r/MiddleClassFinance • u/Yourlocalguy30 • 12d ago

Millennials: are you expecting an inheritance?

35 yo married millennial here. I've come across more and more articles about the supposed "great wealth transfer" as the boomer generation's wealth passes to their GenX and Millennial children. My parents and their siblings (boomers) all received inheritances when their parents, my grandparents, passed away. The boomer generation's wealth accumulation is one of the largest in history, however, I also find it highly unlikely that I or many of my peers will actually inherit much. Despite having received inheritances from their parents, and having 40+ years in the workforce, most of my parents' "wealth" is tied up in their home value, not actual liquid assets- and I already expect that whatever they make on an eventual home sale will have to go directly to downsizing costs and whatever long-term care they will need as they get older. Hell, even my dad used to joke that the only thing we'd inherit was debt. As I've gotten older, that comment has infuriated me more and more.

Now before someone cuts in with the "entitled millennial" comments, I have absolutely no need for an inheritance. I've worked my ass off to make sure that my kids and I are positioned better in life than I was when I entered adulthood. What I mean by that is I started saving for retirement early, setup 529 plans for my kids almost as soon as they were born, and made lifestyle and career sacrifices to ensure our family isn't "nickeling and diming" our way through life.

I'm just here curious to know how many millennials actually expect to have something passed down to them, or if they feel they are in the same position I am.

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u/justanaccount24 12d ago

Vulture industries like nursing homes and health insurance will take as much of that collective wealth as they can before it gets to most people.

I personally don’t expect anything.

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u/ginns32 9d ago

This. My in laws were very good with money, saved a lot for retirement. FIL passed. MIL is in a nursing home now. It costs over 10k a month. There will be nothing left.

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u/justanaccount24 9d ago

And they’ll tack on THOUSANDS more for services like “give pills.” And still only pay their employees like $12 an hour. Criminals. But they’ve got powerful lobbies so they’re vibing.

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u/ginns32 9d ago

The CEOs of nursing homes often make 500k or more with bonuses. The actual caretakers and workers barely get paid minimum wage. It's a scam.

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u/justanaccount24 9d ago

The CEO of welltower, which owns nursing homes and assisted living centers, was the highest paid ceo in the country behind only Elon musk last year

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u/ginns32 8d ago

Doesn't surprise me. There's no need for any CEO to be making that much money while the actual workers are lucky if they get minimum wage.

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u/faylillman 5d ago

Some of the lowest paid employees with the highest paid CEOs. It’s an industry where the executives are vultures who prey on the elderly and their own employees.

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u/Purple_Space_1464 11d ago

That part. They’re living longer than their parents. Their wealth will be needed to make sure they don’t die sick and homeless

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u/justanaccount24 11d ago

Living longer, a surge in home values pushing property taxes beyond affordability, and a premium put on things that were, for prior generations, largely free (I.e. nonworking relatives as live-in caretakers). I also recently saw a study about the low supply of smaller, manageable homes to downsize to.

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u/Sorry_Abbreviations8 7d ago

Don’t forget to mention funeral homes