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Kids, you may want to scale back your plans for your inheritance. A snapshot survey of first-generation wealthy parents by Bank of America’s U.S. Trust found that fewer than half (49%) said it was personally important to them to leave a financial inheritance to their kids. More (64%) said that spending their money on “travel” was personally important.
If one is not a follower of the Protestant work ethic, yes. It reflects the growing self-centeredness of parents, IMO. It used to be once folks had kids that everything was done in the best interest of the children and their future. These days, many parents put their self interest in front of the children's and the family. Debt and being a spendthrift used to be thought of as negative character traits. Today it is an accepted norm.
Unless they inherited it from THEIR parents. IMHO a family should try to protect and add a(n inflation-adjusted) little to the inheritance handed down from generation to generation. That way, when a clan hits a rough spot, there's fall-back money. However, this is sort of a pie-in-the-sky ideal considering how fractured and dispersed families tend to get, nowadays.
I would hope that my parents spend their money making themselves happy rather than try to hand it down to all us kids. They did a good job equipping us all to be successful when we were their charges. Now that we're grown up, they're no longer responsible to provide us anything. In fact, should they need it, we kids will help them in their sunset years.
Children should make their own way in the world. Of course, parents need to equip them to do so. I think anyone depending on an inheritance is a leech, BUT they may have been brought up that way. You reap what you sow.
If one is not a follower of the Protestant work ethic, yes. It reflects the growing self-centeredness of parents, IMO. It used to be once folks had kids that everything was done in the best interest of the children and their future. These days, many parents put their self interest in front of the children's and the family. Debt and being a spendthrift used to be thought of as negative character traits. Today it is an accepted norm.
I too think it is a direct reflection of the self-centeredness of parents these days. It never used to be like this.
Location: Everybody is going to hurt you, you just gotta find the ones worth suffering for-B Marley
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I never expected any inheritance. It would be more important to me that my parents enjoy their last years and are well taken care of than to receive an inheritance. Who cares.
Once upon a time it was a matter of pride and dignity to have your financial affairs in order and leave your children with something when you go.
Now X-Yer's ar expected to not expect anything from their parents at best, and more likely be expected to take care of their boomer parents when their parents can't work any longer to pay their debts, and either take on their parent's debt or support them when they are forclosed on.
I saw a bumper sticker to that effect and thought "That could be Washington's slogan." Doesn't matter which party is in office. At least many years back they left useful legacies. Roads, rural electrification, hydroelectric dams.
All the more reason to tax it away from them and let the state hang on to it for future generations...just like S.S.
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