Fewer Boomers leaving inheritances - AmericaNowNews.com

Fewer leaving inheritances

If you're counting on an inheritance from your baby boomer parents, you may be in for a rude awakening.  

Wealth management firm "US Trust" just surveyed 457 high-net-worth boomers. That means boomers with more than $3 million in assets.

-49% say an inheritance not in top priorities

-75% plan to spend money on themselves

-only 31% thought children could handle wealth

Nearly half of them said leaving their kids an inheritance wasn't in their top three priorities.

Three-quarters of the boomers said their money came from their own hard work, so they're planning to spend the money on themselves, by traveling and having fun.

Many boomers also said they didn't think their kids could handle wealth. A full fifteen percent said they hadn't said *anything* to their kids about their wealth, for fear they'd become lazy, or squander the money.

Of course, this gets right to the heart of a point we've made before - you need to put together a retirement plan that does *not* factor in any inheritance.  Even if your parents do plan to leave one to you, things happen.

Maybe they both need long-term care, or have chronic health problems that mean a lot of out-of-pocket costs late in life.  Your best bet is to save your own money for retirement. Anything your parents choose to leave you in the future is just a wonderful bonus.

Copyright 2012 America Now. All rights reserved.

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