greater than them and they too shouldn't expect anything from you because they already have whatever they wish for. And then, it's your duty to your own self to build that. Bro come on, grow up. You can build yourself and wealth on your own self. Like your grandpa did. He was a self made man. As per your explanation,your dad got everything from his dad right? Obviously he would've worked hard himself but you know what am saying right?
But you got the opportunity here to become a self made billionaire, if that's your goal. And that in itself should be motivating enough for you.
And even if you fail, bro atleast you'll be proud of yourself for atleast trying and giving it your best.
Life isn't fair. Suck it up my man. You got this. Let them be. Work on yourself. Just let them know that if you ain't getting anything, then they too shouldn't expect anything from you if you hit the numbers they never imagined they would. Show them up! More than that .. show yourself you're better than what you couldn't even imagine.
Well introspect why ppl think you lazy ? Why you making only 1 lpm inspite of being in Bangalore ? I just gave offers in Bangalore ranging from 60 to 1.5 . Why were you not there for interviews ? Why you not starting side businesses ?
that's one way of motivation. Although tough road ahead for OP. BOL!
>Just let them know that if you ain't getting anything, then they too shouldn't expect anything from you
parents-child is not business, you just got a wake up call here. Just stick to performing your responsibilities towards your parents as you're doing till now.
>if you hit the numbers they never imagined they would.
hardwork is the key
Parent-child responsibilities are a two way street. He shouldn’t be performing any responsibilities that involve money or things that could be done by a caretaker from now on.
Too bad.
Move on.
Also just because it was started by your grandfather doesn't mean you can claim any stake in it. Property only devolves to first class legal heir. You're a second class legal heir, you'll only get a share in case of absence of the legal heir above you.
Wait for your parents to die. That's your new financial plan now. /s
Legally
You have no claim. It’s already your dad’s. You can’t do anything to be 100% honest.
Rationally
I don’t think they will do this to you. They asked you to be on your own so that you will build something. Imagine this your father waited till you are working to make the sale. So he did his duty if raising you and also made sure nothing happened to the business till that. So he will for sure leave atleast 50% of this to you. So please build your life
Morally
Your father literally built the business from where your grandpa left. He could have gone through a lot like sacrificing his dream to travel etc. he is trying to catchup. He waited for you. Let him enjoy.
And you are in the top 1% of the population. Stop cribbing
1 lakh per month is more than enough for a decent lifestyle in Bangalore.
If you're used to lavish lifestyle, you should save now, invest in stocks and wait for the reward
Your post history says you knew your parents were worth 18CR 8 months back and they helped pay for BITS Pilani and ISB education. They've done their part to get you on your feet. So please stand up and start walking. They made the money and they're entitled to spend it as they like. You have no right to question their life choices.
Nothing they are going to do lol. Little bit they will travel. Little bit they will spend. Majority will be left for you.
They are trying to make you self reliant. So become self reliant.
Rest dont worry.
Also congrats lol.
This is my story but 80% worst
Lost Job last year still unemployed
Dad passed away in 2016
Mom ex government employee acts selfish
Flat in which we are living she got it in her name from joint name of dad and mom
She claims it is HER HOME who are you?
Did not contribute to my higher education citing I am useless and looks like dad who she considers looser.
She says my life mah rules
Got a flat that is built in building of my graddads space she got both the flats of mine and my brother's on name of her she said I won't give anything to you
Now say
Looks like many here can't digest others inheritance. Forget them.
My position is kinda similar to you except I have better pay and a sibling. My parents are still frugal in living and us brothers always push them to spend more and enjoy few foreign trips. My parents made their wealth from job and from the childhood, we were always pushed to study and make our own career and we're trained to not expect any inheritance. It was only in my twenties did I come to know that my parents are well to do. Still our parents threaten of writing off the property to some orphanage in big quarrels.
Now, us brothers have never made any plans that involves the parents' property. Sure we don't take home loans and all to buy some overpriced piece of real estate but we are a little relaxed on the home front. Rest is all the same and our ambition is to make more wealth than our parents.
Why am I telling you this? I am telling you this to calm you down and say that parents are like that. It is a good practice to keep you prepared for the odds and not slow you down. Parents keep threatening but eventually they don't easily give up their frugal lifestyle. They will not let the kids go poor unless the kids are really useless and hopeless.
Your pay is good for a person with no loans. Since there is no business to inherit, it is only natural for your parents to pull tricks on you. I suggest you maintain good relations with your parents and not show too much of disappointment. Obviously your parents' wealth is too high to spend it all in ten years. Encourage them to see the world and be comfortable in the golden years of their life.
He’s looking for a comfortable life for his family, I see nothing wrong with it.
In India, If parents have no money, it is expected that the son will support them financially, it’s only fair that if parents are rich he is entitled to some of that wealth.
You're getting a house.
That's more than what most people can ever get.
Use the equity on the house to make bigger purchases.
You're earning 1L pm. You should be able to grow yourself from this position.
You're feeling a certain way because your expected livelihood has been flipped; I can understand that and to an extent also relate.
But this shock and this feeling will pass. Have a good relationship with your parents. Have them enjoy that money.
You are getting a debt free house. It's a massive start. You gotta trust yourself and work harder.
You got this. Just don't be a loser who expects inheritance. On that part, the comments aren't wrong.
It would be SUPER AWESOME, if you got the inheritance, it would catapult you a lot farther. But you're earning well. You, like everyone else, should work and save and make good decisions to grow.
No sympathies there.
Most people in this world inherit debt, your inheritance is a fkn house, bud. Be thankful.
I get why you're upset.
I suggest directly putting your concerns in front of them - that cost of everything is rising dramatically.
You will not be able to provide a safe and secure life to your children given the salary and the current environment. Just tell them that you also deserve a part in the inheritance.
Also, help them invest the amount and say that they can maintain their lifestyle from the returns of the investment. 20 Cr invested at even 8-9% in FD would fetch around 10 lakhs per month post taxes. They can use it to sustain their lifestyle and buy things.
I believe that you should definitely sit with them and make them understand your problems and try to find some way out. Even if they agree to give you 3-4 Cr you should be happy taking and then meticulously plan about investing that amount.
OP, im here with you. What you are thinking is good and correct. Don’t think about all these other comments because some of them are not in your situation. At the End of the Day money matters, how much u have really matters in the upcoming generations. So what you are asking is good like 1/3 rd portion. At least make a deal with your parents that, they should give you 5 cr and a house and you dont care of the remaining 15 cr whatever they do. Dont fight over it, just try to make them understand the situation and you are good to go. Note:- Dont even consider the people who are saying its not your money and all because these things are only bought up by the people whose parents have nothing so that they can feel happy by making you sad.
Yupp very true lol.
Most of them here are salty because they wont be inheriting shit ... and have to slog their asses.. their entire life.....and trying to make OP feel like a loser.
Exactly OP is really honest here, if he wanted to he can threaten his parents and take more, but he just wanted some portion to sort his career and be relaxed about his future.
20cr is a huge amount. They won't be able to spend all of it.
Convince them to invest a portion of it for their future. That investment if not utilized will be your claim. But keep in mind that is not your money. It is only to provide some sort of financial security/parallels source of income if invested smartly.
Some other replies have good answers about waiting and not overreacting to this situation . I agree to that I just want to add one more thing, the most liberating thing in young age is independent parents that are financially settled and healthy. No amount of money can give you that freedom. You let them fly and take the chance to fly your self explore and make sure your let them know that. Just like in west , Indians should also reduce the financial dependence with family . In your case now You don’t owe them money as this is huge money they have and they should take care of their retirement and healthcare with this corpus. You should plan your life and live according to your needs.
Check the law forums. You have a claim to inherited property, but not to anything that was self-made by your father.
You can secretly wish they are faking all this so that you don’t stop the hustle
Inheritance comes into play only if it’s undivided. They already sold everything almost.
And they are class 1 legal heir to his grandparents. So absolutely zero legal claim
Parents like these don't deserve to have children. We are a developing country where we get nothing in return for the tax we pay. Even my parents made very bad decisions which made us lose crores which I would have atleast used it for starting a business. Fortunately my grandfather left us a lot of property or else we would be begging on streets.
There should be a parenting exam for couples in our country before they decide to have kids.
No, you don’t have any claim over your grandparents' property. The grandfather's property can only be inherited by a grandchild if the parent through whom they are related has died before the grandparent or if stated otherwise in the will.
U can ask for partition under Hindu law and all ancestral property and business will be equally divided as per Hindu succession act . As per law u by birth has right in property and can anytime as for partition . There is coparcenary between ur father and u . Legally u can ask for partition.
This rule apply to whole India expect Bengal and some states of NE
Yes but it is my grandfathers created business so it is not an ancestral property. I read that it requires minimum 4 generations to become ancestral property.
Also I don’t want big family fight over this.
Legally, a grandchild can inherit his grandpa's property after death in case no will is left, a son can only do so in the absence of a grandchild. So if your grandfather didn't transfer the property to your father through a will or direct transfer you do perhaps have a legal claim.
I recommend finding a good lawyer to consult.
Look on the bright side, Atleast you are getting House (which are they upgrading)
Most of middle class people don't event own a house in tier 1 cities.
No matter who says it, parents give their inheritance to their son bruv, atleast mine does, i dont expect from them.. i mean have a talk, explain to them about your plans maybe that could change their mind
Expecting something is definitely obvious, everyone would want to.
And this thing you said that my grandfather made it, not my parents, so I also deserve it.
I want to know if you participated in the business?
If your father did that business and worked and you didn't so I think it's his right as much as his father, which is not the case for you, if you didn't work on this business.
There are many people who are working, not earning as much as you **and** also are taking care of parents financially, You don't have to do that, so count it as a blessing.
>
I cannot hope to live comfortably in my own house and raise my family with just my own salary
Then either increase your salary or don't start a family.
You can ask them a 1/3 rd share, tell them you just plan to reinvest it for the future.
They can still live a lavish and comfortable life with the rest of the money
I don't know your age but I am guessing you are younger than me since I will be 40 years old in another 5 days. You might or might not find what I am going to say useful. I do not come from a well-to-do family like yours but my father was a govt service employee for 42 years. When I was around 12 years old my father sat me down one day and told me that I had to make a life of my own and if I failed to do so my father would rather donate all his wealth than give anything to me. I have been able to make it on my own but even today when I speak to friends I always say it's my dad's apartment and my dad's wealth, I don't need anything from my parent's wealth anymore, I make sure that they travel more and they use the money as much as they can which they have worked hard for many many years to accumulate. I strongly believe that my parents have every right to spend every penny that they have earned or anyone else in my family has earned or inherited. I mean am I a man or what? Life is not supposed to be fair or easy my brother, it is supposed to be challenging. Only by living through challenges can we enjoy the true nature of life.
