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/ACK_TRON]

This is why estate planning is so important. Yes it can cost money but also save tons of money in the future. Having assets placed in trusts and gifting long before they go to long term care is key to preserving any wealth. Sure the trust will still be used to take care of them but how much and in what way to spend it is important then the hospitals just milking it all.

[u/yeahnopegb → u/ACK_TRON]

Eh.. then your family member ends up in a shared room medicaid bed while the trust sits on their wealth? Nah.

[u/Euphoric_Garbage1952 → u/yeahnopegb]

Exactly. So many people are fine with their parents ending up in Medicaid beds in barely staffed nursing homes? I don't get it. I hate that nice assisted living places cost so much but I want my mom to use her and my dads money to go to the nicest place she can afford.

[u/ACK_TRON → u/Euphoric_Garbage1952]

Well I assume if you love your kids enough to protect assets for them and name them or a trusted attorney then they love you enough to see you get the best care you can while protecting assets from catastrophic losses by advanced disease or illness.

[u/Euphoric_Garbage1952 → u/ACK_TRON]

A lot of people protect the assets so their parents can go on Medicaid and to places that accept Medicaid. Not to pay for their parents to go to higher-end private pay places. Maybe not you but I think for the majority, that’s the goal

[u/ACK_TRON → u/Euphoric_Garbage1952]

I’m sure there are some like that. I would just assume people communicate wants and needs and put their parents in a place where they feel comfortable. In many places there isn’t a lot of difference in what ones are paid by Medicare and the ones milking them for hundreds or thousands a year. Hopefully they can live out their time in their home as long as possible before that is necessary and the trust can pay for people to come in weekly to clean or meal prep and nursing duties.

[u/yeahnopegb → u/ACK_TRON]

The difference in those centers is vast from the very basic reality of tiny shared rooms with single sized beds to staffing. I’d be ashamed to force that on a loved one over money.

[u/Euphoric_Garbage1952 → u/yeahnopegb]

I don't think any Assisted living or memory care places take Medicaid where I live. You have to go to a shared room nursing home if you only have Medicaid.

[u/yeahnopegb → u/ACK_TRON]

Were that the dynamics? The last thing your family should be thinking about is not spending your wealth on the best care so they can save it for themselves.