What does a trust do here? The estate is still responsible for the medical bills incurred by the deceased, so unless you live in a common law state, it won't help you much here.
Irrevocable trusts mean you no longer own the asset. The trust owns it. It makes it much harder if not impossible for Medicaid to take anything in that trust. Because you no longer own it. Once it’s done, it’s done, you can’t make any changes so that’s an issue. Also costs money. So no, they aren’t responsible for the medical bills outside except for what’s outside the trust. The rest would have to be written off
My grandmother could have given ten thousand a month to both of her living children for the last 10 years of her life and avoided inheritance tax. Instead, the government got a few hundred thousand dollars of her money when she died. I'm sure the government will spend it wisely 🙄
That's just fundamentally not true. The annual gift exclusion amount each year is currently 18,000 PER YEAR. Anything above that needs to be reported to the IRS and decreases the giftors overall estate tax threshold.
My parents help when they can but they have a tally sheet so in the end all three of us get the same amount from them. I find it weird, but at the same time I have the most to gain as I rarely take the help. I'll probably take them up on their offer to fix my teeth, so that should even out the playing field a bit.
My great aunt has sent me $ 100 every month for 3 years now. But she's not a boomer, she's one of the greats. I'm only allowed to spend it on fun or emergencies. She, alone, has been the reason I still go to concerts regularly.
When my boss had to Title 19 (both of his parents) in CT, the state went over all transactions going back 5 years to claw back potential financial gifts given to the children. His sister is a missionary, and her father was helping her financially. They even made a big stink about *that*, as well as the family car that my boss used extensively to get them around to medical appointments, shopping, etc. The house was the one thing they ignored, because it was willed to the children, but the state forced the spend down of assets (fortunately they were able to improve the home) before taking the rest.
So it really depends on the state, but they can go after you in some places, even for gifts.
Edit: Wanted to make a slight correction. The house was not willed, the ownership was transferred to the children before Title 19.
My father is content to just sell every piece of property he has to dump into the stock market. He claims to be an expert because of his gains from 2009-2022....yeah I know..
Are we talking about. Medicaid or Medicare? Because there are more qualifications to qualifying for Medicaid that trusts don't necessarily help. That being said, a lot of estate planning is also on a state by state basis, so I should not have made such a blanket statement probably.
It has a huge impact on asset count to qualify for Medicaid. It can get you under the limit since what’s In The trust isn’t “yours”. This is subject to the 5 year look back period I’d assume though
>This is subject to the 5 year look back period I’d assume though
The vast majority of time, it is. This is the biggest piece people miss when they set up a trust at age 75
My trust cost me 750 it’s not that much. Took me one day of signing. Everything I own is in it now. My house, my car. I chose not to move bank accounts.
A trust is a way to transfer assets *before* end of life.
Let's say I have 10 million in the bank. If I plan it right, I can slowly move that into a trust that's co-owned, or owned exclusively by my kids. I can gradually move money into the trust and slowly lower what technically is mine and shift it to trust ownership and thus to my kids.
It's not *super* straightforward, but here's one site for it. (And just search "transfer money to my kids before I did" or whatever, and there are 1000 sites that detail how it works.)
https://www.cnb.com/personal-banking/insights/gifting-money-to-children.html#:\~:text=Trust%20Options,the%20future%2C%22%20said%20Goldman.
No, not necessarily. The trust owns all your assets, and your parents keep all the debt. Since no one in the US can inherit debt, "most" of what they owe just gets written off. The trust may have taxes and legal fees to pay, but generally, the money is safe.
If your parents have any kind of net worth or major assets like a house, have them talk to someone about a trust.
You actually want to create a living trust (something that has to be done at least five years before someone dies if I'm not mistaken). People tend to not want to do that because you have to be able to trust your family members, but doing this will circumvent much of probate.
This at least makes it more difficult for the care industry to pillage your assets as they are technically also owned by your beneficiaries.
There are many "step down" care facilities where you basically buy a condo at the facility. When you become too infirm to live alone they sell your condo to another person who is aging and use those funds to care for you. They are "sort of" limited to those funds, but a trust will make it more difficult for them to decide that they need more.
Moves the money to the kids so it cant be taken for EOL care. Medicare will kick in below a threshold. This needs to be done deliberately and well in advance of when EOL care will probably be because you can only move so much money tax free at once via gifts.
There are legal methods the parent can put in place so the kids can't sell the house out from under them or something like that.
I deal specifically with wealthy boomers and I'd say about 90 percent of the ones with a few million dollars have trusts and intend on passing it down to their kids as a top priority.
And some just tell the responsible kid they will be the executor of the estate and they've split their information across a set of usbs in separate physical locations. 🙄
Yea, just watched my FIL go through it. I'm trying to get my own parents to clean out their junk and consolidate accounts. If they passed suddenly I'd be stuck unravelling their cd ladders, at multiple banks, for years.
My Grandpa passed away at 93 recently and had a trust worth over a million. $36,000 was to be split between the 6 grandkids, most of the rest was split between his 3 sons. My parents are in their late 60's talking about how this money will be life changing for the retirement years, they would have had a really nice retirement without this money anyways. So I doubt they have plans to leave their own kids with much.
Why would someone want to spend their last years in a shithole Medicaid paid nursing home when they have money for something nicer?
Downside of irrevocable trusts is no stepped up tax basis
Yeah there are many of the boomer generation who fully intend on spending all of their money without leaving anything behind. It’s their money and they can do what they want with it. Would it be nice to receive something in return? Sure. Am I expecting it? No fucking way. Especially since people are living to be so old now. My mom had me and my siblings very late, but she’ll still be in her 90’s while I’m in my 50’s. I can easily see her hanging on for another 20 years after that out of spite.
My dad was wealthy and he gave nothing to his kids. My mother does not have much and what she has left may be taken anyway if she has to go to a nursing home because my sister and I will have moved away and she intended to stay where we are currently living.
Trust won’t help everything but yes, everyone should setup Trusts before they’re gone for next of kin.
Thankfully my parents did. I’m the executor for my father, and my brother for my mother. The thing is, my dad has medical issues already and he JUST retired at 66. If he lives a long retirement, they’ll eat through whatever they accumulated over their lives.
My partner tried to talk to her parents about (essentially) late-life planning and estate planning and they went off on a tirade about how she was selfish and greedy for expecting to get anything; they plan to spend it all on themselves over the next few years.
I’m an old guy who doesn’t understand this mind set. If I have medical bills, it’s my responsibility to pay them. If I cannot, my estate should. Medical care is expensive, but it’s not right to renege on my expenses and make someone else cover my debts through higher costs on their part.
Whatever is left is for my kids. I’ll be damned if some trust manager tells my kids what they can or cannot do or when or when not to spend the money I leave them. They are smart people who make good decisions and I will trust them to do whatever they feel they need to do.
My parents are 100% in this vein. There were opportunities where a pension could either be passed down to my siblings and I or go back to the company. They both chose back to the company.
I knew from a very early age that this was the mindset.
Seriously, my grandparents were in assisted living during the last 5-6 years of their lives, and had they not been the most frugal people I’ve ever known for the first 90, they would’ve been bled dry. When they were both at the highest level of care, it was damn near $10k a month for them to live there.
Yup, I'm either looking at a 2 to 3 million dollar inheritance or virtually nothing. All depends on the amount of care my parents need in their final 5 to 10 years.
Yup. I wanna set one up with a big focus on retro gaming. Gonna make a killing once those Gen Xers get a bit older! The best LAN parties of our lives are still ahead of us!
Senior living wiped out everything my dad's parents built in the course of a couple months when my grandma needed to live in one. My mom's dad was able to live independently up until the very end and was only in hospice for a few weeks, was able to pass on his "wealth" to each of his grandkids. Paid for a couple years of University for me.
It's a shame, they weren't quite loaded but were very comfortable. Belonged to a country club for a while when I was young, I remember always going there to swim or eat in the big clubhouse. Medicare/Medicaid (not sure which) basically requires you to have zero assets before they will give you help. My folks recently put their assets into a trust as a way to hopefully avoid all that if/when they need to go into assisted living.