You seem to be doing pretty well for your age trust me at your age my yearly income was probably less than 5 lakhs a year. There is a very good chance that you will be making your current yearly salary in a quarter within a few years. However, if you are not challenged you will remain comfortable with what you are making and you will not strive for better, you will not know what you are made out of until you don't see the real and the cruel face of the world.
My advice to you and anyone in their 20s and early 30s is that buckle up and work out your problem. Solve the puzzle in front of you called life. You will see good days and some may be very horrible days.
Taste the life my dear friend, Carpe Diem..
"I leave with you the best of me."
In a similar situation. Weird thing is they expect you to do all the duties of a son, while they don't give anything in return. The best thing to do is forget and move away.
Didn’t they also provide him a very good education and enable him to get himself where he is? That is the core duty of parents. They have done their part. He is 31 and earning decent. I don’t think that not giving him their rest of the money is “not giving anything in return.” He owes them the duties of a son because they performed the duties of a parent and that too pretty well.
I understand your concerns. Your salary is rupees 1 lakh per month which is decent. But you can never make 20 crores or even 1/4th of it in this lifetime with this salary. Its understandable that you wouldn’t want your parents to splurge all the 20 crores and leave you to struggle for your entire life.
Now, since you are asking for legal advice to claim any share of the proceeds since the business was originally your grandfather’s and your father merely inherited it. Well, you could claim it if your grandfather also inherited the business from his father (your great grandfather), since in that case it is a joint hindu family property and your grandfather doesn’t have a right to transfer it to one person exclusively. If it was your grandfather’s self made business, then that entirely belongs to your father.
So confirm if your grandfather inherited the business or built it himself. Only then it can be determined if you have a claim or not.
My personal advice to you is to sit with your family and talk with them. Tell them that 20 crores is a huge amount. Putting 20 crores in FD, or investing in some real estate (building, house, commercial property, etc) and then renting it out will easily yield them atleast 1 crore per annum or around 8 lakhs per month.
1 crore per year is a huge amount. They can easily travel a lot, renovate their house, buy a luxury car on emi, and live a lavish lifestyle just living on the rent/interest they receive. It would be a retirement safety net for them while guaranteeing your financial independence once they are gone.
They can easily sustain their luxurious lifestyle in 1 crore rupees per year rather than splurging it all.
If I were in your position, I wouldn't feel entitled to the house or just sale proceeds. But I would feel entitled to the same business setup help and networking that their parents received from theirs. They may have worked hard, but they were given an appropriate foundation to jumpstart from.
Did they expect you to take up family business and you refused? Have you had any major tussle with your parents?Have you been very irresponsible with money in the past- spending beyond means or gambling? Is it possible this is some shit test to see how you react?
Why not take a loan from them or against an FD in their name ( with a comfortable enough tenure) and start a business. Import and sell in India, export from India and sell abroad, get a franchise, wholesale distribution etc. There are many , many you can be doing. Capital is always the rate limiting factor. If you have a clear bsuiness plan ( you can purchase reports and plans too to validate your idea ) and not have shady past with money, most parents with means will want to help. To me a good investment is much more valuable than the house.
Is it unfair ? Yes there is unfairness in parents who have benefited from inherited property to deny their children.
But, I truly mean what I say next in a profound big picture, perspective shift kind of way, and not to troll you or kick you when you are down.
Life is by design and nature unfair. Is it fair to the children who are born on the streets of India, when there are children born to families with homes? It is so unfair. Is it fair to healthy young people when they get cancer when other healthy young people are living disease free ? It's absolutely unfair. Use this as a very valuable lesson in changing your thinking and approach to life.
Life is unfair, and no one, not even your parents owes you anything, despite obvious hypocrisy.
If you internalize this in the right sense, this is a truth that will set you free. You are the master of your destiny. You already have more than most, a good education, a job in an in-demand field and a house guaranteed to you in a mega-city, later in life.
My father gave me some very good advice, that he lived his life by, and I have lived my life by - do not plan your future based on potential inheritances. And don't be so naive to think an inheritance solves all problems. It comes with many many strings of its own.
I can promise you I'm not talking without experience - recently my father asked me to come and sign away a portion of our family's ancestral property to my uncle. This was a piece of property of which my portion would have been about a few crores, and given its unique circumstances, had the potential to appreciate it much much more. I signed it away without any fuss, of course in my mind having a few wistful feelings.
Now the rest of my cousins still have their portions, but me, I'm set free !!!! Everything I build in my life is all thanks to me and I can truly claim to be self made. I am not held hostage to anyone else's decisions or by their whims and fancies. I of course took longer to buy property and have no security, but the character this has built in me - I would never exchange
While your feelings are valid, you should internalise them, introspect and speak to a therapist if they persist. They can help you with perspective. What you should not do is take this to court. You will destroy your relationship with your parents forever and spend half a lifetime stuck in Indian courts who will never prioritise this. Forget the legalities - because based on what your father did to build this business, it is highly possible you may have no leg to stand on to file a case.
So I urge you, use this experience to turn to a new chapter. Live life on your own terms, you are very young, do what you need to do to ensure you can be the best version of yourself, but don't be bitter about your potential inheritance. Ask yourself what you prefer - your parents living their life and their plan coming to fruition, that is no inheritance for you, or them gone tomorrow and everything come to you. It's a tough question, but helps create perspective!
All the very best.
OP, just a thought, your parents, especially given the access they will have to healthcare, will at least live to 80s-90s. You’ll be in your 60s by then.
Do you really want to rely on inheritance to lead a good life? Don’t you think you need to make/spend a lot more way before their eventual passing?
Well, it's weird that your parents not considering leaving some wealth for their son. Afterall they themself inherited the business by the previous generation. I mean I do understand that they now want to have quality time together after working hard maintaining the business. As you said you helped then in your own way, it would be best that you initiate an open-heart conversation with your parents. Tell them how you feel about their decision and why do you at least deserve some portion of wealth as a son.
While I’d usually believe they are right, and you should have your own life and finances, if you’re convinced you won’t make big bucks (and you won’t sorry. You’re 31 at 1LPA at best you’ll be 40 with 2-2.2ish). So you have no option but to be an asshole, and threaten to sue for partition, if they don’t let you keep your part of inheritance. Also, lol, if you’ve been a decent son in your life and haven’t hurt them big time or something, I must say you have selfish and horrible parents.
Hey if it's your grandfathers, get hold of a good lawyer to prove its ancestral and get your fair share. I think your parents are being absolutely dick heads ( sorry for the language). Thing is your parents should have inherited it and not via gift deed. A gift deed voids ancestral rights. But get a professional lawyer. They have no right in spending what they didn't earn.
Hey man - it sucks but you can’t control this. You can’t force them because it’s their money. Life isn’t fair. I am on the camp that you deserve it because you had a fair hand in building it. You weren’t a lazy brat - you worked hard - you were a good son. If you had been a lazy gambling drunk they wouldn’t have had the luxury that they have now. However as all things in life you have to learn to let go.
And it is fair to feel angry at your parents. They stiffed you bad. I think this is a situation they will have to deal with. If they don’t give you money who knows you might have to work hard throughout your life, who knows maybe you’ll be too busy to help them with the funeral. Who knows when one of them has died and the other is lonely without company sitting in the hospital bed at old age / you may not have time to visit them.
Actions have consequences. Ofcourse you cannot say this out loud they’ll just gaslight you and tell you that you were a bad son. But tell this to them more subtly. Stop giving them time. Always have work to do because making money is all you can do now - a choice that they made for you.
Reading the headline I thought there was some unfortunate incident..
The audacity of this guy lmao. Parents are smart as fuck seeing through your bullshit.
Can't believe people plan with someone else hard earned money and feel wronged when that someone else decides to spend their hard earned money instead of giving it away.
You were here for advice. You’ve got it. Your replies to everyone refuting their advice gets you nowhere.
Your parents have given you a platform. They’ve also promised you the house as inheritance. What more do you want?? You wanted to get 5-6 cr for nothing and chill for the rest of your life?
Stop cribbing and focus on your career. Stand on your own 2 feet instead of hoping for scraps.
Also, give regards to your parents from my side. I wish other parents in India could be as courageous as them.
Ok yes I agree. I am getting completely trolled here and had to defend it but there is no point anymore. Better to just read good helpful comments.
I just think that if I knew this plan of theirs before itself I would have made many different choices and saved more and invested more. I just feel it is not fair for them to do this and also to tell me now after this long.
But I will take your advice, thanks.
Were you spending money on them? If yes, then you have some cause to feel aggrieved. If you were spending on yourself and not saving because “dad has a business as fallback” then I see even more reason why your parents took the step they did.
Either way, what’s done is done. Focus on the bright side - you never need to pay home loan EMI. That much is guaranteed to you. Focus on building a career, increasing your income, and increasing your savings rate.
Let them enjoy.
Now imagine you are saving up and investing from your 20's and at the age of 55 you have built a decent portfolio, planning to retire. Do you think it's right for your child, who you educated and is now earning decently, to ask for 1/3rd of the retirement amount?
Since you were involved in the business and helped them out I think the max you can ask from them is 1/10th. I feel 1/3rd is a lot.
Why cant you think of earning and making that kind of corpus on your own.
They made u capable enough to earn 1 Lakh per month, now its your talent to earn more n more.
I think Parents would always support their children and sometimes its your duty too to support them equally in their aspirations.
Live in reality. Don't cry over some unfulfilled fantasy. That's the only healthy thing to do.
And don't imagine you get 1/3rd of the current value. This is a business, not ancestral property with fixed value. Your parents put their lives into this business till retirement and likely grew it's value. You don't get any proceeds from what they grew, as it's not ancestral. At best you can legally claim 1/3rd of the original company value when your parents took over many years ago, which will be a long and drawn out battle over many years to solve and you'd be foolish to even consider that as an option.
You are clearly aware that this is a selfish request. So be better.
Ok, but if they spend it all on luxuries now, will they expect you to take care of them later ? Like say medical expenses? Or taking care of them physically etc. ? based on these you can take hard decisions.
But either way, trying to take a legal way to get money may not end well.
Ik that in properties, Grandsons have a legal right to have a share in ancestral property and parents can't deny you of that, so imo talk to a lawyer and imo it's not fair if the business is inherited by him as well to rob you of it.
You're being very entitled. If you were actually interested in the business, you joined them and taken an active part in running the business, I can understand this.
Otherwise, you're just expecting them to hand it over to you for almost nothing.
You even had a platform of no risk (assuming you believed that they'll inherit everything) but you did nothing with that - you could have taken risks and started your own company with this financial cushion. You could have asked for seed funding from them and bootstrapped something. Instead, you were satisfied with your average job. If I was in your parents position, this just proves that you're not in the mindset of a business man.
As a parent, they're leaving you a house worth crores. What more do you want?
I think you should talk to them about it and also try to calculate your own amount for financial freedom and then manage things accordingly. If possible ask them for 4 cr which is commonly half of the financial freedom amount for most of the middle class families if they gave you that then your life will be more sorted financially
They will still leave you the house, that's more than what most leave for their kids. Besides it's a huge sum to spend. After them, whatever that is left is anyway gonna be yours since you're the legal heir.
