Many baby boomers not planning to leave their kids an inheritance
“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…
Many boomers, who range in age from roughly 47 to 65, simply believe that after years of hard work they can spend their money as they choose, experts say.
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Baby Boomers: the worst generation
Notorious GOP on September 7, 2011 at 6:40 AM
What do you call the estimated $200,000,000,000,000 of unfunded federal commitments they’ve saddled us with?
Browncoatone on September 7, 2011 at 7:14 AM
Priceless
No one is ever OWED an inheritance.
People don’t have a RIGHT to retire.
Parents are not OBLIGATED to pay for their children’s college, or anything else for that matter.
I’ve watched far too many families torn apart over inheritance issues concerning farms & ranches out here.
We put our land in a trust & stuff, but I’m sure there’ll still be the hefty mortgage on it when we die.
And we are fully prepared to not leave it to any of the kids if they act like nasty spoiled little rotten turds over the time we are alive.
If one of the kids wants to take over the ranch, which I truly doubt bcs unless one of them marries a ranching man, none of them could handle it anyway. So what’s the point?
Meanwhile, we have a nephew who could buy it & use it. So WTH knows?
But a child is not entitled to anything its parents own.
The parent can choose to leave their kid something.
Badger40 on September 7, 2011 at 7:52 AM
Ernesto is not old enough to vote yet.
I voted for G. Bush who tried to fix it but ernesto’s mind-control masters said it didn’t need fixing and painted Bush as an evil overlord looking to push granny over the cliff.
They now says it does need fixing, but will never admit that Bush was right. And, rather than offer an alternative plan of their own on how to fix it, say anyone who makes a suggestion are, again, trying to push granny over a cliff.
Democrats are liars. This is what they do. This is all they know how to do. And empty-headed sycophants like ernesto who are unable to come with an original thought of their own suck it up.
Rod on September 7, 2011 at 8:05 AM
I’m not a believer in large inheritances anyway. They tend to have a malignant effect on the recipients. But the “I’m going to spoil myself now” stuff is a bit annoying. I can deal with older folks who’ve been retired from government and/or union jobs since they were 55-60 taking big vacations with their excess SS loot, but when they look at me like I have two heads when I say “Since SS and Medicare will be gone when we’re your age we’ll have to plan differently” it gets a little annoying. The level of denial is pretty incredible, but I guess it’s a defense mechanism that allows for sleeping at night.
forest on September 7, 2011 at 8:18 AM
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