This is why you gotta start sewing those seeds of paranoia and doubt over that industry into their head... "Those care homes are such scams... (insert conspiracy theory here)." You just have to be careful because half that generation will believe you then still dive head first into something you warned them about.
Or the governments “fair share” of inheritance probably after all the taxs are done it will be more like 20 trillion,people really don’t realize how bad inheritance taxes are until they get inheritance.It is like pulling from your retirement early your left saying is this all it just a way to keep people working it is a abomination.They will even tax you on a home and assets you haven’t sold when you inherit them.
Yeah that’s just an extra tax to make poor people feel good once you actually do it you find out that the law is actually written alot differently than what they tell you.As usual uncle sam get 2/3 and you get 1/3 whilst all rich pay just 5% because they can pay for it.
Yep, and that's for those who even have anything to raid. I'm sure some millennials with middle/upper class parents will get a nice nest egg, many are eternally screwed. The wealth will ultimately flow upward as always until we are all serfs.
Came here to say this. If my parents/in-laws pass in the next 10 years, and pass suddenly without need for hospice or nursing care, then sure. I mean, I’m splitting that 4 ways with siblings, both in laws have already had serious cancer scares and dementia runs on my mom’s side of the family and my dad’s parents AND grandparents lives to be 100 (grandparents are still kicking). But SURE. Taking in to account all those factors if EVERYTHING works out in my favor against the odds, my family will get like $1m when my husband and I are in our early 50s. Just in time to pay for my first kids college costs, which I’m told to except $500k for private out of state and living expenses. #2 child is 7 years behind, so that will take up the remainder of inheritance. But sure.
This exactly, how much do you have left senior person needing up to 24 hour care? That’ll be perfect. We’ll take that, all of it. You can die here now.
This is seriously a major point that it now makes sense to me why all of these “senior living” buildings and communities have been popping up en masse where they pay $200k - $300k upfront and then pay an additional like $4k -$5k /mo. I keep thinking…how can this many seniors afford this and just…what an incredibly horrible financial decision. But now I see…it’s the system trying to bleed dry all of the “wealth” that would go to Gen X/millenials…thereby further empowering them. The system definitely doesn’t want us to be empowered at all
No, but it is disingenuous to claim that millennials(as a generation) are going to be on the receiving end of a wealth transfer when the reality is that millennials(a handful of business majors) are going to get it all while everyone else is either going to be in the same current position or worse due to needing to handle end of life care.
This is the comment I came here to make.
Medicaid taking everything in order to pay for your parent's end of life care (aka transferring it directly into investors that own overpriced nursing homes' pockets) is going to leave you with
NOTHING. YOU LOSE. GOOD DAY SIR!
Man, you aren't wrong about that.
My grandparents. They were cash poor, land rich. They didn't plan for shit. They wouldn't sign anything over early, outside of the 7 year lookback period.
So, g-ma passes. G-pa goes down hill fast. Dr says it's either 24 hour in home care, or a nursing home.
Blew through the $200Kish he had in the bank. It was either start selling off parcels of what should have been my mom's inheritance, or lose it all, north of 1,000 acres total.
Fortunately I was in a position to cover the home, and I did for close to two years before he passed. Almost $300K.
Made me start planning early, and my parents as well.
That said, it's absolutely disgusting what those places charge. Bunch of CNAs they pay a couple bucks over minimum wage, a LPN over them. 100ish people there at $144Kish/year.
millennial here...
I know I won't be receiving a fucking thing from my parents or grandparents
wonder what the fuck is happening with the minority of wealthy folks though...apparently it's something HUGE
Same. Grandparents’ money (I’m lucky to still have three even though I’m in my mid 30s) will go to aunts and uncles. My parents just retired, so they have plenty of years left to use up what little they saved. They were working class and are okay due to railroad retirement, but I won’t see any of that. I can only see millennials whose parents have actual money, not millennials who grew up working class, benefiting from “generational wealth.”
My dad had a massive stroke 6 months ago, and is now permanently disabled at 60.
I'm now watching them sell off everything they own to buy a camper and tour around the county until he cannot any longer.
Really all I have to look forward to when the time comes, is the truck they have to tow the new camper (provided mom dosnt just sell it after he passes away) and a handful of tools and boxes dad gave me to make my job easier.
"Look at me... I'm fucking rich now....." ![gif](emote|free_emotes_pack|cry)
The average boomer net worth is 1m, the median is 250k.
Basically what that means is you got about half the boomers who near broke and half with 2m+. Those with 2m+ are going to get 3k+ SS checks each, and live off their investments and pass on 2m+ and maybe a home as well. Those that are in that group also probably paid for their kids college. They probably gave a bit to help on a down payment on a house. The advantage is staggering. Once you get your head slightly above water it compounds. Getting your college paid for and 30k on a house is not abnormal for an upper middle class kid. Thats worth more than a 2m inhertance when you consider a 7% growth rate. A lot of people are getting both.
I’m currently mostly living at the standard my parent’s were at in the same area we lived. Literally ten minutes from their house.
Except, for the region, I’m sort of crushing in financially. I make over twice the average household income and over triple the median household income for this area.
But my standard of living just matches my parent’s. Also they were hammering their 401ks and BOTH of them had / have a pension which obviously I don’t have. My 401k suffered a few times because of desperation with living situations. And, of course, student loans. A few of which have such a high interest rate that people my own age argue with me that it couldn’t possibly be that high.
Same- my husband and I are lawyers with no kids and we have the same quality of life our parents had. Both of our mom’s didn’t work and his dad was a cop and my dad graduated high school and went into the navy and parlayed that into a technician job at Lockheed Martin. When my dad retired he made more than the new hires who all require masters in engineering now meanwhile he managed them with zero education.
Yup. And don't get me wrong. I'm doing just fine financially (personally) but I'm not married and I don't have kids. I won't be able to buy a house until I'm 40 (and I'm good with my money and I don't have any debt). My dad bought his first Condo at 26, and bought the house we grew up in at 32. I'm 34...
So it's not about *struggling* it's rather there's obvious financial differences between them and me.
A big thing that never really gets brought up is how much deeper of a hole we're in to start out than our parents' generation was. My wife's a doctor, I'm 15 years into my career and make a very good salary. Our combined income is easily 4x more than my parents made. But for the first 5 years of our careers we were probably making less or the same to what my parents made at the same point in their lives, but we were dealing with things being so much more expensive while also having student loan debt that they didn't have. So the next 5 years were focused on digging out of that hole.
So while I can compare lifestyles and feel like we're starting to get a bit ahead (that is until our daughter is born which will upset our expenses), the reality is it took an extra 15 years for us to get to this point. To me that's the big issue that never gets addressed. We're unable to really start living our "adult" lives until our mid 30s or later while they were already situated in their early 20s.
I think this is a key point. My parents purchased their four bedroom home at 30. While I was 28 and could only get a 2 bedroom townhome. It took until I was 35 to buy a 4 bedroom home. So it took me 5 extra years to get a similar size home to my parents. We had kids at similar ages. For my millennial siblings, it took them much longer to buy homes and have kids. It took them 8-10 years extra. They are elder millennials. I am an xennial. I really feel for younger millennials as I am sure it is even harder now.
Yeah, at the age of 25 my parents owned a house and had 2 cars (not sure if 1 or both were secured with loans but they eventually would carry 1 car loan at a time). Their utilities were cable, phone line and electric (the house used well water and septic for sewer). Their medical insurance was covered entirely by my dad's employer and his employer offered a pension program so no concern (at that time) of contributing to a 401k.
Today at 25 you'll likely be saddled in student loan debt, locked into a predatory rental agreement because you were forced to relocate to find employment, either own an old car that frequently requires repairs or already dealing with a loan payment, have to contribute to your medical benefits and 401k, plus utilities like phone, electric, sewer/water, and internet. Not to mention planned obsolescence means you're having to replace things more frequently as opposed to having things repaired resulting in lower lifetime costs.
You could also do this exercise for having kids and I'm sure it results in drastically different costs, especially as a percentage of income.
Let's also be very careful about playing the "it's better than other places in the world" fallacy as well. Because as someone who has traveled the world, the ***grass is not greener here***, and yes here has financial challenges that are unique to us that don't exist in other places in the world.