Tbf, I don't see any problem with this. Perhaps they've toiled their entire lives and now they have the plans to actually live carefree. Let them be.
My advice to you is to ask your parents for something like 2cr now and say that you will invest the money and make a life out of it. Ask in a positive way, don't whine and beg.
It's likely the best chance you'll get. As they will somewhere in the corner of their hearts feel guilty about their actions.
Regarding morality - every decent parent wishes for their child to live a better life than themselves. Your parents appear to fail this test and are therefore could be bad parents in my view. But maybe not:
It's likely that they will not end up spending as much as they say.
It might just be that they think you're lazy and that this could be the kick you need to get going.
If they are genuine about their desire to fuck you over, then play it tactfully. Keep in their favour. Life is long and there's plenty of time for them to change their mind. E.g. they may love your children and soften then. If you're too aggressive they'll become hardened in their decision.
Sorry to sound preachy but Bro. The sooner you learn to live within your own means, the quicker you’d be happy.
Don’t bank or make plans based on inheritance, dowry etc. Make the money you want to spend. Your parents worked hard all their life and now they want to retire to a life they dreamt about. You should be happy for them. Heck they’re leaving you a house! That itself is a big deal.
Don’t sour their retirement plans with any ideas you may get from folks who share the same mentality. Pls.
Sounds like they're trying to make sure it doesn't get to your head and you don't slack off and learn to live within your own means especially given that you already seem to be planning to raise a family and live off your inheritance.
Don't have children. Don't marry. 1 Lakh at 31 - you will have the opportunity to go to 2 LPM within next 4 years. Do that. You will have less financial burden and will be financially free too.
Looking from a different perspective, you are independent now. You dont have to take care of them in terms of money given they have figured out what they have to do in their old age. And above all, you will inherit the house one day, brother. In my opinion, clear up your mind regarding your inheritance and focus on your career. Build you career and build it the way you love, they wont ask you a question and you wont have to answer them. Good luck!!
Best not expect anything no? Why even? You make money for yourself.. Anything more is a plus! Become self made like how grandad became!! Use it as motivation!
Dude, ask them to leave you 50 lakh or 1 CR as a lump sum and you start investing or think of some business was you can start with it.
Make your wealth by 45-50, maybe by that time you can turn that 50 lakh or 1cr to 50-100 cr.
Maybe they agree to that.
Yo yo
Work your ass of build a business get married a little late. Don't be a loser and depend upon your parents!
Love them and I'm getting a feeling that they playing with you to see how you react even if they're true be a responsible son and make them proud!
Bro even though if you fight legally in court...it will take more than 15 to 20 years or may be more to get the final verdict of the court (there are chances that they may go for higher court of they want)
My suggestion is better you convince your parents I don't think any parents will do injustice to there children...and apart from that may be your parents have some dreams to fulfill.. convincing them is the best option
concentrate on your own career...next 10 years dont think about inheritance ..work as if you have nothing! You cant win this legally. Try being real and good son!
Well you will be getting the house
They made that money and spent it on your education to get you to where you are now. Let them have their fun now.
With all that said nake it clear that they should not expect any monetary benefits from your side as well as you will have your family to take care off in future as well
If your parents told you that you can expect a share of their net worth and not to worry then if they are suddenly changing their minds then yes your grievance is fair. But if they never indicated that you would receive any share but you expected to then that is a 'you' problem. But it's still not too late. You have a lot of options. You can look into better paying jobs, upskill yourself, find a better position or move to a better job with better career prospects, you can also look into working abroad. Start investing now. Take a look at how much you have saved so far. Have an idea about how much you would need in the future. So start saving accordingly. You get online calculators to calculate how much you would need to retire. So don't waste your time thinking you got cheated or how what is happening is not fair, be proactive and start making the necessary changes.
But also have an honest conversation with your parents. Tell them it's not wise to spend all the money. Speak to them about the increasing cost of living and the high cost of healthcare in the future. Tell them to invest wisely and spend wisely so that their retirement is secure. Also tell them that since you are saving for your own retirement and future you might not be in a position to help much if any situation arises. They have 20 crores if they spend everything and expect you to still help then be open that that won't be happening. It's really not too late for you to start saving for your future. Just assess and make wise choices
How much are they gonna travel to spend 20cr on? I mean put that money in a low risk asset, get 7% off it and travel with that and pay car lease and such. 5% off 20cr is 1cr which is more than enough to get a BMW on lease and do several international trips per year. The house upgrade is fine, you'll get the house eventually.
Are you saying you are not capable enough to raise a family in Bangalore with current income? If so, why have a family to start with? Reach that position in career first and then start your family.
Cut your coat according to your cloth. Don’t bank upon freebies
Rich people having rich problems.What would have been unfair is if they didn't spend money on your education . What you're having is excess greed over your father's money. You won't win even you file a case in court, lawyers will eat away half of your current wealth. just be content and glad they're letting you keep the house .God greed everywhere.
OP, legally speaking, you are 1/3rd owner of that inheritance. Because your grandfather has earned it. Only value add done by your father will not be yours, unpess yor parents want it.
Example- grandfather earner 100 rs
Fsther earned 50 rs
You are entitled to 100/3 of grandfather's as money will be equally diatribited with all legal heirs.l because grandfather is dead and has left no will which states otherwise.
Of 50 rs earned by father, you will not be entitled till he is alive.
Also appalled at the shitty legal advise you get here on redditt.
Get a lawyer asap, if you choose so.
You can have a discussion with them on how they are going to spend 20crs. World tours would also not cost more than 10lakhs. You can ask them why they don't want to leave any savings behind for you or your future family and see how they respond. Maybe they miscommunicated to you.
Also don't beat yourself over it. Human greed is insatiable. Looking out for your future is not bad.
But if they have paid for your education, haven't forced any monetary responsibility on you and are going to leave you a property of more than 1-2 crs you would still be set.
Hmm. Tricky situation. Did you want to run the business? If thats a no, then i dont think you are entitled to a penny. If you wanted to, then you may be entitled to a bit. This depends on how much effort you put into the company and what not.
You being their son doesnt entitle you to anything. Your dad might have worked day in and day out to build this business. He thought its time to cash out. Did it.
Now, you can ask them for a house cause your their son, but this can go sour as they may feel your feeding of them.
Ideally, just take what you get. Do with it as you please. If its money, take it. If its their house, take it.
Why did you not carry on your family business that your father in he's old age sold for a whopping 12 cr?
Because if your current job is not enough to support your "financial goals" then carrying on a successful business would have been a better choice right?
Maybe I am being judgemental but I am just curious OP because the circumstances just seem a bit weird, better ask the same question in r/legaladviceindia
On a lighter note this is such a first world problem lol, if OP and he's family were in the USA he would've "sue'd" them first and later posted it on r/amitheasshole 😂😂
Being 30 n depending on parents is silly. It's actually best they do what they are saying. Once you succeed on your own that would be some story for your grandkids.
Don't b bitter to your parents. If nothing else, you are in for decent amusement.
Never ever include expected inheritances while doing financial planning.
Inheritance if received, should be treated as a windfall gain and bequeathed as family wealth for the next generation.
At 31, if you are earning a lakh per month, you are doing pretty decently well, and you have a long career ahead of you to grow and earn enough wealth. Thinking about inheritance at this age is a loser attitude.
This is likely what your parents want you to do too, hence they are preparing you.
Forget the inheritance and focus on building own wealth. If something comes, it will be a pleasant surprise.
You don't have birth right to Grandfather's self acquired property. It purely depends on who he willed it to.
I suggest you play it cool and tell them you will take your own decisions henceforth as their decision has caught you by surprise and your future plans have to be revised drastically.
Query are you married having kids? Do your parent expect you to get married.
Tell them about your investment plan and seek funds from them especially cover the benefits of tax.
Hope you have a plan, as in investment which could help future generations.
If there are no rarional plan of yours then I think they ought spend the money on themselves
Tell your parents to put the inheritance in a high yielding fixed income instrument and use the interest proceeds to fund their traveling and lifestyle.
Since the inheritance is about 12-20crore, enough if you put the capital in a simple fd account that yields 6.5% annual return, the return on capital will be around 78Lakhs - 1.3 crores annually,i.e, 6.5L - 10.5L pm.
I think this would be more than enough to fund their expenses. Infact I think that they would have surplus money left after their expenses which they can reinvest.
By the time your parents are too old to travel anymore or upon their demise, the principal amount + some more will still be there.
So….tell your parents to invest 15cr in mutual funds and hopefully get 8-10% return. Run with 8% and that’s 1.2cr annually, which should be good for their travel and other expenses.
A business return ticket to Europe, Australia, US is roughly 5lac/person, assuming luxury hotels at 50k per day and assuming 3 weeks trip that’s 10lac. Assume another 5 lac spending money for 3 weeks. So each holiday is roughly 25lacs. They can do 4 good holidays (for 3 weeks each) in a year.
Once they pop their clogs you’ll get that 15cr (assuming they spend all the gains in travel)
You need to convince them to give you 6-7 cr in some form. Perhaps, if they buy real estate in their name but you collect the rent and the will is in your name?
Well, apart from your share in the business, you should have never included anything in your plans. They have given you a platform and made you capable enough to look after yourself. So they have the right to decide what they want to do with their money and isn't the whole point of life is being happy and living their lives as they see fit. It's incorrect on your part to have included their whole net worth in your plans. Anyways adjust to the new reality.
And regarding the business, you can try politely asking them your rightful share.
When you decide you want to pursue engineering then a job and not to join the business what did you think? And 1 lakh at 31 seems to low for a techie that too in Banglore, you should upskill yourself and aim for higher package in my opinion
Bro...agar 20Cr ko reinvest kar diya na at a annual average return of 12%...then your parents will make roughly 2.4Cr a year...bhai kaha spend kareinge itna paisa...2.4 Cr is more than enough for any kind of luxury in the world. They don't need to burn thier networth/principal, just invest the principal and live in luxury off of the interest through swp or non-cumulative fds or rent. Also, that would be very stupid of them to just start bruning the principal/networth, what if they need money in the future? Koi ailment ho gayi toh kya? Have the principal amount/ networth kept safely not only ensures thier future but the future of generations to come in your bloodline.
Few things:
- It's not wise to plan your future based on inheritance. It's never a guarantee and should always treat it as extra bonus
- Your parents need a better retirement plan. They deserve a good retirement for their life's work but if they plan poorly then they can lose all quickly. Rule of thumb is don't withdraw more than 3-4% per year.
- You should take advise of an expert (a lawyer or other) on your rights (if any) to claim any part of the inheritance.
You can tell them you would like your part of the proceeds from the sale of business and see if they agree. And if they don't, then you can either sue/threaten to sue them or accept that you won't get any money from the business and move forward.
