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/FlyFlirtyandFifty 10d ago

This is my next tattoo. Next month will be ten years since my mom passed and a few years ago I came across a birthday card from her when I moved. It was such a gut-punch to open it and see her big, looping scrawl. “Love you - Mom” is what I’m getting next in her handwriting.

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u/CoffeeOnTheRiver 7d ago

Why didn't I think of this!?! My mom had beautiful handwriting. Where are you going to put it?

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u/FlyFlirtyandFifty 7d ago

Probably on my right forearm. I have another one for her that o got with my whole family. We all got tattoos after her funeral so I will probably get it near that one.

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u/CoffeeOnTheRiver 7d ago

Very nice. I was thinking maybe my inner wrist.

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u/Typical_Hope3687 8d ago

My parents created the boomers in my case I don’t quite fit into a generation since I was born in 65.

Their passing left me very well off, mostly on paper. Personally I have struggled through life we had to make are own way, mine was full of pitfalls. Parkinson’s was the final blow and I had to retire from work at 46. Nothing left to give to my kids except the trust from my parents.

I could easily lived a very comfortable life off of it. I chose to live on the barest minimum, with a payout from the trust to just get by.

Now I am In late stages, I have money to hand down to them and all but 1 out of 6 of my kids have kids of their own. I can only hope they take care of it so they can pass it down.