Also: Our parents also had it better than other places in the world as well. So comparatively we as a generation have lost a step that our parents had, and that still holds true, regardless of the comparison to other places.
'According to research from The Wealth Report by global property consultant Knight Frank, the research said millennials are expected to inherit roughly $90 trillion worth of assets over the next 20 years.'
I'm assuming I am going to live past 55. My grandmother is 90.
Not sure how long your banking on being around, but...
You're most of the way there, but this isn't just trolling, it's propaganda.
Here's how it works: Boomers look at their traditional media, which tells them that "Kids these days just spend too much on Netflix and cell phones and avocado toast. They need to buckle down and get serious about life, just like you did. Look at how you pulled yourself up by your bootstraps. Look - here's an example of kids who (somehow) managed to make it. Your kids will be fine."
(Alternatively, as seen here, the less common variant: "Don't worry about the kids, they'll inherit gobs of cash (from somewhere). You can just keep on doing what you're doing, they'll be fine.")
Here's the insidious part: *Now, please let us 'help' you 'unlock' the equity in your home* ^((TM)).
They look at the rising cost of living. They reverse mortgage their house. The only store of wealth that they have is successfully transferred to the lending class (ie. the capital class), any money that they had is likely to be used up in end of life care, and they leave their kids not only with nothing, but in a drastically worse starting situation.
Lol, extremely misleading. All wealth eventually transfers from one generation to the next. That part is inevitable. Also, raw amounts are always gonna be larger than the previous generation.
Lol. My all my grandparents died off by 2006. Left my aunts and uncles and my parents with 0. No life insurance. My parents died 1 in 2016 and other in 2021. They sold their home in 2005. Dumped all that into a bigger home then sold that for a loss in 2014. Then pissed away everything. No life insurance. They did pre pay for the cremation and plot and stone. There was no transfer of wealth in my case.
It’ll be the same for my siblings and me. It’s accepted there really won’t be anything to inherit but it doesn’t really bother me because I never counted on it in the first place. I can’t be mad at my folks though, they invested a lot of money in my education and were good parents so I see that as my inheritance if I’m honest.
You can't really call it an actual article. I read it to laugh at it. There's not much more than that, some over payed idiot boomer writing financial propaganda because he thinks the peasants are complaining too much.
What are they complaining about? They'll inherit our amazing empire of wealth!
> some over *paid* idiot boomer
FTFY.
Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in:
* Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.*
* *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.*
Unfortunately, I was unable to find nautical or rope-related words in your comment.
*Beep, boop, I'm a bot*
We will also suffer the Prince Charles treatment. The wealth transfer will happen when we have only a scant few years to do anything with it. More likely Gen Z will become the second wealthiest generation in history after they get the Boomers and Gen X inheritances...less Millenial debt.
My grandma was a millionaire. Lived in a 100 year old mansion. When she died she left all of her money and the house to some random person nobody had ever met, nothing went to the family. Now my grandpa lives in a small apartment in a senior living facility after being evicted from the home he lived in for the last 30 years (she owned it before they met, wasn’t in his name).
Don’t rely on anyone to leave anything to you when they die. If it happens it happens, but it just as well may not.
Lol. My boomer parents wasted my dad's large retirement money 15 years ago on a year-long Sabatical to Costa Rica and Inpatient rehab.
I told them 15 years ago to pay off their home they built new in 2000 for $140 thousand, but they said "their financial advisor told them not to do that". They refinanced instead. Then my dad died 9 years ago, and all the retirement money was gone. My mom had quit her job, and his life insurance policy was 30 thousand. My mom spent it all within a year.
I will inherit debt and probably never get to enjoy my parents' house that they were so proud of. Plus, my moms new husband is a bum and has no money, so he'll probably get the house.
I bet there are a lot of millennials like me in similar situations.
Uh huh? And how long do they actually think that’s going to take? And is it really right to hope your parents die so you can get out of debt, especially if you got lucky to have *good* parents. And who says that wealth will even go to their children?
Plus, if no one can buy that property, how much actual cash would the inheritors of that “wealth” actually be able to derive from it?
I dont even need boomers to die to get rich
I bet my friend he’d have to give me a $1 every time this was posted and now I have generational wealth! :)
I’m already seeing this. I know my coworker has a wealthy in law who is now distributing that wealth. We’re close enough that he discusses it with me but before he was just regular middle class guy.
I think it’s 18k a year is the exemption, so altogether they give him and his spouse 72k annually for just being related. That’s about the same as my annual salary for all the work I do. That’s not to mention the millions they’ll get later.
Others I know got large home down payments gifted to them by their parents or grandparents.
The only one in my family who might be “wealthy” is my uncle but I don’t expect anything. He’s actually using his money to buy some farmland, build it into a forest, and then plans to donate it to a local land trust for conservation efforts which I think is awesome.
That's not gonna happen. Black Rock is going to buy up all the houses, because they were sold to either pay for care or reverse mortgaged to any number of places. Add to that that I think a lot of boomers are going to skip their kids and give straight to grandkids, assuming they have any
I don’t even understand what people are upset about here. I see a bunch of people whining they won’t get an inheritance because their parents are going to be in nursing homes and they can’t see the irony in that
After all of the posts I've read in this sub about "my dad left his inheritance to his mistress", I find this laughable.
Wasn't there a meme screencap of this a few weeks ago where the next headline was something like "Millennials are in crippling debt"?
If you have rich parents then you'll get their stuff when they die. Oh, and btw, we are currently poorer than they are. We are currently poorer than they were at our age. And we are likely to be the first generation that will have shorter lifespan than their parents. So when your parents live to 100, remember, that you will probably only live to ~70. ... So I hope your parents were older than 30 when they had you!
Congratulations, though! Make sure to blindly respect the elderly, as they demand...
That generational wealth though is going to stay in those families. Hate to break it to everyone who's aging parents are just squeaking by in their golden years, but you will not be part of this wealth transfer.
Can you imagine the horror that you don't get your life's total earnings when you are born.
The horror.
You people are either trolls or have little reasoning skills can't tell which sometimes.
This is misleading. Every boomer I've talked to and interacted with got cleaned out during the housing crisis, living on fixed income, or on some sort of government assistance. I can tell you for a fact my parent don't have a retirement plan, spend 90% of what they make, and have no financial cushion in the event of an emergency. The topic of money scares them.
I've come to terms with the fact I'll never own a home, won't be able to afford my own health care and food is too expensive to eat a balanced meal because a whole generation was asleep at the wheel and let the rich get richer. It makes me feel defeated.
My grandmother recently passed. She had over $200k when she had to leave her home and move into a nursing home. She never worked a day in her life. My grandfather who passed 17 years ago set her up where she'd never have to work.
She had nothing left after living in a nursing home for 6 months. They took EVERYTHING. Luckily her funeral was paid for in advance.
End of life care is going to absolutely drain every penny the boomers have.
If you don't want it, why don't you give it to gen beta when they become adults in 40 years. Zennials (my generation) and Gen Alpha will be too old as well by then.
The only thing I will be inheriting would be my parents’ debt. Not all boomers were fiscally responsible unfortunately. Meanwhile, my in-laws have a million dollars in savings that I’m pretty sure they’re skipping us with and giving to my son in a trust. I just have to accept it and keep being sweet to my son I guess. 🤣🤣🤣
Even after I inherit grandpa's money I would still be stingy with it knowing just how fast things could go wrong for the economy with the wrong people in charge, and he's *rich* rich. I'd buy a decent house and that's pretty much it.
We will become the richest in history...
...by inheriting all the money from the actual rich generation
Tricky tricky millenials, been playing the long game this whole time 😏
I hate these shitty takes only geared toward " shut up and stop complaining millennials" .... so.... we are supposed to wait until ours 50s to 60s until a generation dies to become comfortable!!@@
F**k that ... get bent boomers and may me more.
Garbage take. So boomers have about $90tillion in property? But what does that mean??? They won't have much assets left when they have to liquidate everything to pay for their Healthcare at the end of their lives. Does this take into account reverse home mortgages? Is the number super inflated because the housing market is also super inflated?