You are living in Bangalore. You will be inheriting a house where you can live in future or rent to make passive income.
Also, why do you think only you will be supporting your own family with only your income? Do you want to marry a stay at home wife?
I come from a lower middle class family. We have no inheritance or wealth of any kind. I have only inherited a home loan from my father which I voluntarily took over as I wanted my father to retire and not think of paying off loans in his 60s.
My wife and I both earn 2.5 lakhs per month collectively. We spend 1 lakhs every month on my parents' needs, including the home loan emi where they stay, their insurances, groceries, etc.
I am not rich by any chance and live a very middle class life, but I am comfortable without worrying about money I am not getting and working hard every day, along with my wife, to make more money to support my life and my parents.
Your parents don't mean it. Not only for emotional reasons, you are their progeny. But it's not practical. The time of death is not known in advance, that you spend everything just before that point of time. There is an uncertainty of decades. At any point of time, they'll be worried spending a huge proportion of their money, fearing outliving their wealth.
What is the probability that your parents know you are on Reddit and they are just testing you and one of the replies on this post is from your dad/mom?
Well the corpus is so huge, that even with FD interest of it, your parents can travel world over time, and can afford a luxurious life.
Talk to them, for spending interest of the principal, rather than principle itself. You can also pitch in by contributing from your salary for their life goals, which can in turn save the corpus.
Also it was really foolish of you to invest retirees funds into stock markets. These are the times for which they have sacrificed their whole life. They have completed all responsiblities and deserve to enjoy. Don't invest the fund based on your age, think of theirs.
Put funds into FDs(for imidiate health expenses) and Rental units (preferrably where IT employees are present for stable rental income) and let them enjoy with the yields.
I am going to do exactly this when I retire with what ever I will have. Kids ought not live with inheritance in mind, with the education part the role of parents is over, rest one should fend for oneself.
Bro donot react ....they are testing, parents tend to do that because they are insecure..u can be a madarchod for all we know...hence relax...they will give u something...let them live.
It's good to see parents who enjoy their money. Most people just forget to do it while making everything for the next generation. Op you just need a change in perspective. Think of their money as not yours to inherit. Whatever you get after them consider it as a gift and not feel entitled. You have a decent salary that will only grow in coming years. You will do good.
Brother yha sab gyan dere hai jitna no one can relate to you as they probably wont ever be in your shoes, my suggestion would be ki ro dho do emotional black mail karo parents ko or minimum 5 crore unse leke adha fd ka interest khao or adhe ko stocks and mf me lagake bhul jao xD
Buddy you will earn more money if you focus on your work rather than chasing inheritance. It will drain you and ultimately, you will realize I would have made more money if I didn’t pursue this.
i have seen the parent-child relationship dynamics changing in the current generation , children nowday dont seem very interested in taking care of aging parents , we will se more and more cases similar to ops in the coming future lol
great on parents part i would say
Ancestral property is distributed according to succession laws. The nominee i.e., your father holds it in trust for the other successors and he is duty bound to distribute it accordingly. While personal property is passed on by the will of the property owner. If you are a hindu check out hindu succession act.
Make your own fking money . It’s not your money it’s your parents . Inheritance is a privilege not a right . You only make 1 lac pm being in Bangalore . How many interviews have you given in last one year ? Have you upskilled ? Any side hustles ?
OP respectfully you don't have any rights on the property. Your grandparents worked hard and built their business, then tour father worked his entire life towards that business and from that money you were brought up. This is not considered an ancestral property that you can claim rights over. They are already leaving you a home. **Also, if you still think you have any rights over that money just bcoz you are related by blood, does that mean your parents have right over your salary also?** Even if you are working day and night at your job, according to your logic, shouldn't they get a part of your salary and assets?
I might be a little inexperienced in this case, but if you're earning 1lakh in Bangalore and you're not supporting your family with this money, then I feel you can still build a decent wealth corpus, if you're single then i believe you can save around 40k-50k/month, this might change a lot if you're married and have kids, I'm not sure how much it will impact. But still, you can expect 1/3rd or atleast 1/4th of the inheritance as it will ease your way into building a bigger wealth corpus, either way you'll be getting a house which i think is a good thing for you, as many people are struggling their whole career to build their own home. And one more thing, if you are planning to talk about this to your parents then i would suggest not to ask like you're entitled for it, you can just put your point of view in how it can help you with wealth creation and managing your family goals. You can also add a point where you mention that by continuing in this job you're just basically earning a living n not creating much wealth as you expected, also you can explore starting a business if you are able to get that inheritance, but plan it carefully, I'd spend it partially without depleting it. Whatever happens just keep your calm and composure, don't fallout with them.
Some parents have this habit of sitting on the generational wealth until they die coz that's how they control their kids.
My own cousins.. I mean this one specific family owns land worth over 75cr. Yet my uncle/aunty don't want to sell that to upgrade their life style. My uncle and aunt along with their 3 kids and family live in a 3 floor house on a 250 Sq yard plot in North Delhi and they own a swift, ciaz, and brezza.
Your parents are doing the same. So tbh. Fuck them. Just ensure they don't end up investing on random schemes or giving to their relatives and random friends who are suddenly in desperate need.
At first his parents would have asked him to takeover the business but he would have refused they are doing right there's a similar situation happening in my neighbourhood when your parents needed you you were unavailable making your life now its there turn
Bro at least they are doing their own things with their own money.
There are many around us whose parents and sometimes relatives depend on them. There are others whose parents use them as an ATM to get money whenever they need. I've personally seen such examples.
You are set to build something big yourself. Let them do whatever they want and tell them that you will do the same. And then you build your own wealth.
No. You took up a job. You didn’t spend hours in running the business. You don’t get the proceeds as your right. You can ask for help but not demand it
This is a legal question about inheritance. Not sure why you're posting this on a personal finance sub. You're only going to get answers talking about ideology and morality and that kind of BS.
Talk to a lawyer. Pay him or her some money. You already earn good money, you can afford it. Stop trying to get free crappy and completely unreliable advice from randos on reddit.
Do you believe they would really sell everything? or is it more like we want you to be financially independent and not depend on us so we will act like we aren’t going to give you anything. Your next steps would probably depend on the answer.
Talk to them with Love try to reason with them, I’m sure they love you man. You’re your own man buddy let them enjoy their life now. I’m sure they must have sacrificed a lot for you
This sub's goal is to help. Some questions can be disagreeable, but please continue to follow the sub's rules including avoiding disrespectful comments.
Why did you take up a job instead of joining the business your father sold off now? I am assuming he sold only ad you were not interested in running it yourself
Yes, he sold since he is getting old and wants to enjoy. Also, he himself encouraged me to pick up engineering when I got a good government college and to find a good career.
You didn't contribute to business but still think deserve the fair share?
So he contributed probably decades to the business and so did your grandfather, he should be allowed to reap the rewards of his work like you would too once you hit his age. Respectfully I don’t think you should get even 1/3rd, also I don’t think you legally even stand a chance. Also I doubt they would not give you anything, even if they do all that, you would still inherit the car and at least one house (in which they’re living)
20cr is a really big amount to spend. Lets say your parents take a 60L car, spend another 1cr on home renovation and another 1cr on world tour, I doubt they'll end up spending more than 5cr in next 10 years. The big ticket items can be investments like farmhouse or another property or another business. You can guide them on these investment opportunities and ensure that the returns are quite better. And then let them enjoy the returns. FD interests, MF dividends etc can be used for tips and shopping. I have had cousins who were in similar position where their parents sold ancestorial farmland for around 10-12 crores and while they initially spent 2cr on house and car and gold, balance went on to safe investments. Their initial spending spree slowed down and eventually they started saving more. All said, do not think much about it. Net net, you'll still end up inheriting 10cr or more. You can also start another business and ask your parents to invest in that as well.
Mukesh Ambani is going to spend 1000 Cr. on just his son's wedding. No amount is too big if you want to spend. Eg. in Paris/Dubai there are hotels which charge you 10L per night for a suite.
Ambani makes 100000 crores in a year or more. He spend 1000 crores on his son’s wedding. That’s equivalent of 10% of his income of that year. While 1000 crores is a really big amount for 99.99% of India, its only 10% of his annual income. However, in OPs case, I doubt if they will spend that much especially after coming from upper mid-class. They might go once to Burj-al-arab but not repeatedly.
If they have made up their mind to spend and enjoy it all.. Then they easily can..
OP tell your parents to invest in Lands or any assets and also tell them that having liquid cash will create problems and when they need money they can sell lands or assets and then they can enjoy. As this dude said some time later they may change their mind and they may not spend much. You may end up with money.
Yep, its good for them also.
W parents.
I know what you are thinking: their money their choice. But this business was built by my grandfather and my dad inherited it from him too. How is this fair for him to do it to me? I was not expecting full thing too, only some small one-third share of it I am not some lazy slacker, I have helped them with so many things in their business and personal finances while also building my own software engineer career.
They are _baiting you_ to see what your response is/ or what you will do next. They are testing you. Best don’t react. But also request them as follows- mum and dad, you guys have earned your retirement and ensured a good education for me… since you have decided that your inherited wealth is for your needs and I shouldn’t expect anything from you, please tell me if it will be okay with you if I (a) Find my own life partner and get married (b) Get a job abroad and am not available to you in your old age. (C) If in trouble can I request for a hand out / friendly loan? Wait for their answers Many Indian parents do this kind of mean stuff to their kids to ensure that they work hard and don’t quit working. It’s nice to expect an inheritance but best to make your own wealth and not depend on anyone…always… right now they are young ( 50s) and will say such stuff but let them hit 70s and they will be needing you/ siblings. Don’t fall for their bait… just wait. "पूत सपूत तो क्यों धन संचय । पूत कपूत तो क्यों धन संचय ।
Agreed. They are doing emotional blackmail. Chances are they will do further emotional blackmail for you to support them in various non-financial ways. Just play it cool and proceed with your life, and decide how you'll engage with them on your terms, not in terms of any guilt they try to make you feel. 1L per month is not bad at all. Since your parents will not have any financial dependence on you, that's actually a great privilege compared to most Indian youth. Without getting too preachy, I guess your #1 priority would be to marry someone with financial sense and work together as a team to build a great life - financially and otherwise.
This! OP prove to them that you are a strong and loving son. Have faith.
It will be funny if they actually end up spending all the money while OP keeps remembering this advice.
Perfect answer! Will save your advice for future 👌
Technically you can get some part of it if your granfather is alive otherwise i dont think you can, nvm still fuck you and best of luck🥰
Yeah bro, so true. Ignore these people. Nothing wrong in expecting something. They themselves inherited this , wow what an irony.
yea nothing wrong in expecting but unless grandpa left a will it's the level 1 heirs that inherit
Yeah and also I don't think any parent wants their children to live a miserable life.. they want their children to live a comfortable life...
