Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.

The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.

The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.

That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.

But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.

  • preppietechie@midwest.social
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    7 months ago

    Well, if Gen X and Millennials wanted their own fortunes they should have planned ahead like boomers and been born back when a house cost $7,500.

    /sarcasm

    • Endorkend@kbin.social
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      7 months ago

      Watching Married with Children and realizing this dude is working as a store clerk and supporting a family of 5 on that single wage without actually living paycheck to paycheck and then realizing this isn’t a fictional representation of the timeperiod, is really goddamn depresssing.

      In less than 40 years the inequality of wealth distribution and the cost of living has changed so drastically that then they could live on one paycheck and now you only get by with a minimum of two.

  • rivermonster@lemmy.world
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    7 months ago

    That’s because the real wealth transfer has been to the billionaires and close to billionaires.

    Nothing will fix that short of a cyclical historic repetition of the French Revolution.

    • Dizzy Devil Ducky@lemm.ee
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      7 months ago

      “Let them eat cake,” Bezos calmly sighed before a stray bullet from a sniper drilled him in the forehead, kicking off what would be the bloodiest revolution in US history in the past century.

  • WatDabney@sopuli.xyz
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    7 months ago

    I’m GenX. I’ve spent my entire life watching the Boomers fuck things up, then having to wade through the debris they leave in their wake.

    I’m not expecting that to change now.

    • IHeartBadCode@kbin.social
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      7 months ago

      GenX here as well. My mother died horribly of cancer when I was 13 and my father left about two weeks after her death and I was legally transferred to the State’s custody.

      I’ve been told I’m “lucky” in that I’ll never have to shoulder my parent’s debt. So, you other people don’t know how lucky it was to be an orphan! But no really, a finical planner literally indicated to me that, THAT was a positive. And somehow that’s really colored my opinion on where we are as a society.

      • BombOmOm@lemmy.world
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        7 months ago

        What do you mean by shoulder your parent’s debt? Do you live somewhere that debts can transfer to children?

        • IHeartBadCode@kbin.social
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          7 months ago

          Yeah here in Tennessee we have filial laws that puts some of that debt that parents rack up on the backs of the children. TCA § 71-5-115.

            • EatATaco@lemm.ee
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              7 months ago

              https://www.linkedin.com/pulse/when-can-adult-child-become-liable-parents-nursing-home-a-perry

              I’d be curious to hear more from the op. The gist of this, as I understand it, is that the law is meant to stop people from stiffing nursing homes by not paying and then when the person dies ignoring the debt.

              And according to the article, it’s only be enforced one time when a woman fled the country owing almost 100k.

              So claiming that one is “lucky” that their parents died so they avoid this almost non existent thing doesn’t make any sense.

              • tsonfeir@lemm.ee
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                7 months ago

                When my mother died in a hospice home, she had an unpaid hospital bill. They called me, as the next of kin, to ask if she was going to pay it before it went to collections. I said, good luck collecting from a dead woman. They apologized for my loss, and then said “Who is going to pay the bill?”

                Note: She was diagnosed with a treatable disease, but due to mental issues refused treatment in order to commit suicide. They allowed her to refuse treatment, and put her in a hospice. Now, I have no problem with a person wanting to die, but don’t fucking come after me when your hospital pulled the trigger for her.

  • Fades@lemmy.world
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    7 months ago

    Thank you every piece of shit asshole that bucks against the idea of universal healthcare. Fuck you a billion times over. Price gouging out of control capitalist bullshit

    • Aux@lemmy.world
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      7 months ago

      That has nothing to do with capitalism. Germany and UK are pretty capitalist (probably more capitalist than US) and yet they either have a functioning private medicine or a completely nationalised one.

      • Chriswild@lemmy.world
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        7 months ago

        Lol “it’s not capitalism, because a nationalized healthcare is capitalism”

        The profit motive of capitalist controlled entities is completely capitalism; it’s basically a textbook case of capitalism. Don’t fool yourself by saying the countries with more socialized healthcare are somehow more capitalist to the one that doesn’t.

      • [email protected]@lemmy.federate.cc
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        7 months ago

        Germany and the UK are demonstrably less capitalist than the US, both because they are social democracies with large, taxpayer-funded social welfare systems, and because their economies are significantly more regulated by both state policies and widespread labor unions.

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        7 months ago

        Regulations are inefficiencies, because corporations with profit motive will of course make good decisions for everyone

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    7 months ago

    Gen X here. I do not expect any inheritance at all.

    And how much of this “fascination” with generational wealth transfer is actually companies salivating over potential profits?

    • ashok36@lemmy.world
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      7 months ago

      Elder millenial here. I expect no inheritance from my mom or grandparents and no social security. I’m one of the lucky ones though. My dad died ten years ago and left me just enough to make a down payment on a house.

      The moral of the story is, give your parents cigarettes and hope the cancer kills them quick before the bills can pile up.

      • somethingsnappy@lemmy.world
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        7 months ago

        Don’t believe the social security scare tactics. It’s always been a shell game. It isn’t some pile of money that runs out if we don’t pay into it. It is just another line item. Short of voting for it to die, it will be there.

        • guyrocket@kbin.social
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          7 months ago

          I hope you’re right but we will see. It would really suck to pay into a system your whole life and never get what you were promised.

      • CrowAirbrush@lemmy.world
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        7 months ago

        They summoned a new inheritance tax over here, they sold it to us in the shape of: to get more taxes from the rich.

        But those idiots don’t run around giving away money, they hand out businesses and stocks to their family or other assets.

        So who are once again ending up paying even more money? Hmm? Yeah that’s right, if my dad manages to have some money left the goddamn tax criminals will gobble that up even though i probably need it to pay for his funeral.