In a survey of millionaire baby boomers (of which I was NOT included), more than 50 percent said they had no plans to leave an inheritance to their children. One woman was quoted as saying she had made a lot of sacrifices for her children over the years, including paying her daughter's medical tuition.
Yes, we boomers have made sacrifices for our children over the years. I have gone without a new outfit on many occasions in order to make sure my daughter had clothes on her back and food on the table. I have passed up on exotic vacations so I could keep a roof over our heads. I spent my life working jobs I hated, often at the expense of my health or personal relationships.
It's funny---all of MY hard work, didn't make me a millionaire baby boomer.
According to the survey conducted by investment firm, U.S. Trust, some wealthy boomers worry that their kids will squander inheritance money or develop a sense of entitlement.
Correct me if I'm wrong, but many of the children of baby boomers that I've seen grew up believing that had a sense of entitlement because that's what their parents demonstrated. They were spoiled little rich kids who became intolerable young adults.
Perhaps this is a topic I'm not qualified to speak on because I don't fall into the "wealthy boomer" category and I do plan to leave my daughter whatever I have. Yes, I'm the minority--AGAIN.
To read the entire article, click here: No Baby Boomer Inheritance