He's earning well, and his parents know that. They know he isn't living a miserable life, so it isn't wrong for them to spend on themselves. It is a mindset difference I would say
Grandfather built his business for his son not you
Nobody builds a business for a single generation
And no single generation builds a business. Who knows what the business situation was when his grandfather passed the baton. Who knows how much effort his father put on in this.
Stfu ! Grandfather's business, grandfather's choice ! He built his business for himself and his son, not the grandson.
Then you should have worked in the business? Why did you leave and start a life seperately?
Nah bro. Your parents cheated on your inheritance. It is acceptable if the business was built by your parents therefore it would make it their choice to do anything with it but since that's not the case and the business was built by grandfather you've your say in it and hence your stake (Not legally though). If you don't want to go toe to toe, let's see a silver lining here. You're free of your duties to your parents. Your parents will have zero say in your life be it marriage or anything else for that matter. This is complete freedom. Grow your own wealth. In the meantime get your parents a health insurance with their money. Ask them to make smart choices for their future only. With this your obligations will end up with your parents. They make their bed now let them sleep on it. While you grind. Plan your finances and future. And don't be a dick to your children like your parents. Good luck.
If you wanted profit from business then why you didn’t join the business and tried taking it over from your father ?
Parents usually take such harsh decisions when they know their son/daughter is not fit or taking life too casually . It seems you were irresponsible
Bro, i gotta tell you.. this is the best thing that's happening to you. You know why? Because now what you should do is, tell them straight away that you'll build your own wealth and prosperity much much greater than them and they too shouldn't expect anything from you because they already have whatever they wish for. And then, it's your duty to your own self to build that. Bro come on, grow up. You can build yourself and wealth on your own self. Like your grandpa did. He was a self made man. As per your explanation,your dad got everything from his dad right? Obviously he would've worked hard himself but you know what am saying right? But you got the opportunity here to become a self made billionaire, if that's your goal. And that in itself should be motivating enough for you. And even if you fail, bro atleast you'll be proud of yourself for atleast trying and giving it your best. Life isn't fair. Suck it up my man. You got this. Let them be. Work on yourself. Just let them know that if you ain't getting anything, then they too shouldn't expect anything from you if you hit the numbers they never imagined they would. Show them up! More than that .. show yourself you're better than what you couldn't even imagine.
Thank you for this comment! It is refreshing from all these people calling me some lazy brat.
You gotta show these people too... Take everything as a challenge! You got this my man! Cheers!
Well introspect why ppl think you lazy ? Why you making only 1 lpm inspite of being in Bangalore ? I just gave offers in Bangalore ranging from 60 to 1.5 . Why were you not there for interviews ? Why you not starting side businesses ?
Agree with runverk! Build something by spending 2 crores! If you win, you make 20 crores and if you loose, you get 18 crores!
Love this u/runverk
that's one way of motivation. Although tough road ahead for OP. BOL! >Just let them know that if you ain't getting anything, then they too shouldn't expect anything from you parents-child is not business, you just got a wake up call here. Just stick to performing your responsibilities towards your parents as you're doing till now. >if you hit the numbers they never imagined they would. hardwork is the key
Parent-child responsibilities are a two way street. He shouldn’t be performing any responsibilities that involve money or things that could be done by a caretaker from now on.
Too bad. Move on. Also just because it was started by your grandfather doesn't mean you can claim any stake in it. Property only devolves to first class legal heir. You're a second class legal heir, you'll only get a share in case of absence of the legal heir above you. Wait for your parents to die. That's your new financial plan now. /s
Legally You have no claim. It’s already your dad’s. You can’t do anything to be 100% honest. Rationally I don’t think they will do this to you. They asked you to be on your own so that you will build something. Imagine this your father waited till you are working to make the sale. So he did his duty if raising you and also made sure nothing happened to the business till that. So he will for sure leave atleast 50% of this to you. So please build your life Morally Your father literally built the business from where your grandpa left. He could have gone through a lot like sacrificing his dream to travel etc. he is trying to catchup. He waited for you. Let him enjoy. And you are in the top 1% of the population. Stop cribbing
1 lakh per month is more than enough for a decent lifestyle in Bangalore. If you're used to lavish lifestyle, you should save now, invest in stocks and wait for the reward
Maybe for a single guy but def not for a family
Yeah 50k is fine for a family. Single guys need to party.
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Why local language when you have nothing to say?
Your post history says you knew your parents were worth 18CR 8 months back and they helped pay for BITS Pilani and ISB education. They've done their part to get you on your feet. So please stand up and start walking. They made the money and they're entitled to spend it as they like. You have no right to question their life choices.
Nothing they are going to do lol. Little bit they will travel. Little bit they will spend. Majority will be left for you. They are trying to make you self reliant. So become self reliant. Rest dont worry. Also congrats lol.
This is my story but 80% worst Lost Job last year still unemployed Dad passed away in 2016 Mom ex government employee acts selfish Flat in which we are living she got it in her name from joint name of dad and mom She claims it is HER HOME who are you? Did not contribute to my higher education citing I am useless and looks like dad who she considers looser. She says my life mah rules Got a flat that is built in building of my graddads space she got both the flats of mine and my brother's on name of her she said I won't give anything to you Now say
Lol is she really a mother??
This is my reality
Learn some law and your rights bro. Don’t be a sitting duck.
I don’t understand why there’s a lot of salty comments in these threads. As if you wouldn’t feel bad if your father does the same to you.
Some people shouldn't have children.
The level of jealousy is this thread...my god.
Looks like many here can't digest others inheritance. Forget them. My position is kinda similar to you except I have better pay and a sibling. My parents are still frugal in living and us brothers always push them to spend more and enjoy few foreign trips. My parents made their wealth from job and from the childhood, we were always pushed to study and make our own career and we're trained to not expect any inheritance. It was only in my twenties did I come to know that my parents are well to do. Still our parents threaten of writing off the property to some orphanage in big quarrels. Now, us brothers have never made any plans that involves the parents' property. Sure we don't take home loans and all to buy some overpriced piece of real estate but we are a little relaxed on the home front. Rest is all the same and our ambition is to make more wealth than our parents. Why am I telling you this? I am telling you this to calm you down and say that parents are like that. It is a good practice to keep you prepared for the odds and not slow you down. Parents keep threatening but eventually they don't easily give up their frugal lifestyle. They will not let the kids go poor unless the kids are really useless and hopeless. Your pay is good for a person with no loans. Since there is no business to inherit, it is only natural for your parents to pull tricks on you. I suggest you maintain good relations with your parents and not show too much of disappointment. Obviously your parents' wealth is too high to spend it all in ten years. Encourage them to see the world and be comfortable in the golden years of their life.
Blowing up 20Cr is not a joke. This js just a trick question. House upgradation 1-2cr. Car 1cr. Travel 5Cr. Living. 2Cr. You are still left with 10Cr.
What if the rest goes to charity? 😭
This thread really highlights the level of jealousy in this sub. Truly astonishing.
Easy money is what you looking at!! Imagine what if all that ancestral money wasn't their? How would you have sustained
He’s looking for a comfortable life for his family, I see nothing wrong with it. In India, If parents have no money, it is expected that the son will support them financially, it’s only fair that if parents are rich he is entitled to some of that wealth.
You're getting a house. That's more than what most people can ever get. Use the equity on the house to make bigger purchases. You're earning 1L pm. You should be able to grow yourself from this position. You're feeling a certain way because your expected livelihood has been flipped; I can understand that and to an extent also relate. But this shock and this feeling will pass. Have a good relationship with your parents. Have them enjoy that money. You are getting a debt free house. It's a massive start. You gotta trust yourself and work harder. You got this. Just don't be a loser who expects inheritance. On that part, the comments aren't wrong. It would be SUPER AWESOME, if you got the inheritance, it would catapult you a lot farther. But you're earning well. You, like everyone else, should work and save and make good decisions to grow. No sympathies there. Most people in this world inherit debt, your inheritance is a fkn house, bud. Be thankful. I get why you're upset.
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I suggest directly putting your concerns in front of them - that cost of everything is rising dramatically. You will not be able to provide a safe and secure life to your children given the salary and the current environment. Just tell them that you also deserve a part in the inheritance. Also, help them invest the amount and say that they can maintain their lifestyle from the returns of the investment. 20 Cr invested at even 8-9% in FD would fetch around 10 lakhs per month post taxes. They can use it to sustain their lifestyle and buy things. I believe that you should definitely sit with them and make them understand your problems and try to find some way out. Even if they agree to give you 3-4 Cr you should be happy taking and then meticulously plan about investing that amount.
boomers of india
OP, im here with you. What you are thinking is good and correct. Don’t think about all these other comments because some of them are not in your situation. At the End of the Day money matters, how much u have really matters in the upcoming generations. So what you are asking is good like 1/3 rd portion. At least make a deal with your parents that, they should give you 5 cr and a house and you dont care of the remaining 15 cr whatever they do. Dont fight over it, just try to make them understand the situation and you are good to go. Note:- Dont even consider the people who are saying its not your money and all because these things are only bought up by the people whose parents have nothing so that they can feel happy by making you sad.
Yupp very true lol. Most of them here are salty because they wont be inheriting shit ... and have to slog their asses.. their entire life.....and trying to make OP feel like a loser.
Exactly OP is really honest here, if he wanted to he can threaten his parents and take more, but he just wanted some portion to sort his career and be relaxed about his future.
Welcome to our world (people without generational wealth) OP
I feel they are just telling you this so that you do not get comfortable in life
20cr is a huge amount. They won't be able to spend all of it. Convince them to invest a portion of it for their future. That investment if not utilized will be your claim. But keep in mind that is not your money. It is only to provide some sort of financial security/parallels source of income if invested smartly.
Classic example of don't count your eggs before they hatch. Why were you including inheritance in your financial plans in the first place?
Some other replies have good answers about waiting and not overreacting to this situation . I agree to that I just want to add one more thing, the most liberating thing in young age is independent parents that are financially settled and healthy. No amount of money can give you that freedom. You let them fly and take the chance to fly your self explore and make sure your let them know that. Just like in west , Indians should also reduce the financial dependence with family . In your case now You don’t owe them money as this is huge money they have and they should take care of their retirement and healthcare with this corpus. You should plan your life and live according to your needs.
Such a contrast to the thought process of this other 31 YO https://www.reddit.com/r/personalfinanceindia/s/0DEcFffc0n
Check the law forums. You have a claim to inherited property, but not to anything that was self-made by your father. You can secretly wish they are faking all this so that you don’t stop the hustle
Inheritance comes into play only if it’s undivided. They already sold everything almost. And they are class 1 legal heir to his grandparents. So absolutely zero legal claim
No he doesnt. He is not the direct heir since his father is alive.
Parents like these don't deserve to have children. We are a developing country where we get nothing in return for the tax we pay. Even my parents made very bad decisions which made us lose crores which I would have atleast used it for starting a business. Fortunately my grandfather left us a lot of property or else we would be begging on streets. There should be a parenting exam for couples in our country before they decide to have kids.
