We’re not leaving no stinking inheritance. LA Times. Many baby boomers don’t plan on leaving inheritance for their children.
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.
“We were like ‘wow,'” said Keith Banks, U.S. Trust president.
If this is the new trend, baby boomers are again bucking the conventional norms.
Do you expect an inheritance? Do you feel obligated to leave an inheritance?
For the middle class, will estate planning – wills and living trusts, be more for young families (coupled with lots of life insurance) to make sure if one spouse dies, the other will have enough to comfortably raise the kids? Once the kids are on their own, is it as important?
Estate planning is still important to insure your assets get passed down to your loved ones in an orderly, efficient and cost effective way. What might be changing is the amount of the assets passed down.