Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.
"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they're alive.
In a survey of millionaire boomers by investment firm U.S. Trust, only 49% said it was important to leave money to their children when they die. The low rate was a big surprise for a company that for decades has advised wealthy people how to leave money to their heirs.
"We were like 'wow,'" said Keith Banks, U.S. Trust president.
Full Article and Source:
Many Baby Boomers Don't Plan to Leave Their Children an Inheritance
See Also:
BabyBoomersBewareOfGuardianshipAbuse
Hey I'm a Boomer and I'm thinking the same thing. Enjoy life,indulge ourselves, whatever is left, so be it. I sacrificed enough already.
ReplyDeleteTimes have sure changed. It used to be that our parents or our grandparents felt leaving an estate was a sign of success.
ReplyDeleteNow, sucess is dying even. I think that's better!
Willison is 100% right, spend it all or risk losing it to guardianship or conservatorship.
ReplyDeleteMy how times have changed. I agree with the concept of spending it all very much!
ReplyDeleteBoomers are the beginning of those people born in the age of entitlement and so this makes sense in that way too.
ReplyDeleteBest be careful. With that attitude a Professional Guardian may say you are incapaciated and get you under a guardianship... only to steal it from you of course!
ReplyDelete