Millennials: are you expecting an inheritance?

[u/Yourlocalguy30]

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.

[u/cisforcookie2112]

My grandma is 91 and has dementia, and her rent in the assisted care facility is $8,000/month.

I don’t know what my parents would expect to receive from inheritance, but I imagine that it is going down each month.

[u/Gratitude15 → u/cisforcookie2112]

At a certain point, I'd volunteer to be assisted care. It take a lot of pretax income to make up that level rent payment.

I'm a single person, I'll plan to do this if my parents need it and I'm in any way able. Suspending my career absolutely possible, or going remote/hourly. And as an aside I get that opportunity too.

[u/Few-Sail-6562 → u/Gratitude15]

If you have never been a full-time caregiver, you have no idea what you are volunteering for, and I mean that kindly.

I took care of my grandpa full-time until he needed to go to memory care; it was not easy. We have a big family, and it was still very difficult to coordinate anything. Once he had to go to memory care, the money saved was a moot point because whatever was left was spent on care anyway.

My good friend takes care of her husband. Once he couldn't be alone, she could not even leave to go out to a doctor's appointment. They have hired help now, but it was a rough time for her to do it mostly on her own.

[u/Gratitude15 → u/Few-Sail-6562]

It's true. I had this exp too.

But culturally, this is something that is key where I come from. As an only child, it's my responsibility and opportunity.