Many baby boomers don't plan to leave their children an inheritance

LA Times:

Many baby boomers don’t plan to leave their children an inheritance

Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter’s medical school tuition. But Willison’s generosity has reached its limits.
Not only doesn’t the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she’s trying to spend every last dime on herself before she goes.

  									 										 										 "My goal is when they carry me away in that box that my bank account is  going to say zero," Willison said. "I'm going to spoil myself now."

Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they’re alive.

In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.

In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
“We were like ‘wow,’” said Keith Banks, U.S. Trust president.
Whether to leave an inheritance is a decision increasingly faced by many of the nation’s 77 million baby boomers, and it’s becoming all the more complicated by the troubled economy.

The legacy of the babyboomers; “Its all about me”.

:whistle:You would think they would want to leave something for the grandkids.When I die, since i don’t have kids, I will leave money to my sister and several charities I send money to like the Franciscan missions,etc. Oh yes, and also to my local animal shelter as well.
And something to my brother and his wife for any nieces and nephews i may have from them.

What a shock.

Not surprising in the least. They’re going to bleed the Social Security system dry so that those of us coming after who have ALSO paid in all our lives will get nothing from it AND they are going to blow all their own savings on their narcicisstic interests.

Woodstock pretty much never ended, did it?

:sad_yes:

It is their money–kids should not have an expectation of being cared for even after their parents death. There are always going to cases where people are focused only on self, yet that works both ways. Kids expecting (even demanding and suing for) large chunks of their parents estates is just as wrong.

If parents choose to leave something for their children, it is a gift, and should never be expected. The parents could, if they desired (and in the past they did this a lot) give whatever they have left to the Church, or perhaps a Catholic school or Catholic hospital (after all, Catholic schools and hospital do far more of the Lord’s work, than their kids likely would).

IMHO

It is their money–kids should not have an expectation of being cared for even after their parents death. There are always going to cases where people are focused only on self, yet that works both ways. Kids expecting (even demanding and suing for) large chunks of their parents estates is just as wrong.

If parents choose to leave something for their children, it is a gift, and should never be expected.

MHO also,

John

To bad they had the same attitude towards the country they lived in. If they left anything for the next generation it should be considered a gift. Any chance I can return the multi trillion dollar debt they ran up and left as a gift for me and mine?

Mine, too. I hope I will be able to leave something for my kids, but with the economy being what it is and my 401K taking the hit it has, we’ll just have to see. But we willingly paid for college for them, masters degree in one case, bought cars and made down payments on homes. I think we have done what we should and could do. Now they are on their own.

I agree and conservatives are trying to fight that very thing. The problem is, the attitude I was espousing is NOT being held by baby boomers at large. Do not forget, it is the baby boomer generation that did everything it could to the change the Church, and they also tried to change the entire culture.

I am a Baby Boomer, and I feel no pride in that fact. This nation went from the greatest generation, to a self-centered me’ism generation, in the span of one generation.

Perhaps, Lord willing, our young can restore things to where they belong. Maybe, it can start with you. :slight_smile:

The kids aren’t going to get it because the nursing homes and health care entities are going to be first in line.

It’s not surprising. They didn’t care enough to raise their kids and teach them right from wrong, so why would they care enough to worry about an inheritance? And before some baby boomer here cries bloody mary, yes there are quite a few baby boomers who did a great job. Unfortunately, you are the minority.

There’s much truth in that. The Boomers are the generation that experienced the death of the private pension system and the virtual disappearance of retiree health benefits from employers – it became all about their own 401(k)'s. Even “millionaire” boomers (who were they ones surveyed in the OP) are going to find a huge drain on their savings when it comes time to pay for all the medical bills that will come from the extended lifespans we now experience.

Why should they care about leaving an inheritance? I have never understood that attitude.

I do agree that the Baby Bommer generation did a lot of harm, especially in the areas of faith and morals. Yet, the physical culture you live in was built by Boomers…Bill Gates, Steve Jobs (may God heal him) are Boomers. So, while it is accurate to bash Boomers for the terrible job they did with the faith and with Christian morality, it is not right to bash them in every way. Let also not forget something important, many Boomers have learned lessons from their lives and they ARE the ones teaching the young to respect the faith and to hold onto true morality. While it is late, it is still work being largely done by Boomers. In other words, Boomers are trying to undo the harm they caused.

Kids are NOT owed an inheritance.

This is also largely do to unreasonable expectations of being able to retire at age 65. The truth is, most pensions (and even Social Security) were not built for a 20-30 year retirement. They were built for 2-5 year retirement age payouts. People have to stop expecting to retire with 30 years left to live.

Yet, I have never understood the modern idea of retirement.

Well, you should want to leave your kids an inheritance to make their lives easier, so they don’t have to practice to bleed or have some kind of safety net if something horrible like cancer hits them.

If you don’t have the money to leave them, you don’t have the money. And that’s not necessarily your fault, nor does it mean you were a bad parent.

And if you raised them correctly, they’ll be appreciative of anything you leave behind and won’t feel anything is owed them. This step is crucial so they aren’t spoiled.

But it is the right thing to do if you have the ability. It’s basic compassion for your family. If you think leaving an inheritance is stupid, then you’re no different than some animal laying an egg, teaching the offspring how to survive, and then moving on. As children of God, I think we should at least make an attempt to do better. Contrary to secularist claims, we are not animals.

Proverbs: 13:22 “A good man leaves an inheritance for his children’s children, but a sinner’s wealth is stored up for the righteous.”

That inheritance, from a Christian pov, is the Church and the faith. Our real inheritance, our real path, our real home, is Heaven.

One can choose to leave all their money (if they have any left) to the Church or some other worthy place. Nothing mandates leaving anything to children, other than the faith.

I do not agree that it is the right thing to do. What is important is Heaven, not earth and not this life. We should (as parents) do everything possible to have our children hold onto their faith in Christ, for that leads them to their true inheritance.

Now, if some parents want to leave their kids money, there is obviously nothing wrong with that, but for kids to think they somehow deserve that money, that is where I disagree.

BTW, I don’t call people “animals” when I disagree with them. :slight_smile:

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