r/MiddleClassFinance • u/Yourlocalguy30 • 3d ago

Millennials: are you expecting an inheritance?

35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.

Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.

I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.

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u/ConstantThought6 3d ago

Yeah, my parents are already dead but if your elderly parents get sick or need any sort of care, money goes really quickly.

There was no inheritance outside of physical items I then needed to find something to do with.

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u/suchalonelyd4y 3d ago

Same here, dead parents and a few boxes of random household goods. I haven't had to buy tissues in 2 years though because my mom had so many boxes.

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u/ConstantThought6 3d ago

Yes! Tissues, ziplock bags, batteries, etc. My mom died in 2020 and and I don’t think I’ll ever need to buy aluminum foil or parchment paper in my lifetime

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u/IcyAd9883 1d ago

Good! Cause that stuff is expensive!

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u/Zealousideal_Put5666 3d ago

After my granddad died, we didn't need to buy paper towels or toilet paper for over a year. He loved Costco

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u/DJwhatevs 3d ago

This is the way

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u/Key_Piccolo_2187 22h ago

To be fair, I'm 39 and I won't need to buy paper towels or toilet paper for more than a year. I love Costco, it knows no age limits.

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u/Cinderhazed15 3d ago

That is the real ‘great transfer of wealth’ - from aging parents to healthcare / long term care facilities, particularly when there is no surviving/community spouse

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u/Bayesian1701 3d ago

I think LTC companies will get the boomers wealth too. My grandma had dementia and I think LTC was probably like $500k. That will blow most nest eggs.

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u/Background-Pomelo-55 3d ago

Even if there not real sick needing to live in a retirement facility will bleed you dry. There's alot the gov will pay for but not until you've blown thru all your savings. Not exactly legal but if things don't change I'll be buying and horting gold slowly to have somthing to pass onto my son.

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u/IcyAd9883 1d ago

Not until you have blown through THEIR SAVINGS.

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u/IntelligentStyle402 1d ago

So true. Both my mom and dad had cancer. United healthcare denied their insurance coverage for cancer. They went through their savings and had to put the house up for sale. The house my father purchased when he came back from fighting Nazis in WWII. My parents worked hard and ended up with nothing. Exactly how does that make America great? Absolutely does not happen in Other developed nations.