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The 'wealth transfer' from boomers won't save Gen X and millennials (www.nbcnews.com)

submitted 11 months ago by [email protected] to c/[email protected]

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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] 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.