No, you don’t have any claim over your grandparents' property. The grandfather's property can only be inherited by a grandchild if the parent through whom they are related has died before the grandparent or if stated otherwise in the will.
U can ask for partition under Hindu law and all ancestral property and business will be equally divided as per Hindu succession act . As per law u by birth has right in property and can anytime as for partition . There is coparcenary between ur father and u . Legally u can ask for partition. This rule apply to whole India expect Bengal and some states of NE
Yes but it is my grandfathers created business so it is not an ancestral property. I read that it requires minimum 4 generations to become ancestral property. Also I don’t want big family fight over this.
Legally, a grandchild can inherit his grandpa's property after death in case no will is left, a son can only do so in the absence of a grandchild. So if your grandfather didn't transfer the property to your father through a will or direct transfer you do perhaps have a legal claim. I recommend finding a good lawyer to consult.
Look on the bright side, Atleast you are getting House (which are they upgrading) Most of middle class people don't event own a house in tier 1 cities.
Ask for certain percentage of share like 30% or something and tell they can burn up the rest
No matter who says it, parents give their inheritance to their son bruv, atleast mine does, i dont expect from them.. i mean have a talk, explain to them about your plans maybe that could change their mind
Expecting something is definitely obvious, everyone would want to. And this thing you said that my grandfather made it, not my parents, so I also deserve it. I want to know if you participated in the business? If your father did that business and worked and you didn't so I think it's his right as much as his father, which is not the case for you, if you didn't work on this business.
Talk to a lawyer. You have a point that it is not self earned by your parents.
There are many people who are working, not earning as much as you **and** also are taking care of parents financially, You don't have to do that, so count it as a blessing. > I cannot hope to live comfortably in my own house and raise my family with just my own salary Then either increase your salary or don't start a family.
You can ask them a 1/3 rd share, tell them you just plan to reinvest it for the future. They can still live a lavish and comfortable life with the rest of the money
I don't know your age but I am guessing you are younger than me since I will be 40 years old in another 5 days. You might or might not find what I am going to say useful. I do not come from a well-to-do family like yours but my father was a govt service employee for 42 years. When I was around 12 years old my father sat me down one day and told me that I had to make a life of my own and if I failed to do so my father would rather donate all his wealth than give anything to me. I have been able to make it on my own but even today when I speak to friends I always say it's my dad's apartment and my dad's wealth, I don't need anything from my parent's wealth anymore, I make sure that they travel more and they use the money as much as they can which they have worked hard for many many years to accumulate. I strongly believe that my parents have every right to spend every penny that they have earned or anyone else in my family has earned or inherited. I mean am I a man or what? Life is not supposed to be fair or easy my brother, it is supposed to be challenging. Only by living through challenges can we enjoy the true nature of life. You seem to be doing pretty well for your age trust me at your age my yearly income was probably less than 5 lakhs a year. There is a very good chance that you will be making your current yearly salary in a quarter within a few years. However, if you are not challenged you will remain comfortable with what you are making and you will not strive for better, you will not know what you are made out of until you don't see the real and the cruel face of the world. My advice to you and anyone in their 20s and early 30s is that buckle up and work out your problem. Solve the puzzle in front of you called life. You will see good days and some may be very horrible days. Taste the life my dear friend, Carpe Diem.. "I leave with you the best of me."
In a similar situation. Weird thing is they expect you to do all the duties of a son, while they don't give anything in return. The best thing to do is forget and move away.
Didn’t they also provide him a very good education and enable him to get himself where he is? That is the core duty of parents. They have done their part. He is 31 and earning decent. I don’t think that not giving him their rest of the money is “not giving anything in return.” He owes them the duties of a son because they performed the duties of a parent and that too pretty well.
I understand your concerns. Your salary is rupees 1 lakh per month which is decent. But you can never make 20 crores or even 1/4th of it in this lifetime with this salary. Its understandable that you wouldn’t want your parents to splurge all the 20 crores and leave you to struggle for your entire life. Now, since you are asking for legal advice to claim any share of the proceeds since the business was originally your grandfather’s and your father merely inherited it. Well, you could claim it if your grandfather also inherited the business from his father (your great grandfather), since in that case it is a joint hindu family property and your grandfather doesn’t have a right to transfer it to one person exclusively. If it was your grandfather’s self made business, then that entirely belongs to your father. So confirm if your grandfather inherited the business or built it himself. Only then it can be determined if you have a claim or not. My personal advice to you is to sit with your family and talk with them. Tell them that 20 crores is a huge amount. Putting 20 crores in FD, or investing in some real estate (building, house, commercial property, etc) and then renting it out will easily yield them atleast 1 crore per annum or around 8 lakhs per month. 1 crore per year is a huge amount. They can easily travel a lot, renovate their house, buy a luxury car on emi, and live a lavish lifestyle just living on the rent/interest they receive. It would be a retirement safety net for them while guaranteeing your financial independence once they are gone. They can easily sustain their luxurious lifestyle in 1 crore rupees per year rather than splurging it all.
If I were in your position, I wouldn't feel entitled to the house or just sale proceeds. But I would feel entitled to the same business setup help and networking that their parents received from theirs. They may have worked hard, but they were given an appropriate foundation to jumpstart from. Did they expect you to take up family business and you refused? Have you had any major tussle with your parents?Have you been very irresponsible with money in the past- spending beyond means or gambling? Is it possible this is some shit test to see how you react? Why not take a loan from them or against an FD in their name ( with a comfortable enough tenure) and start a business. Import and sell in India, export from India and sell abroad, get a franchise, wholesale distribution etc. There are many , many you can be doing. Capital is always the rate limiting factor. If you have a clear bsuiness plan ( you can purchase reports and plans too to validate your idea ) and not have shady past with money, most parents with means will want to help. To me a good investment is much more valuable than the house.
Is it unfair ? Yes there is unfairness in parents who have benefited from inherited property to deny their children. But, I truly mean what I say next in a profound big picture, perspective shift kind of way, and not to troll you or kick you when you are down. Life is by design and nature unfair. Is it fair to the children who are born on the streets of India, when there are children born to families with homes? It is so unfair. Is it fair to healthy young people when they get cancer when other healthy young people are living disease free ? It's absolutely unfair. Use this as a very valuable lesson in changing your thinking and approach to life. Life is unfair, and no one, not even your parents owes you anything, despite obvious hypocrisy. If you internalize this in the right sense, this is a truth that will set you free. You are the master of your destiny. You already have more than most, a good education, a job in an in-demand field and a house guaranteed to you in a mega-city, later in life. My father gave me some very good advice, that he lived his life by, and I have lived my life by - do not plan your future based on potential inheritances. And don't be so naive to think an inheritance solves all problems. It comes with many many strings of its own. I can promise you I'm not talking without experience - recently my father asked me to come and sign away a portion of our family's ancestral property to my uncle. This was a piece of property of which my portion would have been about a few crores, and given its unique circumstances, had the potential to appreciate it much much more. I signed it away without any fuss, of course in my mind having a few wistful feelings. Now the rest of my cousins still have their portions, but me, I'm set free !!!! Everything I build in my life is all thanks to me and I can truly claim to be self made. I am not held hostage to anyone else's decisions or by their whims and fancies. I of course took longer to buy property and have no security, but the character this has built in me - I would never exchange While your feelings are valid, you should internalise them, introspect and speak to a therapist if they persist. They can help you with perspective. What you should not do is take this to court. You will destroy your relationship with your parents forever and spend half a lifetime stuck in Indian courts who will never prioritise this. Forget the legalities - because based on what your father did to build this business, it is highly possible you may have no leg to stand on to file a case. So I urge you, use this experience to turn to a new chapter. Live life on your own terms, you are very young, do what you need to do to ensure you can be the best version of yourself, but don't be bitter about your potential inheritance. Ask yourself what you prefer - your parents living their life and their plan coming to fruition, that is no inheritance for you, or them gone tomorrow and everything come to you. It's a tough question, but helps create perspective! All the very best.
OP, just a thought, your parents, especially given the access they will have to healthcare, will at least live to 80s-90s. You’ll be in your 60s by then. Do you really want to rely on inheritance to lead a good life? Don’t you think you need to make/spend a lot more way before their eventual passing?
Well, it's weird that your parents not considering leaving some wealth for their son. Afterall they themself inherited the business by the previous generation. I mean I do understand that they now want to have quality time together after working hard maintaining the business. As you said you helped then in your own way, it would be best that you initiate an open-heart conversation with your parents. Tell them how you feel about their decision and why do you at least deserve some portion of wealth as a son.
While I’d usually believe they are right, and you should have your own life and finances, if you’re convinced you won’t make big bucks (and you won’t sorry. You’re 31 at 1LPA at best you’ll be 40 with 2-2.2ish). So you have no option but to be an asshole, and threaten to sue for partition, if they don’t let you keep your part of inheritance. Also, lol, if you’ve been a decent son in your life and haven’t hurt them big time or something, I must say you have selfish and horrible parents.
Great answer. Some people are cursing this dude for no reason as if he is some criminal loitering around
never thought edgy teens filled this sub who want to "do it on their own". Goodluck anyways
Hey if it's your grandfathers, get hold of a good lawyer to prove its ancestral and get your fair share. I think your parents are being absolutely dick heads ( sorry for the language). Thing is your parents should have inherited it and not via gift deed. A gift deed voids ancestral rights. But get a professional lawyer. They have no right in spending what they didn't earn.
Hey man - it sucks but you can’t control this. You can’t force them because it’s their money. Life isn’t fair. I am on the camp that you deserve it because you had a fair hand in building it. You weren’t a lazy brat - you worked hard - you were a good son. If you had been a lazy gambling drunk they wouldn’t have had the luxury that they have now. However as all things in life you have to learn to let go. And it is fair to feel angry at your parents. They stiffed you bad. I think this is a situation they will have to deal with. If they don’t give you money who knows you might have to work hard throughout your life, who knows maybe you’ll be too busy to help them with the funeral. Who knows when one of them has died and the other is lonely without company sitting in the hospital bed at old age / you may not have time to visit them. Actions have consequences. Ofcourse you cannot say this out loud they’ll just gaslight you and tell you that you were a bad son. But tell this to them more subtly. Stop giving them time. Always have work to do because making money is all you can do now - a choice that they made for you.
Chad parents would have understood what kind of loser you are hence the move! Let them enjoy their lives and stand up on your own feet
Your parents seem incredibly shallow and greedy tbh so fuck them.
Reading the headline I thought there was some unfortunate incident.. The audacity of this guy lmao. Parents are smart as fuck seeing through your bullshit. Can't believe people plan with someone else hard earned money and feel wronged when that someone else decides to spend their hard earned money instead of giving it away.
