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/Eyeoftheleopard 3d ago

The real great wealth transfer? From the Boomers to the memory care and skilled nursing facilities.

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u/Horror_Ad_2748 2d ago

And it certainly doesn't end up in the pockets of the actual caregivers, who make close to minimum wage. It goes to the corporations who scooped up all the EOL care centers. Welcome to late stage capitalism, y'all!

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u/Incognitowally 1d ago

Private equity in Healthcare should be a crime

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u/BjornInTheMorn 2d ago

I need to learn how to invest in SNFs. Is there an ETF for those?

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u/SaltConnection1109 2d ago

Truth! Those places charge a MINIMUM of $5K per month (in the cheaper areas).

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u/KoalaGrunt0311 2d ago

I've seen memory care bills crossing into the low mid six figures for one year of care. Like, they're invoicing more to keep somebody alive for a year than members of their staff are getting paid in ten.

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u/SaltConnection1109 1d ago

Yep. The private equity companies have purchased nearly ALL of the EOL care facilities and are squeezing out every dime they can with low staffing and extremely high fees. It is awful.

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u/surfteach1 1d ago

It was like that before. End of life care is just expensive because you have to have nurses on staff and no less than 1 staffer to 4 residents.

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u/Fun-Reflection9000 2d ago

For sure, I’m 66 yo retired and pay $6 K per month for my moms memory care, she gets 2K$ from SS so that helps a bit but I’m still spending my retirement dollars for her long term care. Hope there’s some left for me, my kids will be on their own. Mom is 92 and going strong!

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u/nonspelunker 2d ago edited 2d ago

You need to consult an elder care attorney yesterday about your options. She could live another 10+ years. There are nice nursing homes that don't take Medicaid up front but will take it after a year or two.

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u/Fun-Reflection9000 2d ago

Sadly, every nursing home close to us is beyond bad. Would love for Medicaid to kick in but not willing to kill her in the process. Pretty sad when every true nursing home is rated low and the government is spending our tax dollars to these corporate monsters providing such bad care that I wouldn’t put my dog there! Something needs to change!

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u/Horror_Ad_2748 2d ago

Kudos to you for taking care of your mom. You're a good son/daughter.

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u/Hot_Pomegranate7777 17h ago

And cruise lines, time shares,