this post was submitted on 30 Dec 2023
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Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.

The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.

The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.

That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.

But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.

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[–] [email protected] 56 points 10 months ago (3 children)

I'm Gen X with an adult daughter.

I have never received a penny from a deceased family member and have watched too many people getting into nasty fights over the crumbs left by their recently departed loved ones.

It's become a life priority to leave my daughter a clean estate, with no debt encumbrance, and no possibility for any other person to get at it.

At present, if I were to take my leave from this mortal coil today, she would net roughly $300k.

Part of my plan is to get everything out of my estate and into her hands before healthcare takes it all. Fuck them.

The irony here is that she won't need it. She's done well for herself. I anticipate that when it's my turn to shake hands with the devil, she'll more likely than not use the proceeds for some charitable pursuit.

The point is that I want her to make that choice rather than giving some doctor his semi-annual Ferrari that he'll drive for six months then dispose of.

[–] [email protected] 7 points 10 months ago* (last edited 10 months ago)

I know two people now who've had their father leave everything to a new spouse of a few years (the biological mother had passed away in both cases already) thinking the new spouse will take care of his children with it.

One set of children didn't fight it, and the other is considering fighting it as it's recent.

One spouse didn't help the children and one is acting like she won't.

So thank you for ensuring your daughter will be taken care of.

[–] [email protected] 6 points 10 months ago

Kick ass. I’m gen x with 2 young kids and this is pretty much my plan.

[–] [email protected] 4 points 10 months ago (1 children)

Gen X as well, and never expected an inheritance. That just seems so wrong to be looking forward to a loved one passing. When my Mom brought it up, my brothers and I each said individually that her savings are for her, not to leave us.

My teens may be too young to think in those terms but their best bet is for me to kick off now while they’re in college and I have huge life insurance to cover that. I’ve never talked in terms of leaving an inheritance and am certainly more worried about how to afford living out my retired years

[–] [email protected] 3 points 10 months ago

Yep. Same here. That said, both of my parents are already deceased, and I don't have anything to show for it, which is fine, since I never expected anything in the first place.

I'm going to try to do better for my daughter.