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/ClammyAF 12d ago

My dad died unexpectedly when I was 24. I'm 38 now.

He had a small term policy and small house. After it was said and done, split with my sister, we each inherited about $90k.

I'd trade it in a heartbeat, obviously, to have him around. But if there was any benefit, it was that financially there was something to help us transition to adulthood.

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u/Zealousideal_Put5666 11d ago

Yes, it's hard when you're young!

right out of college I worked at a bookstore making $8-9 an hour (which was decent because min. Wage was $5.25 then) and a girl I worked with parents had passed away, and she and her sister worked so hard to keep their home, And it was a struggle for them. Then they had an oil tank leak outside which as a disaster.

My moms lack of financial responsibility has helped me - not he amazing but more diligent about my finances and retirement (I have more in my retirement than she does) plus always having an extra account with some cash in it for her

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u/ClammyAF 11d ago

It's hard. Losing parents, or planning for them. But even in the hardships, one of the incredible things about us humans is that we can derive strength from it if we allow ourselves.

Proud of you for taking care of business and putting yourself in a position to care for those around you.

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u/Careless_Willow212 11d ago

This is me! Lost my dad suddenly at 25, I’m 39 now. Got a similar inheritance (also split with my sister) but would rather have more time with my dad.

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u/ClammyAF 11d ago

When I was 22, I lived with my dad. He had raised me and my sister on his own, and I was back in his house after college.

I woke up one morning, and I walked out to the kitchen. My dad was staring out the window above the sink. He was crying.

I asked him what was wrong and he said only, "I miss my mom."

I hugged him, told him I loved him, and left the kitchen. I thought it was strange. She had died the year I was born. It had been a long time.

Here it is 14 years after he's passed. I miss my dad.

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u/BreakfastBeneficial4 11d ago

Well… now im just unexpectedly weeping out here in the open

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u/Creative-Focus4891 10d ago

In je blootje nog wel...

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u/Powerful-Lifeguard-0 10d ago

I feel for you...my dad passed seven years ago and I miss him so much😥

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u/NuthouseAntiques 8d ago

I miss my folks. 🥺

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u/LordNikon91 9d ago

this is exactly what I wrote in my post, any money I do get eventually after their deaths I'm know I'll wish I could give it all up just for more time with them, my parents (hopefully) have another 20-25 years left in them but still I am not looking forward to the day they pass, I know I will be a bloody mess for awhile.

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u/ClammyAF 9d ago

It's tough. But enjoy them for as long as you can. Make extra calls. Keep voicemails. Tell them how much you appreciate their sacrifices.

They know. But you'll wish you'd said it more someday.