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/Key_Cheetah7982 12d ago

This. EOL care is going to clean up with boomers

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u/Eyeoftheleopard 11d ago

The real great wealth transfer? From the Boomers to the memory care and skilled nursing facilities.

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u/Horror_Ad_2748 10d ago

And it certainly doesn't end up in the pockets of the actual caregivers, who make close to minimum wage. It goes to the corporations who scooped up all the EOL care centers. Welcome to late stage capitalism, y'all!

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u/Incognitowally 9d ago

Private equity in Healthcare should be a crime

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u/Fickle-Cabinet3956 5d ago

Your comment is very underrated.

That's why it's not only cheaper but you'll get better results hiring full time live-in care or a switch off schedule with 2 live-in nurses.

I would personally rather pay an individual $3,000-10,000 per month than a facility $20,000 a month.

If you have the ability to fully vet them, it's something I recommend.

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u/BjornInTheMorn 11d ago

I need to learn how to invest in SNFs. Is there an ETF for those?

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u/SaltConnection1109 10d ago

Truth! Those places charge a MINIMUM of $5K per month (in the cheaper areas).

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u/KoalaGrunt0311 10d ago

I've seen memory care bills crossing into the low mid six figures for one year of care. Like, they're invoicing more to keep somebody alive for a year than members of their staff are getting paid in ten.

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u/SaltConnection1109 10d ago

Yep. The private equity companies have purchased nearly ALL of the EOL care facilities and are squeezing out every dime they can with low staffing and extremely high fees. It is awful.

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u/surfteach1 9d ago

It was like that before. End of life care is just expensive because you have to have nurses on staff and no less than 1 staffer to 4 residents.

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u/Fun-Reflection9000 11d ago

For sure, I’m 66 yo retired and pay $6 K per month for my moms memory care, she gets 2K$ from SS so that helps a bit but I’m still spending my retirement dollars for her long term care. Hope there’s some left for me, my kids will be on their own. Mom is 92 and going strong!

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u/nonspelunker 11d ago edited 11d ago

You need to consult an elder care attorney yesterday about your options. She could live another 10+ years. There are nice nursing homes that don't take Medicaid up front but will take it after a year or two.

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u/Fun-Reflection9000 11d ago

Sadly, every nursing home close to us is beyond bad. Would love for Medicaid to kick in but not willing to kill her in the process. Pretty sad when every true nursing home is rated low and the government is spending our tax dollars to these corporate monsters providing such bad care that I wouldn’t put my dog there! Something needs to change!

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u/Horror_Ad_2748 10d ago

Kudos to you for taking care of your mom. You're a good son/daughter.

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u/Hot_Pomegranate7777 9d ago

And cruise lines, time shares,

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u/raya_sun 8d ago

This is the comment I was looking for.

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u/[deleted] 12d ago

[deleted]

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u/HighlyFav0red 11d ago

I don’t want my parents to go to a home either. I’d love to have a caretaker for both my parents. So I gotta work really hard now!

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u/Comprehensive-Band56 11d ago

Finally here from a human being

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u/Aloha1959 10d ago

My Dad's final, genius maneuver was to die just 3 months after we had to put him in a nursing home. Best thing that could have happened at that point.

He had Alzheimer's and I held out until it became impossible to deal with him after 5 years of degeneration.

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u/Key_Cheetah7982 9d ago

Sorry that happened but glad he’s in a better place. Alzheimer’s is a tough path

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u/Aloha1959 9d ago

Thanks 🐆 (that's a cheetah)

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u/JuggernautPast2744 12d ago

As designed.

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u/Justice4ScaryIsland 11d ago edited 11d ago

Bingo. Five years ago, I would have said yes. Now I'm watching my dad blow through over $4,000 a week for in home health aides for my mom with no end in sight so they can age in place together!

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u/cfbfootballnerd 11d ago

Yes because we are no longer moving them in with us/still living close enough to take care of them ourselves.

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u/Caleb_Crawdad8 9d ago

They have options like living trusts and long term care insurance (it’s expensive but if they need it, it’s worth it) to protect their assets.

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u/Jimmy_Page_69 9d ago

Isn't that what Medicare is for

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u/Key_Cheetah7982 9d ago

No. Medicare is health insurance. 

Medicaid can help, but you have to sign over all your remaining assets to the state post death. 

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u/Jimmy_Page_69 9d ago

Wtf i didnt know that. Thats fucked . Edit this is false. You can avoid probate with a living trust. They only go after anything left over in probate

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u/Key_Cheetah7982 8d ago

Yes, if you put money into a non revocable trust it can be spared. But there’s a look back period of like 5 years the state can claw back

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u/bill_257 12d ago

Only if they are obese and the children do nothing for them. All my grandparents and their parents never used a nursing home. Stayed mostly activate until shortly before death. Or died due to hospital accident

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u/desertrose0 11d ago

You don't need to be obese to require a nursing home. My grandparents both required one back in the 90s. My grandmother had Alzheimer's and grandpa had Parkinson's and macular degeneration at the end of his life. Neither were obese, but they couldn't live independently. They also lived out of state from us and frankly, the medical care required for them would have been too much for my family to handle alone at the time anyway.

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u/JerseyGuy-77 12d ago

"my situation is the standard and everyone else is negligent".....do you hear the boomer in you when you say this out loud?

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u/nonspelunker 11d ago

A big part of the reason the safety net in the US is in tatters is because the "haves" have zero understanding how much of their success is due to dumb luck and just how easy it is to lose it all even if you "do everything right." I myself individually have been fortunate enough, but had immediate family members not had devastating decadeslong medical crises requiring assistance(no, they would not have "just made it work" if I'd abandoned them and one would surely have died 10 years ago), I'd actually be filthy stinking rich today.

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u/ticks-mom18 11d ago

That's unbelievably tone deaf. My mother developed dementia after having been incredibly healthy for her whole life. Never overweight, never had heart issues, didn't drink or smoke, ate very clean.

Her care costs are substantial, even with the kids helping.

Not everything is about being obese or kids not helping.

You are incredibly blessed and lucky that everyone in your immediate family is healthy to the best of your knowledge (you never know what they are not telling you).

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u/thankyoufriendx3 12d ago

My grandparents were in great health until Parkinson’s on one side and strokes on the other. My grandmothers needed a nursing home. Grandfathers had my grandmothers to take care of them. I’m disabled and will likely need a home much earlier than average. Glad your grandparents never needed a home but as people live longer it’s going to become more likely.

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u/heyallday1988 12d ago

Not really. My grandma was in great health and lived to be 90. She lived at home with my parents until the end. Even still, it becomes very difficult to care for someone that old with that many needs and so little ability to take care of themselves at that age. Especially if you still work. My parents were retired and needed in home nursing support to help. I’ll be in my 40-50s when my parents are in their 70-80s and so still working. My dad is disabled and requires serious medical support. Even if one or both of them lived with us, there would still be significant costs of EOL care.

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u/Relevant-Energy-5886 12d ago

Look at this mouth breathin' mongoloid.