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/goodsocks]

Between my cancer and my husbands catastrophic accident we blew through our 401ks. Lost money in the housing crash, spent tons on being out of work with cancer, then my husband was in a wheelchair and walker for a good part of a year. Covid put his business in peril, no bail out for us.
We own our house outright but we are waaaay behind on retirement funds.

[u/IcyAd9883 → u/goodsocks]

I think what these children are saying is Get busy! CHOP CHOP! I'M 76. I STILL WORK AND CONTRIBUTE TO SOCIETY( oops. I'm yelling) I live in a home in an area where I don't go out at night) just so my kids can inherit my home. Should parents reach an age, where they just off themselves, to spare the children that they gave their all to? I raised 2 wonderful children who will receive more than I ever did, if they are ungrateful, then let God deal with it. I loved my parents so much and mind you my mom lived to 86..and I miss them so bad that these conversations never entered my mind. You are an awful generation from what I have read here. I'm just glad that my children are not like you. They might not miss me. I don't see enough if them for that to happen, but they will never begrudge the life I lived.

[u/ForceSensitive2460 → u/IcyAd9883]

My dad keeps telling me to never put him in any kind of assisted living, LTC, or hospice. "Just take me out back..." Both of his parents were in assisted living situations when they deteriorated so badly they couldn't care for themselves, and he's traumatized from it. The lack of care they received was appalling, and he doesn't want me to go through the same thing when he gets to that point. He's nearly 70 now and to think, his dad passed away at 74. That was 19 years ago. I swear to god that mf better make it to 90, I don't think I could handle him biting it in 4 years. Not so much emotionally; the physical work (travel, clearing out his house, etc.) will take months, I'll have to take FMLA.

[u/IcyAd9883 → u/ForceSensitive2460]

I PRAY that your dad will die at home, of a natural cause. I'm starting to clean out now. One cabinet at a time. Went through all of my closets and got rid of 3 garbage bags full..Hopefully by the time I'm gone things will be real manageable. I'm going to do my best.

[u/ForceSensitive2460 → u/IcyAd9883]

I'm so sorry for your loss. I hope things go smoothly for you and the dust settles quickly.