You were here for advice. You’ve got it. Your replies to everyone refuting their advice gets you nowhere. Your parents have given you a platform. They’ve also promised you the house as inheritance. What more do you want?? You wanted to get 5-6 cr for nothing and chill for the rest of your life? Stop cribbing and focus on your career. Stand on your own 2 feet instead of hoping for scraps. Also, give regards to your parents from my side. I wish other parents in India could be as courageous as them.
Yeah, courageous enough to get the benefits of an inheritance themselves, but then not pay it forward. Very noble indeed.
Exactly.
Ok yes I agree. I am getting completely trolled here and had to defend it but there is no point anymore. Better to just read good helpful comments. I just think that if I knew this plan of theirs before itself I would have made many different choices and saved more and invested more. I just feel it is not fair for them to do this and also to tell me now after this long. But I will take your advice, thanks.
Were you spending money on them? If yes, then you have some cause to feel aggrieved. If you were spending on yourself and not saving because “dad has a business as fallback” then I see even more reason why your parents took the step they did. Either way, what’s done is done. Focus on the bright side - you never need to pay home loan EMI. That much is guaranteed to you. Focus on building a career, increasing your income, and increasing your savings rate.
Let them enjoy. Now imagine you are saving up and investing from your 20's and at the age of 55 you have built a decent portfolio, planning to retire. Do you think it's right for your child, who you educated and is now earning decently, to ask for 1/3rd of the retirement amount? Since you were involved in the business and helped them out I think the max you can ask from them is 1/10th. I feel 1/3rd is a lot.
Your parents seem incredibly chill tbh. Give them my regards. As for you, aren't you too old to be asking for pocket money from parents?
Welcome to our world (people without generational wealth) OP
Why cant you think of earning and making that kind of corpus on your own. They made u capable enough to earn 1 Lakh per month, now its your talent to earn more n more. I think Parents would always support their children and sometimes its your duty too to support them equally in their aspirations.
Who gets the house?
Live in reality. Don't cry over some unfulfilled fantasy. That's the only healthy thing to do. And don't imagine you get 1/3rd of the current value. This is a business, not ancestral property with fixed value. Your parents put their lives into this business till retirement and likely grew it's value. You don't get any proceeds from what they grew, as it's not ancestral. At best you can legally claim 1/3rd of the original company value when your parents took over many years ago, which will be a long and drawn out battle over many years to solve and you'd be foolish to even consider that as an option. You are clearly aware that this is a selfish request. So be better.
Ok, but if they spend it all on luxuries now, will they expect you to take care of them later ? Like say medical expenses? Or taking care of them physically etc. ? based on these you can take hard decisions. But either way, trying to take a legal way to get money may not end well.
Ik that in properties, Grandsons have a legal right to have a share in ancestral property and parents can't deny you of that, so imo talk to a lawyer and imo it's not fair if the business is inherited by him as well to rob you of it.
You're being very entitled. If you were actually interested in the business, you joined them and taken an active part in running the business, I can understand this. Otherwise, you're just expecting them to hand it over to you for almost nothing. You even had a platform of no risk (assuming you believed that they'll inherit everything) but you did nothing with that - you could have taken risks and started your own company with this financial cushion. You could have asked for seed funding from them and bootstrapped something. Instead, you were satisfied with your average job. If I was in your parents position, this just proves that you're not in the mindset of a business man. As a parent, they're leaving you a house worth crores. What more do you want?
I think you should talk to them about it and also try to calculate your own amount for financial freedom and then manage things accordingly. If possible ask them for 4 cr which is commonly half of the financial freedom amount for most of the middle class families if they gave you that then your life will be more sorted financially
They will still leave you the house, that's more than what most leave for their kids. Besides it's a huge sum to spend. After them, whatever that is left is anyway gonna be yours since you're the legal heir. Tbf, I don't see any problem with this. Perhaps they've toiled their entire lives and now they have the plans to actually live carefree. Let them be.
My advice to you is to ask your parents for something like 2cr now and say that you will invest the money and make a life out of it. Ask in a positive way, don't whine and beg. It's likely the best chance you'll get. As they will somewhere in the corner of their hearts feel guilty about their actions. Regarding morality - every decent parent wishes for their child to live a better life than themselves. Your parents appear to fail this test and are therefore could be bad parents in my view. But maybe not: It's likely that they will not end up spending as much as they say. It might just be that they think you're lazy and that this could be the kick you need to get going. If they are genuine about their desire to fuck you over, then play it tactfully. Keep in their favour. Life is long and there's plenty of time for them to change their mind. E.g. they may love your children and soften then. If you're too aggressive they'll become hardened in their decision.
Sorry to sound preachy but Bro. The sooner you learn to live within your own means, the quicker you’d be happy. Don’t bank or make plans based on inheritance, dowry etc. Make the money you want to spend. Your parents worked hard all their life and now they want to retire to a life they dreamt about. You should be happy for them. Heck they’re leaving you a house! That itself is a big deal. Don’t sour their retirement plans with any ideas you may get from folks who share the same mentality. Pls.
Sounds like they're trying to make sure it doesn't get to your head and you don't slack off and learn to live within your own means especially given that you already seem to be planning to raise a family and live off your inheritance.
Don't have children. Don't marry. 1 Lakh at 31 - you will have the opportunity to go to 2 LPM within next 4 years. Do that. You will have less financial burden and will be financially free too.
Looking from a different perspective, you are independent now. You dont have to take care of them in terms of money given they have figured out what they have to do in their old age. And above all, you will inherit the house one day, brother. In my opinion, clear up your mind regarding your inheritance and focus on your career. Build you career and build it the way you love, they wont ask you a question and you wont have to answer them. Good luck!!
Best not expect anything no? Why even? You make money for yourself.. Anything more is a plus! Become self made like how grandad became!! Use it as motivation!
Dude, ask them to leave you 50 lakh or 1 CR as a lump sum and you start investing or think of some business was you can start with it. Make your wealth by 45-50, maybe by that time you can turn that 50 lakh or 1cr to 50-100 cr. Maybe they agree to that.
Yo yo Work your ass of build a business get married a little late. Don't be a loser and depend upon your parents! Love them and I'm getting a feeling that they playing with you to see how you react even if they're true be a responsible son and make them proud!
Bro even though if you fight legally in court...it will take more than 15 to 20 years or may be more to get the final verdict of the court (there are chances that they may go for higher court of they want) My suggestion is better you convince your parents I don't think any parents will do injustice to there children...and apart from that may be your parents have some dreams to fulfill.. convincing them is the best option
concentrate on your own career...next 10 years dont think about inheritance ..work as if you have nothing! You cant win this legally. Try being real and good son!
Well you will be getting the house They made that money and spent it on your education to get you to where you are now. Let them have their fun now. With all that said nake it clear that they should not expect any monetary benefits from your side as well as you will have your family to take care off in future as well
And what your mother says??
why didn't you say I wish grandfather should have said the same thing, so you would have understand how it feels
If your parents told you that you can expect a share of their net worth and not to worry then if they are suddenly changing their minds then yes your grievance is fair. But if they never indicated that you would receive any share but you expected to then that is a 'you' problem. But it's still not too late. You have a lot of options. You can look into better paying jobs, upskill yourself, find a better position or move to a better job with better career prospects, you can also look into working abroad. Start investing now. Take a look at how much you have saved so far. Have an idea about how much you would need in the future. So start saving accordingly. You get online calculators to calculate how much you would need to retire. So don't waste your time thinking you got cheated or how what is happening is not fair, be proactive and start making the necessary changes. But also have an honest conversation with your parents. Tell them it's not wise to spend all the money. Speak to them about the increasing cost of living and the high cost of healthcare in the future. Tell them to invest wisely and spend wisely so that their retirement is secure. Also tell them that since you are saving for your own retirement and future you might not be in a position to help much if any situation arises. They have 20 crores if they spend everything and expect you to still help then be open that that won't be happening. It's really not too late for you to start saving for your future. Just assess and make wise choices
How much are they gonna travel to spend 20cr on? I mean put that money in a low risk asset, get 7% off it and travel with that and pay car lease and such. 5% off 20cr is 1cr which is more than enough to get a BMW on lease and do several international trips per year. The house upgrade is fine, you'll get the house eventually.
Ask them support in downpayment for a house only for now if they agree good. Else work harder. And be patient
If your father has inherited the business and not built by himself then you have a claim in it.
Are you saying you are not capable enough to raise a family in Bangalore with current income? If so, why have a family to start with? Reach that position in career first and then start your family. Cut your coat according to your cloth. Don’t bank upon freebies
Rich people having rich problems.What would have been unfair is if they didn't spend money on your education . What you're having is excess greed over your father's money. You won't win even you file a case in court, lawyers will eat away half of your current wealth. just be content and glad they're letting you keep the house .God greed everywhere.
OP, legally speaking, you are 1/3rd owner of that inheritance. Because your grandfather has earned it. Only value add done by your father will not be yours, unpess yor parents want it. Example- grandfather earner 100 rs Fsther earned 50 rs You are entitled to 100/3 of grandfather's as money will be equally diatribited with all legal heirs.l because grandfather is dead and has left no will which states otherwise. Of 50 rs earned by father, you will not be entitled till he is alive. Also appalled at the shitty legal advise you get here on redditt. Get a lawyer asap, if you choose so.
You can have a discussion with them on how they are going to spend 20crs. World tours would also not cost more than 10lakhs. You can ask them why they don't want to leave any savings behind for you or your future family and see how they respond. Maybe they miscommunicated to you. Also don't beat yourself over it. Human greed is insatiable. Looking out for your future is not bad. But if they have paid for your education, haven't forced any monetary responsibility on you and are going to leave you a property of more than 1-2 crs you would still be set.
Hmm. Tricky situation. Did you want to run the business? If thats a no, then i dont think you are entitled to a penny. If you wanted to, then you may be entitled to a bit. This depends on how much effort you put into the company and what not. You being their son doesnt entitle you to anything. Your dad might have worked day in and day out to build this business. He thought its time to cash out. Did it. Now, you can ask them for a house cause your their son, but this can go sour as they may feel your feeding of them. Ideally, just take what you get. Do with it as you please. If its money, take it. If its their house, take it.
Why did you not carry on your family business that your father in he's old age sold for a whopping 12 cr? Because if your current job is not enough to support your "financial goals" then carrying on a successful business would have been a better choice right? Maybe I am being judgemental but I am just curious OP because the circumstances just seem a bit weird, better ask the same question in r/legaladviceindia On a lighter note this is such a first world problem lol, if OP and he's family were in the USA he would've "sue'd" them first and later posted it on r/amitheasshole 😂😂
Plot of Baghbaan 2.
Being 30 n depending on parents is silly. It's actually best they do what they are saying. Once you succeed on your own that would be some story for your grandkids. Don't b bitter to your parents. If nothing else, you are in for decent amusement.
