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|Subject: Re: No Inheritance for BabyBoomers' Children||Date: 9/6/2011 1:35 PM|
|Author: 2gifts||Number: 69550 of 75335|
Heck, the way things are going, there'll be no inheritance for the Baby Boomers, much less their children.
In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
"We were like 'wow,'" said Keith Banks, U.S. Trust president.
So what's your point? I have no intention of leaving an inheritance for my children, and they are fully aware of that. We are paying for their college education in full at a school of their choice which should give them the wherewithal to support themselves through their lifetime. DH and I plan to enjoy our retirement with the money that we have earned and saved over our lifetime, and we feel no obligation to leaving anything to our kids.
If there is anything left over, we intend to leave it for some sort of philanthropic thing most likely something like a scholarship, but leaving it to the kids is simply not in the plan.
Are you assuming that because folks aren't planning on leaving their assets to their children that they aren't saving enough to leave? Or do you think that leaving their wealth to charity or some particular interest other than their own family is somehow wrong?
Why does anyone, including my children, have a vote in how I spend my money whether that is while I am alive or as a bequest after I die?
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