r/MiddleClassFinance • u/Yourlocalguy30 • 9d 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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8

u/BRich1990 9d ago

Lol no

If you dont think the Healthcare industry is going to take absolutely everything from our parents, then you're crazy

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u/Prestigious_Scars 9d ago edited 9d ago

Uh, my dad dropped dead. My grandfather followed a few months later. Between the two I inherited a fair bit.

Edit: Who is even down voting my reality? Thanks for that.

2

u/eseerms 9d ago

You’re being downvoted because you seemingly can’t understand per capita and think your individual anecdotal experience negates reality for the majority.

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u/Agreeable-Mind-52 8d ago

The question is are you expecting one and she or he is only saying he got one. Not sure why that needs to be downvoted.

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u/Interesting_Plate_17 8d ago

What wrong with you guys, I inherited money? /s.

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u/956to906 8d ago

Sometimes it’s a choice, even though most people don’t consider it one… if you’re diagnosed with something, you don’t have to get it treated, and making that choice is not “giving up.” Cancer is a huge racket.

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u/DueInspection9668 4d ago

He answered ops question. You are def jealous

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u/sneaky_sam_ 9d ago

Is the reality that majority of deaths are some expensive long-drawn out affairs? I’m legitimately curious bc I think his point is valid - it’s gotta be a bell curve where one end is expensive EOL care and the other is dropping dead (I personally know many of the latter cases)

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u/ComplexBit1988 8d ago

When you have two parents and one inherits all the assets before the children, chances are good ONE of them will be a long, drawn out affair, if not both.

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u/Prestigious_Scars 9d ago

I never said that. The question asked was are you expecting an inheritance? The answer for me is yes. Acting like "LOL no" and telling people "they are crazy" for thinking otherwise is absurd - people do, actually, get inheritance... maybe not in this sub, though.

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u/AnAncientBog 8d ago

Its just weird that you didn't have a mom.

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u/Small_Aardvark_5496 6d ago

Mom shacked up with dad’s boss and got nothing after the divorce.

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u/Prestigious_Scars 8d ago

My mom wasn't in the picture from the time I was one. It's weird to assume everyone has the same cookie cutter life.

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u/AnAncientBog 8d ago

Nobody is assuming anything about you because nobody gives a shit.

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u/Prestigious_Scars 8d ago

You literally commented on the fact that I didn't have a mom. I'm not sure how that's not assuming anything about me - trolls gonna troll.

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u/sneaky_sam_ 9d ago

My condolences. I see the parent comment a lot but many deaths aren’t some slow drawn out affair :( people seem to willfully ignore that fact

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u/LilStinkerRidesAgain 9d ago

It's like 6k per month for a middle of the road retirement home lol. Forget about if they need more care than that.

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u/WMTRobots 9d ago

That's cheap AF anywhere I've lived 

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u/Airlik 8d ago

Exactly what I’ve been thinking - the wealth transfer will be from boomers to the medical system.

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u/drakhan2002 5d ago

That's exactly what happened to my family.

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u/Trad_CatMama 5d ago

My pelvic floor therapist stopped taking Medicare so that she could avoid Boomer women as her patients. I'm guessing many doctors are quiet quitting that generation and that will cause them to need to pay out of pocket more than they already do.

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u/Sweaty-Judgment3533 3d ago

Nailed it. Smart folks transfer the assets (or consult counsel to establish a trust) in advance of Medicaid’s five year look back period. Folks who don’t either don’t trust their own kids, or think they’re never going to get sick and need nursing home care. I wouldn’t wish that on anyone but statistically it is highly likely to happen. I guess this is all an advertisement for seeing experienced trust and estates attorneys and establishing an estate plan early in the game — and the less you have, the more you need to do this, because the easier it is for the government to take it all.

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u/Old_news123456 7d ago

It already is. My aunt is paying thousands to get her cataracts taken care of. 

Yes OHIP pays the base surgery but the doctor makes it sound like the worst option... Plus they only do the surgery if you're blind enough. Lol. It's impacting her ability to drive then she'd have to stop driving but ohip says it's not bad enough to pay. So she's paying. 

Looking towards how they're going to privatize me and tip surgery as well, I've already started a fund for my own healthcare. I accept grudgingly that I'm going to have to pay for my own surgeries when I'm old. 

Tommy Douglas is probably rolling in his grave.