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Old 02-09-2013, 04:37 PM
 
Location: West Paris
10,264 posts, read 10,992,382 times
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The bad news: Many baby boomers are likely to get less money from Mom and Dad than they thought. The worse news: They may have to help their parents financially instead.

Baby Boomers Counting On an Inheritance May Have to Support Parents Instead - WSJ.com
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Old 02-09-2013, 04:58 PM
 
85,893 posts, read 83,390,623 times
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i love all these articles that think they can project the future. they make good headlines but they are usually just someones opinion and are right as many times as they are wrong.

could things play out that way ? sure. will they? beats me ,,,,, can they just as easily play out the opposite? sure can.

the real answer is no one knows how things will turn out. for every article that slants something towards a certain view there is an opposite view.

i always say tell me which side of a debate on anything financial you want me to argue and that is the side i will take and have data and facts to support it.

the fact is the real way things pay play out is with things not even on the radar.

what can make the wsj article not play out?

folks are more a tune to the effects of long term health care.

long term care insurance , better and more knowledgeable estate attornys and loop holes being discovered in state laws for preserving assets.

Baby Boomers Set To Inherit $1 Trillion | Faiella Financial Group - Managing General Agency (MGA), Financial Planners, Life Insurance, Travel Insurance, Retirement Planning, MGAFaiella Financial Group – Managing General Agency (MGA), Financial

Last edited by mathjak107; 02-09-2013 at 05:20 PM..
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Old 02-09-2013, 05:49 PM
 
28,740 posts, read 31,393,299 times
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Quote:
Originally Posted by french paris View Post
The bad news: Many baby boomers are likely to get less money from Mom and Dad than they thought. The worse news: They may have to help their parents financially instead.

Baby Boomers Counting On an Inheritance May Have to Support Parents Instead - WSJ.com
I think counting on an inheritance is always a bad idea no matter what. Those who are smart already know this and those who aren't will not listen anyway.
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Old 02-09-2013, 05:55 PM
 
Location: West Paris
10,264 posts, read 10,992,382 times
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Quote:
Originally Posted by mysticaltyger View Post
I think counting on an inheritance is always a bad idea no matter what. Those who are smart already know this and those who aren't will not listen anyway.

Agree but human beings will not never change
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Old 02-09-2013, 05:58 PM
 
24,497 posts, read 37,520,656 times
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By the time your parents are old, don't you know how much is coming? My parents are in their 60s and have set up trusts for my sisters and I. Their will is written. The insurance policies are set up.

If you haven't had the discussion with your parents by their late age, you're likely not getting much.
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Old 02-09-2013, 07:08 PM
 
Location: Here.
15,454 posts, read 14,069,330 times
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Why does it not surprise me that Baby Boomers would expect an inheritance? Talk about spoiled!
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Old 02-09-2013, 08:09 PM
 
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well i dont know about baby boomers expecting anything, our parents were not so well off as a generation. don't forget most moms did not even work.
They owned houses so that number may be a home.

now the baby boomer children are the ones who will hit the jack pot as a generation. the baby boomers overall are the wealthiest generation yet.

it is you youngins waiting for the big pay off.

Last edited by mathjak107; 02-09-2013 at 08:30 PM..
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Old 02-10-2013, 09:32 AM
 
12,589 posts, read 14,736,312 times
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Quote:
Originally Posted by mysticaltyger View Post
I think counting on an inheritance is always a bad idea no matter what. Those who are smart already know this and those who aren't will not listen anyway.
I saw that first hand in a family....

Grandma was Italian immigrant, lived nicely but was frugal. Son was 60's, hadn't worked in 20 years and had some major health issues. His big dream was spending mom's money when she died. She tried to play the whole family with the "be nice to me or you are out of the will!"

Irony- old lady lived to be 91, her greedy son died 6 years prior and never got to spend a dime!
Son lived 25 years dreaming of his inheritance which never came......
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Old 02-10-2013, 09:53 AM
 
Location: Scottsdale, AZ
4,486 posts, read 16,012,342 times
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Quote:
Originally Posted by mathjak107 View Post
now the baby boomer children are the ones who will hit the jack pot as a generation. the baby boomers overall are the wealthiest generation yet.

it is you youngins waiting for the big pay off.
I could be wrong on my terminology but I believe it goes:

Greatest Generation (parents of the baby boomers)
Baby Boomer Generation
Echo Boomer Generation (kids of the baby boomers)

The Baby Boomers are the wealthiest generation America has ever seen, and likely ever WILL see. The Echo Boomer generation are the ones that'll be waiting with hands wide open for an inheritance because I don't see the Echo Boomers (of which I am one) to have the same opportunities to succeed as the previous generation. Too much regulation, over taxation, massive quantities of debt, a weak dollar, etc etc. The Baby Boomers had the right business climate, the right tax and regulatory structures, and a strong dollar to make vast fortunes. I believe 85% of millionaires in America fall into the Baby Boomer generation; most of the CEO/CFO's of all Fortune 500 companies are Baby Boomers.

When I was at Barrett Jackson last month, the percentage of baby boomers who were buying tens, or hundreds, of thousands of dollars worth of collector vehicles were predominantly baby boomers. I'd say between 80%-90% were part of that demographic.
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Old 02-10-2013, 10:02 AM
 
85,893 posts, read 83,390,623 times
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with baby boomers approaching 60 or older many already received their inheritance if any.

most of us have lost our parents already as most are well over 80.

it is now the boomer children that will be th next in line as we age.
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