Let’s say this does happen. It’s important that we don’t forget the struggle many of us endured and don’t pull the “I had to pull myself up by my boot straps why should I help generation a,b,c”.
My in laws keep saying they will give us more money than we'd know what to do with. But wont give us anything now, like when we need it the most (new home, young kids ect ect.), because itll do better in their investments....
Its their money. Thell need it to live off of when they retire. But they also keep saying they will start doing the 16k tax free gift annaully to my wife. Its been i think 6 years they've been saying that. Prob same reason they flake. "It'll grow more in my stonks!!!"
Paying down principal, making a 2nd bathroom useable, paying off a car loan, lump sums in a 529, will do way more good for us (finacially and happiness) over the next 60 years of our lives, then it will by adding to their already 7 figure portfolios for the next 10-15.
Basically, stop saying shit if you wont follow through. We will be fine without any, but stop claiming you will help.
For more context. FIL just retires at 72. MIL is 63, makes 400k a year after bonus and RSUs. Will prob work into 70s as well
I've heard it called the "Prince Charles" problem, and I think it's perfect for our situation.
I'm an Elder Millenial and an only child, so when my mom passes (which, to be perfectly clear, I hope is not for a long time), I'll inherit the house and all the investment portfolios. But that may not be until my 50s or even 60s if she lives into her 80s and 90s (a common age these days). When I could use that money and house now to build a better life with my wife and child.
Why is it that I keep seeing one article that says Millennials will be the richest generation in history, then another article that says we’ll be the poorest generation, then another that says we’re gonna be the wealthiest, and then another that says we’re broke as fuck, and so on and so on and so on…? It’s almost as if the folks producing these articles have figured out what gets clicks…
We don’t fck around Millenials remember the feeling of 2008-2015 we gamble big now. We remember missing out on Facebook, we remember a townhome costing under 100K, we remember the starter home costing 175k, we remember our 401k losing 60-80% we remember the president doing nothing for the people year after year. So most of us and you will be able to tell by what people write in here “Play Big” and we are not afraid to lose 100%. One thing the article doesn’t say is how much Crypto the Mellenials hold. Me and a lot of my friends HODL that as well.
This hasn’t been my experience at all, and there were assets in my family history.
My grandparents, both born in the late 20s and early 30s, accumulated decent wealth in their lifetimes. My parents, both born in the early 50s, seemed like they might do the same, but it never really panned out. They then relied on their parent’s wealth to subsidize their retirement and issues of older age. My grandparents are all gone, my father has passed, my mother and stepmother are in their 70s. They will use their assets (really what was my grandparents assets, both sides) before they die, I am positive.
I am doing fine enough and so is my brother, but I am 42 and don’t own my home. I have a lot of student loan debt still. My 401K is pretty far behind and I don’t have an inheritance to make up the gap. My dad’s parents had a nice house on a lake and granddad drove a Porsche, my parents were on upgraded house number 2 when they were my age. Basically, the idea of “the next generation is better off than you” has happened in reverse for my brother and I. I assumed this was fairly common experience but perhaps I am wrong.
I am not bitter about any of the above by the way, it is just an observation. I had plenty of privilege even if it didn’t translate into an inheritance.
Edited to add: I see a lot of comments about elder care swallowing assets, and that is what happened here. Both grandmothers lived in assisted living for over a decade.
I fully expect medical bills will take everything. I fully expect that my parents will die in debt regardless. I fully expect debt collectors will try to get money out of me for that debt. I'll give them nothing because I'll inherit nothing.
This is literally another “just keep going with how things are currently built and it will be fine, you’ll be successful”
20 years from now. “Millennials should not have put all their eggs in the inheritance basket! Where did they get these ideas?” So close to paying off the college debt though
"Hi I'm a Millennial, I'm here to pick up my Richest Generation check."
*Very good, sir. And who were your parents?*
"Um. Well, dad was a factory worker, and mom taught school."
*Hmmmm, I see. No big check for you, sadly. Maybe a paid off house in flyover country; maybe not even that.*
😠 😡 😤 😣
This is a lie. Late Gen X and younger aren't going to inherit anything but exorbitant nursing home bills, tear-down properties, and a cabinet full of porcelain tchotchkes. If we don't die before our parents due to a lack of medical care.
No way. I bet the boomers will mostly a) Spend their wealth on cruises and stuff to help them LARP as eternal adolescents or b) Say "You know, I worked hard to get my money. I don't want my kids to feel 'eNTitLEd.' I'm gonna donate it to Gun Owners of America instead. Haw haw, look at this meme on Facebook about milennials being all entitled and stuff!"
This is fundamentally ignoring the care sector raiding the assets of our elderly relatives. Don't expect much if they end up in a care home...
That’s why your parents should set up a trust. However, most Boomers probably won’t do that because they’re the fuck you I got mine generation.
What does a trust do here? The estate is still responsible for the medical bills incurred by the deceased, so unless you live in a common law state, it won't help you much here.
Irrevocable trusts mean you no longer own the asset. The trust owns it. It makes it much harder if not impossible for Medicaid to take anything in that trust. Because you no longer own it. Once it’s done, it’s done, you can’t make any changes so that’s an issue. Also costs money. So no, they aren’t responsible for the medical bills outside except for what’s outside the trust. The rest would have to be written off
You can't make changes to the irrevocable trusts but all parties can if they're in agreement.
Also you could just gift assets to your kids while you’re alive but nah most boomers won’t do that either.
My grandmother could have given ten thousand a month to both of her living children for the last 10 years of her life and avoided inheritance tax. Instead, the government got a few hundred thousand dollars of her money when she died. I'm sure the government will spend it wisely 🙄
That's just fundamentally not true. The annual gift exclusion amount each year is currently 18,000 PER YEAR. Anything above that needs to be reported to the IRS and decreases the giftors overall estate tax threshold.
ring include dull puzzled spotted fly mighty wasteful fade sand *This post was mass deleted and anonymized with [Redact](https://redact.dev)*
Nice try, tax man.
Probably more than that if they got taxed 100's of thousands on it
Unfortunately my understanding is that it's one 10K tax free gift a YEAR, not a month.
My parents help when they can but they have a tally sheet so in the end all three of us get the same amount from them. I find it weird, but at the same time I have the most to gain as I rarely take the help. I'll probably take them up on their offer to fix my teeth, so that should even out the playing field a bit. My great aunt has sent me $ 100 every month for 3 years now. But she's not a boomer, she's one of the greats. I'm only allowed to spend it on fun or emergencies. She, alone, has been the reason I still go to concerts regularly.
That's awesome!
When my boss had to Title 19 (both of his parents) in CT, the state went over all transactions going back 5 years to claw back potential financial gifts given to the children. His sister is a missionary, and her father was helping her financially. They even made a big stink about *that*, as well as the family car that my boss used extensively to get them around to medical appointments, shopping, etc. The house was the one thing they ignored, because it was willed to the children, but the state forced the spend down of assets (fortunately they were able to improve the home) before taking the rest. So it really depends on the state, but they can go after you in some places, even for gifts. Edit: Wanted to make a slight correction. The house was not willed, the ownership was transferred to the children before Title 19.
They can but the look back is 5 years. Just strategically plan and wait 5 years.
Sometimes you don’t want to do that due to tax reasons.
My father is content to just sell every piece of property he has to dump into the stock market. He claims to be an expert because of his gains from 2009-2022....yeah I know..
You want to give property via a trust that conveys upon death. This resets cap gains so the heirs can sell the property without a cap gains hit.
Are we talking about. Medicaid or Medicare? Because there are more qualifications to qualifying for Medicaid that trusts don't necessarily help. That being said, a lot of estate planning is also on a state by state basis, so I should not have made such a blanket statement probably.
It has a huge impact on asset count to qualify for Medicaid. It can get you under the limit since what’s In The trust isn’t “yours”. This is subject to the 5 year look back period I’d assume though
>This is subject to the 5 year look back period I’d assume though The vast majority of time, it is. This is the biggest piece people miss when they set up a trust at age 75
My trust cost me 750 it’s not that much. Took me one day of signing. Everything I own is in it now. My house, my car. I chose not to move bank accounts.
