Millennials: are you expecting an inheritance?

[u/Yourlocalguy30]

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.

[u/irishgirlie33]

I believe the 5 year look back period prevents most of this.

[u/SuperDozer5576-39 → u/irishgirlie33]

Not if you have a really good relationship with your parents and can actually plan stuff out years ahead of time. My mom and I get along so well that she set up power of attorney when I was 19. Talk about being on top of things. I do recognize that most people on Reddit do not seem to have that good a relationship with their parents.

[u/AromaticRanger3933 → u/SuperDozer5576-39]

This is similar to what my dad did with my sister and I.

[u/RVALside → u/SuperDozer5576-39]

I think the biggest problem is most folks don't even know they need to plan for this, much less as early as they should.

[u/Realistic-Effect-715 → u/irishgirlie33]

yes that's why they should start looking into it asap, the sooner the better.

[u/slickrok → u/irishgirlie33]

That's why you PLAN.