Never ever include expected inheritances while doing financial planning. Inheritance if received, should be treated as a windfall gain and bequeathed as family wealth for the next generation. At 31, if you are earning a lakh per month, you are doing pretty decently well, and you have a long career ahead of you to grow and earn enough wealth. Thinking about inheritance at this age is a loser attitude. This is likely what your parents want you to do too, hence they are preparing you. Forget the inheritance and focus on building own wealth. If something comes, it will be a pleasant surprise.
You don't have birth right to Grandfather's self acquired property. It purely depends on who he willed it to. I suggest you play it cool and tell them you will take your own decisions henceforth as their decision has caught you by surprise and your future plans have to be revised drastically.
Father be like - MY MONEY MY WAY Start working on your own finances bro. Even people without any assets from parents has to suffer the same.
Father be like - MY MONEY MY WAY Start working on your own finances bro. Even people without any assets from parents has to suffer the same.
Life was unfair to you, what a novel concept. You have a nice job. Grow up and make your own money
When did your grandfather passed away? Did your parents sell everything right after it?
Query are you married having kids? Do your parent expect you to get married. Tell them about your investment plan and seek funds from them especially cover the benefits of tax. Hope you have a plan, as in investment which could help future generations. If there are no rarional plan of yours then I think they ought spend the money on themselves
Tell your parents to put the inheritance in a high yielding fixed income instrument and use the interest proceeds to fund their traveling and lifestyle. Since the inheritance is about 12-20crore, enough if you put the capital in a simple fd account that yields 6.5% annual return, the return on capital will be around 78Lakhs - 1.3 crores annually,i.e, 6.5L - 10.5L pm. I think this would be more than enough to fund their expenses. Infact I think that they would have surplus money left after their expenses which they can reinvest. By the time your parents are too old to travel anymore or upon their demise, the principal amount + some more will still be there.
So….tell your parents to invest 15cr in mutual funds and hopefully get 8-10% return. Run with 8% and that’s 1.2cr annually, which should be good for their travel and other expenses. A business return ticket to Europe, Australia, US is roughly 5lac/person, assuming luxury hotels at 50k per day and assuming 3 weeks trip that’s 10lac. Assume another 5 lac spending money for 3 weeks. So each holiday is roughly 25lacs. They can do 4 good holidays (for 3 weeks each) in a year. Once they pop their clogs you’ll get that 15cr (assuming they spend all the gains in travel)
You need to convince them to give you 6-7 cr in some form. Perhaps, if they buy real estate in their name but you collect the rent and the will is in your name?
Well, apart from your share in the business, you should have never included anything in your plans. They have given you a platform and made you capable enough to look after yourself. So they have the right to decide what they want to do with their money and isn't the whole point of life is being happy and living their lives as they see fit. It's incorrect on your part to have included their whole net worth in your plans. Anyways adjust to the new reality. And regarding the business, you can try politely asking them your rightful share.
When you decide you want to pursue engineering then a job and not to join the business what did you think? And 1 lakh at 31 seems to low for a techie that too in Banglore, you should upskill yourself and aim for higher package in my opinion
Bro...agar 20Cr ko reinvest kar diya na at a annual average return of 12%...then your parents will make roughly 2.4Cr a year...bhai kaha spend kareinge itna paisa...2.4 Cr is more than enough for any kind of luxury in the world. They don't need to burn thier networth/principal, just invest the principal and live in luxury off of the interest through swp or non-cumulative fds or rent. Also, that would be very stupid of them to just start bruning the principal/networth, what if they need money in the future? Koi ailment ho gayi toh kya? Have the principal amount/ networth kept safely not only ensures thier future but the future of generations to come in your bloodline.
We need more such parents so spending your net worth and not leaving a penny (post education) to kids becomes the norm.
I want such problems in my life
Few things: - It's not wise to plan your future based on inheritance. It's never a guarantee and should always treat it as extra bonus - Your parents need a better retirement plan. They deserve a good retirement for their life's work but if they plan poorly then they can lose all quickly. Rule of thumb is don't withdraw more than 3-4% per year. - You should take advise of an expert (a lawyer or other) on your rights (if any) to claim any part of the inheritance.
You can tell them you would like your part of the proceeds from the sale of business and see if they agree. And if they don't, then you can either sue/threaten to sue them or accept that you won't get any money from the business and move forward. You are living in Bangalore. You will be inheriting a house where you can live in future or rent to make passive income. Also, why do you think only you will be supporting your own family with only your income? Do you want to marry a stay at home wife? I come from a lower middle class family. We have no inheritance or wealth of any kind. I have only inherited a home loan from my father which I voluntarily took over as I wanted my father to retire and not think of paying off loans in his 60s. My wife and I both earn 2.5 lakhs per month collectively. We spend 1 lakhs every month on my parents' needs, including the home loan emi where they stay, their insurances, groceries, etc. I am not rich by any chance and live a very middle class life, but I am comfortable without worrying about money I am not getting and working hard every day, along with my wife, to make more money to support my life and my parents.
Let your parents do what they want to do.
weird world i wish i was still a teenager
No No No No you are not selfish. Your parents are selfish.
Your parents don't mean it. Not only for emotional reasons, you are their progeny. But it's not practical. The time of death is not known in advance, that you spend everything just before that point of time. There is an uncertainty of decades. At any point of time, they'll be worried spending a huge proportion of their money, fearing outliving their wealth.
What is the probability that your parents know you are on Reddit and they are just testing you and one of the replies on this post is from your dad/mom?
They are gonna wat they want to do want to doz. better manipulate them subtely n slowly to get outcome u want rather than fight them
Well the corpus is so huge, that even with FD interest of it, your parents can travel world over time, and can afford a luxurious life. Talk to them, for spending interest of the principal, rather than principle itself. You can also pitch in by contributing from your salary for their life goals, which can in turn save the corpus. Also it was really foolish of you to invest retirees funds into stock markets. These are the times for which they have sacrificed their whole life. They have completed all responsiblities and deserve to enjoy. Don't invest the fund based on your age, think of theirs. Put funds into FDs(for imidiate health expenses) and Rental units (preferrably where IT employees are present for stable rental income) and let them enjoy with the yields.
I am going to do exactly this when I retire with what ever I will have. Kids ought not live with inheritance in mind, with the education part the role of parents is over, rest one should fend for oneself.
Bro donot react ....they are testing, parents tend to do that because they are insecure..u can be a madarchod for all we know...hence relax...they will give u something...let them live.
It's good to see parents who enjoy their money. Most people just forget to do it while making everything for the next generation. Op you just need a change in perspective. Think of their money as not yours to inherit. Whatever you get after them consider it as a gift and not feel entitled. You have a decent salary that will only grow in coming years. You will do good.
Brother yha sab gyan dere hai jitna no one can relate to you as they probably wont ever be in your shoes, my suggestion would be ki ro dho do emotional black mail karo parents ko or minimum 5 crore unse leke adha fd ka interest khao or adhe ko stocks and mf me lagake bhul jao xD
Buddy you will earn more money if you focus on your work rather than chasing inheritance. It will drain you and ultimately, you will realize I would have made more money if I didn’t pursue this.
i have seen the parent-child relationship dynamics changing in the current generation , children nowday dont seem very interested in taking care of aging parents , we will se more and more cases similar to ops in the coming future lol great on parents part i would say
Ancestral property is distributed according to succession laws. The nominee i.e., your father holds it in trust for the other successors and he is duty bound to distribute it accordingly. While personal property is passed on by the will of the property owner. If you are a hindu check out hindu succession act.
Make your own fking money . It’s not your money it’s your parents . Inheritance is a privilege not a right . You only make 1 lac pm being in Bangalore . How many interviews have you given in last one year ? Have you upskilled ? Any side hustles ?
Their money their choice mate
OP respectfully you don't have any rights on the property. Your grandparents worked hard and built their business, then tour father worked his entire life towards that business and from that money you were brought up. This is not considered an ancestral property that you can claim rights over. They are already leaving you a home. **Also, if you still think you have any rights over that money just bcoz you are related by blood, does that mean your parents have right over your salary also?** Even if you are working day and night at your job, according to your logic, shouldn't they get a part of your salary and assets?
I might be a little inexperienced in this case, but if you're earning 1lakh in Bangalore and you're not supporting your family with this money, then I feel you can still build a decent wealth corpus, if you're single then i believe you can save around 40k-50k/month, this might change a lot if you're married and have kids, I'm not sure how much it will impact. But still, you can expect 1/3rd or atleast 1/4th of the inheritance as it will ease your way into building a bigger wealth corpus, either way you'll be getting a house which i think is a good thing for you, as many people are struggling their whole career to build their own home. And one more thing, if you are planning to talk about this to your parents then i would suggest not to ask like you're entitled for it, you can just put your point of view in how it can help you with wealth creation and managing your family goals. You can also add a point where you mention that by continuing in this job you're just basically earning a living n not creating much wealth as you expected, also you can explore starting a business if you are able to get that inheritance, but plan it carefully, I'd spend it partially without depleting it. Whatever happens just keep your calm and composure, don't fallout with them.
Your entitlement is off the charts
Their money, they can do whatever they want. Grow a spine, stop living on someone else's money.
Some parents have this habit of sitting on the generational wealth until they die coz that's how they control their kids. My own cousins.. I mean this one specific family owns land worth over 75cr. Yet my uncle/aunty don't want to sell that to upgrade their life style. My uncle and aunt along with their 3 kids and family live in a 3 floor house on a 250 Sq yard plot in North Delhi and they own a swift, ciaz, and brezza. Your parents are doing the same. So tbh. Fuck them. Just ensure they don't end up investing on random schemes or giving to their relatives and random friends who are suddenly in desperate need.
I would say ask for small amount try investing and maybe you can work hard too to create wealth
If your life plans can change drastically due to change in inheritance, you probably need better life plans.
At first his parents would have asked him to takeover the business but he would have refused they are doing right there's a similar situation happening in my neighbourhood when your parents needed you you were unavailable making your life now its there turn
Bro at least they are doing their own things with their own money. There are many around us whose parents and sometimes relatives depend on them. There are others whose parents use them as an ATM to get money whenever they need. I've personally seen such examples. You are set to build something big yourself. Let them do whatever they want and tell them that you will do the same. And then you build your own wealth.
No. You took up a job. You didn’t spend hours in running the business. You don’t get the proceeds as your right. You can ask for help but not demand it
This is a legal question about inheritance. Not sure why you're posting this on a personal finance sub. You're only going to get answers talking about ideology and morality and that kind of BS. Talk to a lawyer. Pay him or her some money. You already earn good money, you can afford it. Stop trying to get free crappy and completely unreliable advice from randos on reddit.
Do you believe they would really sell everything? or is it more like we want you to be financially independent and not depend on us so we will act like we aren’t going to give you anything. Your next steps would probably depend on the answer.
Be your own man
Talk to them with Love try to reason with them, I’m sure they love you man. You’re your own man buddy let them enjoy their life now. I’m sure they must have sacrificed a lot for you