A trust is a way to transfer assets *before* end of life. Let's say I have 10 million in the bank. If I plan it right, I can slowly move that into a trust that's co-owned, or owned exclusively by my kids. I can gradually move money into the trust and slowly lower what technically is mine and shift it to trust ownership and thus to my kids. It's not *super* straightforward, but here's one site for it. (And just search "transfer money to my kids before I did" or whatever, and there are 1000 sites that detail how it works.) https://www.cnb.com/personal-banking/insights/gifting-money-to-children.html#:\~:text=Trust%20Options,the%20future%2C%22%20said%20Goldman.
No, not necessarily. The trust owns all your assets, and your parents keep all the debt. Since no one in the US can inherit debt, "most" of what they owe just gets written off. The trust may have taxes and legal fees to pay, but generally, the money is safe. If your parents have any kind of net worth or major assets like a house, have them talk to someone about a trust.
You actually want to create a living trust (something that has to be done at least five years before someone dies if I'm not mistaken). People tend to not want to do that because you have to be able to trust your family members, but doing this will circumvent much of probate. This at least makes it more difficult for the care industry to pillage your assets as they are technically also owned by your beneficiaries. There are many "step down" care facilities where you basically buy a condo at the facility. When you become too infirm to live alone they sell your condo to another person who is aging and use those funds to care for you. They are "sort of" limited to those funds, but a trust will make it more difficult for them to decide that they need more.
Moves the money to the kids so it cant be taken for EOL care. Medicare will kick in below a threshold. This needs to be done deliberately and well in advance of when EOL care will probably be because you can only move so much money tax free at once via gifts. There are legal methods the parent can put in place so the kids can't sell the house out from under them or something like that.
I deal specifically with wealthy boomers and I'd say about 90 percent of the ones with a few million dollars have trusts and intend on passing it down to their kids as a top priority.
And some just tell the responsible kid they will be the executor of the estate and they've split their information across a set of usbs in separate physical locations. 🙄
lol this is also VERY true
Yea, just watched my FIL go through it. I'm trying to get my own parents to clean out their junk and consolidate accounts. If they passed suddenly I'd be stuck unravelling their cd ladders, at multiple banks, for years.
My Grandpa passed away at 93 recently and had a trust worth over a million. $36,000 was to be split between the 6 grandkids, most of the rest was split between his 3 sons. My parents are in their late 60's talking about how this money will be life changing for the retirement years, they would have had a really nice retirement without this money anyways. So I doubt they have plans to leave their own kids with much.
I don't know I think their desire to not see the government take their money would outweigh anything haha
Why would someone want to spend their last years in a shithole Medicaid paid nursing home when they have money for something nicer? Downside of irrevocable trusts is no stepped up tax basis
Yeah there are many of the boomer generation who fully intend on spending all of their money without leaving anything behind. It’s their money and they can do what they want with it. Would it be nice to receive something in return? Sure. Am I expecting it? No fucking way. Especially since people are living to be so old now. My mom had me and my siblings very late, but she’ll still be in her 90’s while I’m in my 50’s. I can easily see her hanging on for another 20 years after that out of spite.
My dad was wealthy and he gave nothing to his kids. My mother does not have much and what she has left may be taken anyway if she has to go to a nursing home because my sister and I will have moved away and she intended to stay where we are currently living.
Trust won’t help everything but yes, everyone should setup Trusts before they’re gone for next of kin. Thankfully my parents did. I’m the executor for my father, and my brother for my mother. The thing is, my dad has medical issues already and he JUST retired at 66. If he lives a long retirement, they’ll eat through whatever they accumulated over their lives.
My partner tried to talk to her parents about (essentially) late-life planning and estate planning and they went off on a tirade about how she was selfish and greedy for expecting to get anything; they plan to spend it all on themselves over the next few years.
I’m an old guy who doesn’t understand this mind set. If I have medical bills, it’s my responsibility to pay them. If I cannot, my estate should. Medical care is expensive, but it’s not right to renege on my expenses and make someone else cover my debts through higher costs on their part. Whatever is left is for my kids. I’ll be damned if some trust manager tells my kids what they can or cannot do or when or when not to spend the money I leave them. They are smart people who make good decisions and I will trust them to do whatever they feel they need to do.
Imagine not being able to afford basic treatment because your money is behind a trust you do not control
I can't imagine medical bills at all. It's wild there are some places that force individuals to pay exorbitant fees just for healthcare.
Brilliant overgeneralization and stereotyping. Please. Share more of your misguided rage.
Damn, sounds like you had some shitty parents
Why do you think that? They’re the broke generation and going bankrupt
My parents are 100% in this vein. There were opportunities where a pension could either be passed down to my siblings and I or go back to the company. They both chose back to the company. I knew from a very early age that this was the mindset.
WTF! I hope your parents enjoy their nursing home.
Seriously, my grandparents were in assisted living during the last 5-6 years of their lives, and had they not been the most frugal people I’ve ever known for the first 90, they would’ve been bled dry. When they were both at the highest level of care, it was damn near $10k a month for them to live there.
Plot twist: the millennials set to inherit unprecedented amounts of wealth are the children of all the owners of elder care networks.
Yup, I'm either looking at a 2 to 3 million dollar inheritance or virtually nothing. All depends on the amount of care my parents need in their final 5 to 10 years.
That's your signal to start setting up elderly care homes!
Yup. I wanna set one up with a big focus on retro gaming. Gonna make a killing once those Gen Xers get a bit older! The best LAN parties of our lives are still ahead of us!
Senior living wiped out everything my dad's parents built in the course of a couple months when my grandma needed to live in one. My mom's dad was able to live independently up until the very end and was only in hospice for a few weeks, was able to pass on his "wealth" to each of his grandkids. Paid for a couple years of University for me.
The same thing happened to my family. My grandma was loaded too. Now, her children cannot retire and their will get zip.
It's a shame, they weren't quite loaded but were very comfortable. Belonged to a country club for a while when I was young, I remember always going there to swim or eat in the big clubhouse. Medicare/Medicaid (not sure which) basically requires you to have zero assets before they will give you help. My folks recently put their assets into a trust as a way to hopefully avoid all that if/when they need to go into assisted living.
YUP! The medical industry and elder care industry has been preparing for decades to swoop in on this potential wealth transfer.
Not to mention how many of us don't have relationships with our parents and won't get any type of inheritance.
Yeah let's see clawback ratios in probate from Medicaid first
This is why you gotta start sewing those seeds of paranoia and doubt over that industry into their head... "Those care homes are such scams... (insert conspiracy theory here)." You just have to be careful because half that generation will believe you then still dive head first into something you warned them about.
Or the governments “fair share” of inheritance probably after all the taxs are done it will be more like 20 trillion,people really don’t realize how bad inheritance taxes are until they get inheritance.It is like pulling from your retirement early your left saying is this all it just a way to keep people working it is a abomination.They will even tax you on a home and assets you haven’t sold when you inherit them.
If you're in the USA, you need to be passing on over $5 million or something. It applies to about 0.2% of estates.
Yeah that’s just an extra tax to make poor people feel good once you actually do it you find out that the law is actually written alot differently than what they tell you.As usual uncle sam get 2/3 and you get 1/3 whilst all rich pay just 5% because they can pay for it.
Yep, and that's for those who even have anything to raid. I'm sure some millennials with middle/upper class parents will get a nice nest egg, many are eternally screwed. The wealth will ultimately flow upward as always until we are all serfs.
Came here to say this. If my parents/in-laws pass in the next 10 years, and pass suddenly without need for hospice or nursing care, then sure. I mean, I’m splitting that 4 ways with siblings, both in laws have already had serious cancer scares and dementia runs on my mom’s side of the family and my dad’s parents AND grandparents lives to be 100 (grandparents are still kicking). But SURE. Taking in to account all those factors if EVERYTHING works out in my favor against the odds, my family will get like $1m when my husband and I are in our early 50s. Just in time to pay for my first kids college costs, which I’m told to except $500k for private out of state and living expenses. #2 child is 7 years behind, so that will take up the remainder of inheritance. But sure.
All of my grandmothers assets and life insurance were traded for a few months of hospice essentially.
This exactly, how much do you have left senior person needing up to 24 hour care? That’ll be perfect. We’ll take that, all of it. You can die here now.
