According to a national survey, 1 in 4 boomers believe that they can’t trust younger generations with an inheritance.
Fine! Keep your money! Are you afraid you’re going to run out of dough and trust issues are just an excuse? Or you really think your kids are too dumb to do the right thing with the money?
Either way, it doesn’t say anything good about A) the way you handle your retirement funds or B) the way your brought up your kids.
Half of the respondents thought it was more important to enjoy life with the cash on hand than leave it behind as an inheritance. Okay, that’s more like it. Travel, play, enjoy yourselves (“it’s later than you think”) and the kids will be fine. When you’re gone, they can have the house and whatever is left in the bank and mutual funds. That’s not such a bad deal all the way around.
Is it too late to mention that close to 45 percent of Gen Xers and Millennials surveyed were confident that they would make good use of an inheritance. And why not? It’s found money. Almost like seeing a $100 bill laying on the ground. Only it’s 50, 60, or 100 thousand of them laying on the ground. Of course they will make good use of it. They could afford a nicer home, a more reliable car, better colleges for the kids and maybe a nice vacation now and then. Wouldn’t that make you happy knowing that your money can make your kids happy? No! You’re dead, remember?
Families and money. It can be a real palaver. In the end (and I mean that in the life cycle sense), all you can do is hope that whatever assets you leave behind are passed on to your progeny and they get some real pleasure out of whatever they do with that money. And if you enjoyed spending it when you were alive, all the better. Everyone’s happy. Unless you wanted to live to spend it a little longer. Can’t help you there.
Jay Harrison is a writer and creative consultant for DesignConcept. You can also visit his author page here. His newest mystery novel, Rio Puerco Demise is available on Amazon. His first mystery novel, Head Above Water, is also available on Amazon.