We may get two more, not near as sizable as the last one...and if we manage things right, my kids will get some, too.
It doesn't take hardly any money at all if you start early enough. $100 a month becomes $320k at retirement. (yes, handwavey tax implications, but still, 100 a month at 7% for 44 years is $320k)
inherited money is not taxable income to the recipient (in the US).
There is a tax on the estate of the decedent if the estate is larger than the exclusion amount.
Not taxable until it is over $12M. The only difference is that I didn't state that it wasn't taxed as income (which it shouldn't be) - it should be taxed as inheritance if it should be taxed at all.
In the context of “an inheritance put me in the top 1% of income”, that’s obviously wrong, which was my point.
By the same token, it's not hard for a person to be worth $1M+...steady long-term investment in a 401k over the course of your career can get you there.
But it's _unavailable_ to the average person. They'll get taxed brutally if they touch it, and when managed correctly, will be divvyd out over the course of their retirement...so having 1M doesn't mean it's liquid.