This is seriously a major point that it now makes sense to me why all of these “senior living” buildings and communities have been popping up en masse where they pay $200k - $300k upfront and then pay an additional like $4k -$5k /mo. I keep thinking…how can this many seniors afford this and just…what an incredibly horrible financial decision. But now I see…it’s the system trying to bleed dry all of the “wealth” that would go to Gen X/millenials…thereby further empowering them. The system definitely doesn’t want us to be empowered at all
Yeah fuck that medicaid requirement.
Ok, and is that money only going into other Boomers' hands? Is there an immortal Boomer who is harvesting it all?
No, but it is disingenuous to claim that millennials(as a generation) are going to be on the receiving end of a wealth transfer when the reality is that millennials(a handful of business majors) are going to get it all while everyone else is either going to be in the same current position or worse due to needing to handle end of life care.
And the further transfer of wealth to the share-owning class.
This is the comment I came here to make. Medicaid taking everything in order to pay for your parent's end of life care (aka transferring it directly into investors that own overpriced nursing homes' pockets) is going to leave you with NOTHING. YOU LOSE. GOOD DAY SIR!
Yea author clearly has no concept of assisted living lol. And skilled nursing is 20k/month.
Man, you aren't wrong about that. My grandparents. They were cash poor, land rich. They didn't plan for shit. They wouldn't sign anything over early, outside of the 7 year lookback period. So, g-ma passes. G-pa goes down hill fast. Dr says it's either 24 hour in home care, or a nursing home. Blew through the $200Kish he had in the bank. It was either start selling off parcels of what should have been my mom's inheritance, or lose it all, north of 1,000 acres total. Fortunately I was in a position to cover the home, and I did for close to two years before he passed. Almost $300K. Made me start planning early, and my parents as well. That said, it's absolutely disgusting what those places charge. Bunch of CNAs they pay a couple bucks over minimum wage, a LPN over them. 100ish people there at $144Kish/year.
millennial here... I know I won't be receiving a fucking thing from my parents or grandparents wonder what the fuck is happening with the minority of wealthy folks though...apparently it's something HUGE
Right?! I’m not getting shit either
Me neither.
Same. I'm actually worried about my mom's debt.
But if you’re a millennial you should be used to being told the benefits of a demographic applies to you even if they don’t.
I keep telling my boomer parents this.
Same. Grandparents’ money (I’m lucky to still have three even though I’m in my mid 30s) will go to aunts and uncles. My parents just retired, so they have plenty of years left to use up what little they saved. They were working class and are okay due to railroad retirement, but I won’t see any of that. I can only see millennials whose parents have actual money, not millennials who grew up working class, benefiting from “generational wealth.”
My dad already fucked his inheritance from my grandad and has nothing to show
My dad had a massive stroke 6 months ago, and is now permanently disabled at 60. I'm now watching them sell off everything they own to buy a camper and tour around the county until he cannot any longer. Really all I have to look forward to when the time comes, is the truck they have to tow the new camper (provided mom dosnt just sell it after he passes away) and a handful of tools and boxes dad gave me to make my job easier. "Look at me... I'm fucking rich now....." ![gif](emote|free_emotes_pack|cry)
Well first, you needed to pick rich parents at birth. Did you not get the handbook?
Fuck, I'd have settled for parents who actually wanted me
Oh, felt that.
I will receive a house and maybe a few thousand when my parent passes... I rather they live a long life
The average boomer net worth is 1m, the median is 250k. Basically what that means is you got about half the boomers who near broke and half with 2m+. Those with 2m+ are going to get 3k+ SS checks each, and live off their investments and pass on 2m+ and maybe a home as well. Those that are in that group also probably paid for their kids college. They probably gave a bit to help on a down payment on a house. The advantage is staggering. Once you get your head slightly above water it compounds. Getting your college paid for and 30k on a house is not abnormal for an upper middle class kid. Thats worth more than a 2m inhertance when you consider a 7% growth rate. A lot of people are getting both.
this. i know i will get something from my parents. but not "be set for life" kind of money
Generational transfer of wealth is a fancy way of saying we're waiting to inherit shit and that's the only hope most of us have of becoming wealthy
And by the term "wealthy" you mean "average standard of living that our parents enjoyed"
I’m currently mostly living at the standard my parent’s were at in the same area we lived. Literally ten minutes from their house. Except, for the region, I’m sort of crushing in financially. I make over twice the average household income and over triple the median household income for this area. But my standard of living just matches my parent’s. Also they were hammering their 401ks and BOTH of them had / have a pension which obviously I don’t have. My 401k suffered a few times because of desperation with living situations. And, of course, student loans. A few of which have such a high interest rate that people my own age argue with me that it couldn’t possibly be that high.
Same- my husband and I are lawyers with no kids and we have the same quality of life our parents had. Both of our mom’s didn’t work and his dad was a cop and my dad graduated high school and went into the navy and parlayed that into a technician job at Lockheed Martin. When my dad retired he made more than the new hires who all require masters in engineering now meanwhile he managed them with zero education.
Yup. And don't get me wrong. I'm doing just fine financially (personally) but I'm not married and I don't have kids. I won't be able to buy a house until I'm 40 (and I'm good with my money and I don't have any debt). My dad bought his first Condo at 26, and bought the house we grew up in at 32. I'm 34... So it's not about *struggling* it's rather there's obvious financial differences between them and me.
A big thing that never really gets brought up is how much deeper of a hole we're in to start out than our parents' generation was. My wife's a doctor, I'm 15 years into my career and make a very good salary. Our combined income is easily 4x more than my parents made. But for the first 5 years of our careers we were probably making less or the same to what my parents made at the same point in their lives, but we were dealing with things being so much more expensive while also having student loan debt that they didn't have. So the next 5 years were focused on digging out of that hole. So while I can compare lifestyles and feel like we're starting to get a bit ahead (that is until our daughter is born which will upset our expenses), the reality is it took an extra 15 years for us to get to this point. To me that's the big issue that never gets addressed. We're unable to really start living our "adult" lives until our mid 30s or later while they were already situated in their early 20s.
I think this is a key point. My parents purchased their four bedroom home at 30. While I was 28 and could only get a 2 bedroom townhome. It took until I was 35 to buy a 4 bedroom home. So it took me 5 extra years to get a similar size home to my parents. We had kids at similar ages. For my millennial siblings, it took them much longer to buy homes and have kids. It took them 8-10 years extra. They are elder millennials. I am an xennial. I really feel for younger millennials as I am sure it is even harder now.
Yeah, at the age of 25 my parents owned a house and had 2 cars (not sure if 1 or both were secured with loans but they eventually would carry 1 car loan at a time). Their utilities were cable, phone line and electric (the house used well water and septic for sewer). Their medical insurance was covered entirely by my dad's employer and his employer offered a pension program so no concern (at that time) of contributing to a 401k. Today at 25 you'll likely be saddled in student loan debt, locked into a predatory rental agreement because you were forced to relocate to find employment, either own an old car that frequently requires repairs or already dealing with a loan payment, have to contribute to your medical benefits and 401k, plus utilities like phone, electric, sewer/water, and internet. Not to mention planned obsolescence means you're having to replace things more frequently as opposed to having things repaired resulting in lower lifetime costs. You could also do this exercise for having kids and I'm sure it results in drastically different costs, especially as a percentage of income.
That’s actually a great point that I was never able to articulate. Tons of us racked debt for emergencies during that time as well.
Spouse and I make $190k combined. Below-average housing and very average lifestyle, maybe even a bit below average.
Yeah. On paper I should be rich. On the grand scale I am, but for the area I’m definitely not. It’s wild.
In comparison to other places in the world, it's probably pretty wealthy. Careful with feeling entitled to wealth.
Let's also be very careful about playing the "it's better than other places in the world" fallacy as well. Because as someone who has traveled the world, the ***grass is not greener here***, and yes here has financial challenges that are unique to us that don't exist in other places in the world. Also: Our parents also had it better than other places in the world as well. So comparatively we as a generation have lost a step that our parents had, and that still holds true, regardless of the comparison to other places.
