Baby Boomer Attitudes About Leaving An Inheritance

A report that was put out by the Hearts and Wallets financial services research firm reveals that affluent members of the baby boomer generation are divided over the issue of whether to leave an inheritance to their children. If a parent is going to think about leaving an inheritance to their kids they will need to think about their own circumstances and attitude about money. There are some parents that might try to be generous with their children in alternative ways to leaving an inheritance with things like paying their tuition or helping them with living expenses. Baby boomer parents might want to set up some type of incentive trust if they are concerned that their children will squander the inheritance that they get. Deciding on what type of inheritance is going to be left to any children will require careful planning involving the assistance of an estate planning professional.

See Richard Eisenberg, How Boomer Parents Feel About Leaving Inheritances, Next Avenue, January 21, 2016.