Many baby boomers don't plan to leave their children an inheritance
Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves.
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Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
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.
Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves.
...
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
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.
Looks like the only thing the Baby Boomers will be leaving to future generations is the massive national debt they ran up. What a truly vile generation...
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