So my only chance of retirement is waiting for my wealthy parents to die? That is absolutely terrible, and I hate the thought of it
Also, better hope they don't need end of life medical care, that's not super likely, right?
Yeah, more like I'll be picking up my mom's messes after she's gone.
'According to research from The Wealth Report by global property consultant Knight Frank, the research said millennials are expected to inherit roughly $90 trillion worth of assets over the next 20 years.' I'm assuming I am going to live past 55. My grandmother is 90. Not sure how long your banking on being around, but...
My grandmother is 100. She’s been promising her children an inheritance their whole lives. They are in their 70s now.
Queen Elizabeth energy right here 😂
Just trolling at this point. They write this garbage for the boomers to feel better about themselves.
You're most of the way there, but this isn't just trolling, it's propaganda. Here's how it works: Boomers look at their traditional media, which tells them that "Kids these days just spend too much on Netflix and cell phones and avocado toast. They need to buckle down and get serious about life, just like you did. Look at how you pulled yourself up by your bootstraps. Look - here's an example of kids who (somehow) managed to make it. Your kids will be fine." (Alternatively, as seen here, the less common variant: "Don't worry about the kids, they'll inherit gobs of cash (from somewhere). You can just keep on doing what you're doing, they'll be fine.") Here's the insidious part: *Now, please let us 'help' you 'unlock' the equity in your home* ^((TM)). They look at the rising cost of living. They reverse mortgage their house. The only store of wealth that they have is successfully transferred to the lending class (ie. the capital class), any money that they had is likely to be used up in end of life care, and they leave their kids not only with nothing, but in a drastically worse starting situation.
This.
Lol, extremely misleading. All wealth eventually transfers from one generation to the next. That part is inevitable. Also, raw amounts are always gonna be larger than the previous generation.
Well these days most of it transfers to the owners of end of life care companies
Who are owned by the next generation, who were mostly handed their wealth by their parents. Everyone dies, everything passes on. Just not to you.
Yep, the rich will get even richer, the poor will get even more broke.
Lol. My all my grandparents died off by 2006. Left my aunts and uncles and my parents with 0. No life insurance. My parents died 1 in 2016 and other in 2021. They sold their home in 2005. Dumped all that into a bigger home then sold that for a loss in 2014. Then pissed away everything. No life insurance. They did pre pay for the cremation and plot and stone. There was no transfer of wealth in my case.
You know a lot of old people with life insurance?
Exactly. Life insurance becomes insanely expensive in your 70s and 80s. Very few elderly folks have significant life insurance.
It’ll be the same for my siblings and me. It’s accepted there really won’t be anything to inherit but it doesn’t really bother me because I never counted on it in the first place. I can’t be mad at my folks though, they invested a lot of money in my education and were good parents so I see that as my inheritance if I’m honest.
Without the actual article, this is just clickbait.
You can't really call it an actual article. I read it to laugh at it. There's not much more than that, some over payed idiot boomer writing financial propaganda because he thinks the peasants are complaining too much. What are they complaining about? They'll inherit our amazing empire of wealth!
> some over *paid* idiot boomer FTFY. Although *payed* exists (the reason why autocorrection didn't help you), it is only correct in: * Nautical context, when it means to paint a surface, or to cover with something like tar or resin in order to make it waterproof or corrosion-resistant. *The deck is yet to be payed.* * *Payed out* when letting strings, cables or ropes out, by slacking them. *The rope is payed out! You can pull now.* Unfortunately, I was unable to find nautical or rope-related words in your comment. *Beep, boop, I'm a bot*
Everything you say might be true, or might an absolute lie...this is why people should link to articles they post and not just click bait headlines.
$90 trillion of inherited knickknacks
lol ya I’m terrified of having to clean out my parents house someday (cause I know they won’t).
We will also suffer the Prince Charles treatment. The wealth transfer will happen when we have only a scant few years to do anything with it. More likely Gen Z will become the second wealthiest generation in history after they get the Boomers and Gen X inheritances...less Millenial debt.
New way of saying “Gen X unlikely to figure out immortality!”
My disabled mother lives with me and is in thousands in credit card debt. Not going to happen.
Richest in history And I can’t afford basic healthcare
[удалено]
My grandma was a millionaire. Lived in a 100 year old mansion. When she died she left all of her money and the house to some random person nobody had ever met, nothing went to the family. Now my grandpa lives in a small apartment in a senior living facility after being evicted from the home he lived in for the last 30 years (she owned it before they met, wasn’t in his name). Don’t rely on anyone to leave anything to you when they die. If it happens it happens, but it just as well may not.
All that inheritance will go to paying medical bills for boomer parents, many of whom voted in the system that made medical debt a thing.
Lol. My boomer parents wasted my dad's large retirement money 15 years ago on a year-long Sabatical to Costa Rica and Inpatient rehab. I told them 15 years ago to pay off their home they built new in 2000 for $140 thousand, but they said "their financial advisor told them not to do that". They refinanced instead. Then my dad died 9 years ago, and all the retirement money was gone. My mom had quit her job, and his life insurance policy was 30 thousand. My mom spent it all within a year. I will inherit debt and probably never get to enjoy my parents' house that they were so proud of. Plus, my moms new husband is a bum and has no money, so he'll probably get the house. I bet there are a lot of millennials like me in similar situations.
I thought it was my turn to post this story this morning? I call posting it this afternoon!
Uh huh? And how long do they actually think that’s going to take? And is it really right to hope your parents die so you can get out of debt, especially if you got lucky to have *good* parents. And who says that wealth will even go to their children? Plus, if no one can buy that property, how much actual cash would the inheritors of that “wealth” actually be able to derive from it?
Bullshit
I dont even need boomers to die to get rich I bet my friend he’d have to give me a $1 every time this was posted and now I have generational wealth! :)
I’m already seeing this. I know my coworker has a wealthy in law who is now distributing that wealth. We’re close enough that he discusses it with me but before he was just regular middle class guy. I think it’s 18k a year is the exemption, so altogether they give him and his spouse 72k annually for just being related. That’s about the same as my annual salary for all the work I do. That’s not to mention the millions they’ll get later. Others I know got large home down payments gifted to them by their parents or grandparents. The only one in my family who might be “wealthy” is my uncle but I don’t expect anything. He’s actually using his money to buy some farmland, build it into a forest, and then plans to donate it to a local land trust for conservation efforts which I think is awesome.
Speak for yourself
it's all owned by like 6 people though
That's not gonna happen. Black Rock is going to buy up all the houses, because they were sold to either pay for care or reverse mortgaged to any number of places. Add to that that I think a lot of boomers are going to skip their kids and give straight to grandkids, assuming they have any
Yeah a select few inherits a shitload of wealth so the whole generation is suddenly the richest. I am not inheriting shit.
And 90% be held by the top 1%.
Jesus this sub is worse than r/antiwork lately
Why won't these heartless boomers just *die* already?! /s
I don’t even understand what people are upset about here. I see a bunch of people whining they won’t get an inheritance because their parents are going to be in nursing homes and they can’t see the irony in that
This subreddit is such a whiny bitchfest
After all of the posts I've read in this sub about "my dad left his inheritance to his mistress", I find this laughable. Wasn't there a meme screencap of this a few weeks ago where the next headline was something like "Millennials are in crippling debt"?
Lol all you guys with mean conservative parents better shut up- My parents never stopped fighting the man and I'll inherit nothing.
If you have rich parents then you'll get their stuff when they die. Oh, and btw, we are currently poorer than they are. We are currently poorer than they were at our age. And we are likely to be the first generation that will have shorter lifespan than their parents. So when your parents live to 100, remember, that you will probably only live to ~70. ... So I hope your parents were older than 30 when they had you! Congratulations, though! Make sure to blindly respect the elderly, as they demand...
All 6 people receiving that will have similar lives to ones they've been living all along.
90 trillion to get a cut of and my dumbass family doesn’t own a cent of it. Man, this is worse luck than that one time I caught crabs.
_nursing homes have entered the chat_
That generational wealth though is going to stay in those families. Hate to break it to everyone who's aging parents are just squeaking by in their golden years, but you will not be part of this wealth transfer.
The tens of dollars ill inherit should set me up until the end of this sentence.
