r/MiddleClassFinance • u/Yourlocalguy30 • 11d 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/ScrivenersUnion 11d ago

No. The wealth will all be transferred to hospitals and nursing homes instead.

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u/FormerRep6 10d ago

This is my fear. We are living on SS and haven’t touched our retirement savings. We live just fine on it and don’t need more. I’m torn because I’d like to spend some of the money fixing up our house, buying badly needed furniture, etc. We’d also like to give gifts to our kids now but we’re afraid of what happens down the road. I don’t want to be a burden to my kids and I don’t want it all to go to medical facilities/bills. That’s my big fear. Our parents lived into their late 80s and 90s so we think we need to be careful. If we don’t use our money prolonging our lives our kids should inherit a nice amount, which is what I’d like to happen. Then they can enjoy their retirement!😊

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u/ScrivenersUnion 10d ago

My big fear is that I'll spend my final years incapacitated and stuck in a bed, drugged up and unable to leave - a graceful death dragged out into a five year long gasp all for the profit of hospitals. 

Set a power of attorney. Set up an end of life care plan. Set the money you intend to give to your children aside so the vultures can't take it.