Mildly Infuriating

So the real question is, what should Millenials & Gen-Z do now

Lol my dad left me everything he had when he died. So, I got a truck.

When my mom goes, my sister and I might get to split a house we don't want that's on its third or fourth refinancing.

I guess if your parents don't have an inheritance to give you just never consider not getting one to be a problem.

Suckers I inherited a cane from one side and a watercolor of a dog from the other. Behold my wealth and cry into your lentils. My lentils are salty enough.

Unless things go terribly wrong (and they might) my daughter stands to get a second house and a quarter of a million $

I don't think what's talked about enough is kids having the talk with their parents about not being able to take care of them when they get old because you can't afford to take of yourself and didn't save anything for retirement. So you hope SSN will be enough for them. I know my mother always asked me if I would take care of her when she got old.

She would say that's why she had kids. But I had to sit her down and run the math and I said it's not about if I have the will or not it's is it possible and the math just doesn't workout and I have an okay job. I can only imagine what people lower down on the ladder are going through.

There are a lot of boomers that about to get a horrible wake up call and a lot of heartbreak watching our parents suffer at hands of their own making.

They will be drowning and some kids are going to jump in and get pulled under when trying to rescue them and the ones who know they don't have to proper equipment. Stay out of the water and mourn the loss.

Inheritance is weird. My partner and I stand to inherit a good bit when the parents on either side pass. Both sides of the family had successful middle class careers saved and invested well. Even considering the siblings on both sides, we could inherit an amount around $1M from either side.

But it's weird in two ways. First, it's not something that can be counted on. On either side it could be completely eaten up by nursing home care and medical costs for our parents. So we're not planning our own retirement assuming a windfall from inheritance. Second, on either side, unless they're unlucky, at least one of the parents is likely to live into their late 80s or 90s. So we'll already be in our 60s or 70s.

In other words, while we stand to likely inherit a good chunk of change, it will come so late in life that we won't really need it. Unless our parents die younger than expected, we will already be well into a fully funded retirement by the time they pass.

I feel inheritance made a lot more sense in the past. A farmer or a craftsman would will their farm or business to their children. And that child would take over that business while the parent was still alive, but too old to work it anymore. The child got the business or farm, but in turn had to support the parent in their later years.

But now? You're basically just inheriting your parent's house and whatever is left over of their retirement accounts. And you're doing so at an age where it really doesn't necessarily help you. Sure, if you yourself are unable to retire, then that windfall will be a godsend. But considering how wealth reproduces through generations, if you're in a position to inherit substantial funds from your parents, odds are you probably have a pretty big nest egg yourself built up by then. The people who could really use an inheritance to fund their retirement are unlikely to have parents wealthy enough to give them one.

But yeah, this is why I support strong inheritance taxes. For most people who inherit anything substantial, by the time you actually inherit something, you don't really need it anymore.

Oh this is me. Their house is packed and they keep buying more shit and going on international cruises. We’ll get nothing.

Us child free Gen Xers on the other hand...

Inheritance is clearly societal ill, and even on a personal level, depending on inheritance might cause family troubles

Lol I had this convo with my parents, I told them it's their money and I don't expect to get anything.

Yeah, one of my parents likely isn’t getting anything from theirs, but the other did, and I’m sure they’ll have it all spent. My wife’s family is the same; the generational wealth ends with her parents. We’re fucked, as a whole generation.

My thought is that if you’re going to give money, don’t wait until you die. The earlier you help someone, the more of their life it can improve. Help your kid buy their first house or something. Then spend everything before you die.

Isn't that better anyway? Inheritance makes the world less fair, as children of rich parents will get a huge advantage. If that money is instead spent, it hopefully distributes over society again instead if staying in the rich families.

It's obviously not that black and white, getting some money is a great help to you get people. And obviously a parent will want to help their children, that's totally fair. But as a larger trend it doesn't seem like a bad thing to me.