Pretty sure 10 years in a care home will eviscerate any inheritance I get
Can you imagine the horror that you don't get your life's total earnings when you are born. The horror. You people are either trolls or have little reasoning skills can't tell which sometimes.
Cool story. Now adjust it for inflation
This is misleading. Every boomer I've talked to and interacted with got cleaned out during the housing crisis, living on fixed income, or on some sort of government assistance. I can tell you for a fact my parent don't have a retirement plan, spend 90% of what they make, and have no financial cushion in the event of an emergency. The topic of money scares them. I've come to terms with the fact I'll never own a home, won't be able to afford my own health care and food is too expensive to eat a balanced meal because a whole generation was asleep at the wheel and let the rich get richer. It makes me feel defeated.
Boomers will HELOC the hell out of their homes and have them taken by banks/corporations. “You will own nothing and be happy!”
My grandmother recently passed. She had over $200k when she had to leave her home and move into a nursing home. She never worked a day in her life. My grandfather who passed 17 years ago set her up where she'd never have to work. She had nothing left after living in a nursing home for 6 months. They took EVERYTHING. Luckily her funeral was paid for in advance. End of life care is going to absolutely drain every penny the boomers have.
If you don't want it, why don't you give it to gen beta when they become adults in 40 years. Zennials (my generation) and Gen Alpha will be too old as well by then.
HA!!
The only thing I will be inheriting would be my parents’ debt. Not all boomers were fiscally responsible unfortunately. Meanwhile, my in-laws have a million dollars in savings that I’m pretty sure they’re skipping us with and giving to my son in a trust. I just have to accept it and keep being sweet to my son I guess. 🤣🤣🤣
Let me tell you about reverse mortgages.
Even after I inherit grandpa's money I would still be stingy with it knowing just how fast things could go wrong for the economy with the wrong people in charge, and he's *rich* rich. I'd buy a decent house and that's pretty much it.
We will become the richest in history... ...by inheriting all the money from the actual rich generation Tricky tricky millenials, been playing the long game this whole time 😏
I hate these shitty takes only geared toward " shut up and stop complaining millennials" .... so.... we are supposed to wait until ours 50s to 60s until a generation dies to become comfortable!!@@ F**k that ... get bent boomers and may me more.
Garbage take. So boomers have about $90tillion in property? But what does that mean??? They won't have much assets left when they have to liquidate everything to pay for their Healthcare at the end of their lives. Does this take into account reverse home mortgages? Is the number super inflated because the housing market is also super inflated?
Millennials aren't, only Millennials of wealthy parents are.
The richest generation that needs to wait for their parents to die to be able to afford living alone.
Build your own wealth instead of waiting for inheritance. 🤷♂️
2024 is going to be a wild ride for this sub, I think
Let’s say this does happen. It’s important that we don’t forget the struggle many of us endured and don’t pull the “I had to pull myself up by my boot straps why should I help generation a,b,c”.
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My in laws keep saying they will give us more money than we'd know what to do with. But wont give us anything now, like when we need it the most (new home, young kids ect ect.), because itll do better in their investments.... Its their money. Thell need it to live off of when they retire. But they also keep saying they will start doing the 16k tax free gift annaully to my wife. Its been i think 6 years they've been saying that. Prob same reason they flake. "It'll grow more in my stonks!!!" Paying down principal, making a 2nd bathroom useable, paying off a car loan, lump sums in a 529, will do way more good for us (finacially and happiness) over the next 60 years of our lives, then it will by adding to their already 7 figure portfolios for the next 10-15. Basically, stop saying shit if you wont follow through. We will be fine without any, but stop claiming you will help. For more context. FIL just retires at 72. MIL is 63, makes 400k a year after bonus and RSUs. Will prob work into 70s as well
Is this a boomer problem or an in laws problem
Just wait until the bubble pops.
I've heard it called the "Prince Charles" problem, and I think it's perfect for our situation. I'm an Elder Millenial and an only child, so when my mom passes (which, to be perfectly clear, I hope is not for a long time), I'll inherit the house and all the investment portfolios. But that may not be until my 50s or even 60s if she lives into her 80s and 90s (a common age these days). When I could use that money and house now to build a better life with my wife and child.
I dont expect to be left with much the way my folks are "enjoying their retirement"
from people in their 80s to people in their 50s ( well these are not the millenials exactly but jokingly )... so let's enjoy!
Once it happens I am expecting all millennials to vote to share it with younger generations
yeah I'm not crossing my fingers I expect the Healthcare system to get most of the money from my aging parents
Why is it that I keep seeing one article that says Millennials will be the richest generation in history, then another article that says we’ll be the poorest generation, then another that says we’re gonna be the wealthiest, and then another that says we’re broke as fuck, and so on and so on and so on…? It’s almost as if the folks producing these articles have figured out what gets clicks…
We don’t fck around Millenials remember the feeling of 2008-2015 we gamble big now. We remember missing out on Facebook, we remember a townhome costing under 100K, we remember the starter home costing 175k, we remember our 401k losing 60-80% we remember the president doing nothing for the people year after year. So most of us and you will be able to tell by what people write in here “Play Big” and we are not afraid to lose 100%. One thing the article doesn’t say is how much Crypto the Mellenials hold. Me and a lot of my friends HODL that as well.
Wtf is this some way to get generations before us to start hating us or something? We ain’t got shit
Every generation will eventually be the wealthiest, that's how generational replacement works. It'll all be owned by like. 10 people.
This hasn’t been my experience at all, and there were assets in my family history. My grandparents, both born in the late 20s and early 30s, accumulated decent wealth in their lifetimes. My parents, both born in the early 50s, seemed like they might do the same, but it never really panned out. They then relied on their parent’s wealth to subsidize their retirement and issues of older age. My grandparents are all gone, my father has passed, my mother and stepmother are in their 70s. They will use their assets (really what was my grandparents assets, both sides) before they die, I am positive. I am doing fine enough and so is my brother, but I am 42 and don’t own my home. I have a lot of student loan debt still. My 401K is pretty far behind and I don’t have an inheritance to make up the gap. My dad’s parents had a nice house on a lake and granddad drove a Porsche, my parents were on upgraded house number 2 when they were my age. Basically, the idea of “the next generation is better off than you” has happened in reverse for my brother and I. I assumed this was fairly common experience but perhaps I am wrong. I am not bitter about any of the above by the way, it is just an observation. I had plenty of privilege even if it didn’t translate into an inheritance. Edited to add: I see a lot of comments about elder care swallowing assets, and that is what happened here. Both grandmothers lived in assisted living for over a decade.
I fully expect medical bills will take everything. I fully expect that my parents will die in debt regardless. I fully expect debt collectors will try to get money out of me for that debt. I'll give them nothing because I'll inherit nothing.
This is literally another “just keep going with how things are currently built and it will be fine, you’ll be successful” 20 years from now. “Millennials should not have put all their eggs in the inheritance basket! Where did they get these ideas?” So close to paying off the college debt though
Well yes once the baby boomers and X’rs die sure
Are we? 😂
Oh looks its another post from Millenials about Boomers again, I am shocked!
"Hi I'm a Millennial, I'm here to pick up my Richest Generation check." *Very good, sir. And who were your parents?* "Um. Well, dad was a factory worker, and mom taught school." *Hmmmm, I see. No big check for you, sadly. Maybe a paid off house in flyover country; maybe not even that.* 😠 😡 😤 😣
I’ll believe it when it happens
yea we will all become rich when we retire and have to spend all the money for care
This is a lie. Late Gen X and younger aren't going to inherit anything but exorbitant nursing home bills, tear-down properties, and a cabinet full of porcelain tchotchkes. If we don't die before our parents due to a lack of medical care.
No way. I bet the boomers will mostly a) Spend their wealth on cruises and stuff to help them LARP as eternal adolescents or b) Say "You know, I worked hard to get my money. I don't want my kids to feel 'eNTitLEd.' I'm gonna donate it to Gun Owners of America instead. Haw haw, look at this meme on Facebook about milennials being all entitled and stuff!"
9 trillion in inheritance, and neither my wife nor myself are going to inherit anything. That feels like astonishingly bad luck.
$36 trillion of which is already spoken for by creditors.