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The 'wealth transfer' from boomers won't save Gen X and millennials (www.nbcnews.com)

submitted 7 months ago by MicroWave@lemmy.world to c/news@lemmy.world

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Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.

The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.

The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.

That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.

But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.

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[-] werefreeatlast@lemmy.world 16 points 7 months ago

Our father locked up our property in legal hell to protect it from his evil siblings. But now we can do much of anything with it LOL other than keep paying taxes. That's generational debt lol.

Actually it's probably really smart because if you sell to slumlords, you are giving up your real wealth. Just let the properties gain momentum. One day for your kids to fight about. Just have 1 kid problem solved. But if he dies? Ok have two kids. Send one to the monstery or the convent. But what if they marry poor....hmm arrange marriages! What if they don't like that? ....teach them racism from the early moments in life....oh shit, this sounds like we are destined to recycle ♻️ hilter and his narzis. Yah maybe sell the house and go back to being poor. That's how we did it!

[-] AshMan85@lemmy.world 15 points 7 months ago

Eat the rich

[-] ytsedude@lemmy.world 12 points 7 months ago

I'm shocked.

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[-] Kosmokomeno@infosec.pub 7 points 7 months ago

This is hilarious. They're gonna spend all their money clinging to life. The future they made by raping the future. and they won't even just leave!

[-] Neato@kbin.social 7 points 7 months ago

My parents have a ranch house, 3 adult kids and medical issues. Assuming they don't go to a home and have to sell their house to afford it, my brother is going to need it a lot more than I do. Similar in laws. It would be the same for in law grandparents but they happened to be the type that will die before seeking help. It'll probably get us sued by disgruntled family in inheritance disputes anyways.

We're on our own.

[-] SpringMango7379@lemmy.world 2 points 7 months ago

My mother passed recently and was the caregiver for my father who has Parkinson’s and can’t live alone. My parents managed to save some money but not enough to afford him moving to an assisted living facility but has too much to qualify for Medicaid. There won’t be enough money to care for him let alone any sort of inheritance. Fucking system is so fucking broken.

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this post was submitted on 30 Dec 2023

557 points (97.3% liked)

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