A study from U.S. Trust revealed that the heirs of the baby boomers will probably not receive as large of an inheritance from the baby boomers. As I have previously discussed, the baby boomers do not believe that financial security is important to pass on to their children. According to the survey, a little more than half of the baby boomers think that it is important to provide a financial inheritance to their children. One of the reasons that the baby boomers believe that they should not provide a large inheritance is the belief that each generation should be self-reliant and obtain their own wealth. The baby boomers also want to use their wealth to enjoy the remainder of their lives. Furthermore, many wealthy people might not have any confidence that their loved ones can manage the large amount of wealth.
See Robert Sabat, Dude, Where’s My Inheritance?, The Wall Street Journal, June 19, 2012.
