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.

  • Kaity@leminal.space
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    1 year ago

    My parents have their beliefs, but they are good people at heart. I’m trans, leftist, and atheist, going against everything my parents are or believe in and I’m still in the will. And my brother who has recently sort of cut them off after a rough situation with them is still in too.

    If we’ll get anything of worth at all? that’s the question. I’ve just always kept it in my head that I’ll never get an inheritance at all, much less anything of value. It’s not worth planning around or thinking about unless you are coming from wealth, and even then, not to the degree you see stories about.

    And I’m just not going to compromise on myself or my beliefs in order to keep my name in one.