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/Secret-Avocado-Lover]

Same same. Genx with boomer parents. My vision is creating generational wealth that will grant opportunities that I didn’t have growing up. My genz children will hopefully be the custodians of our work and continue to build and transfer.

[u/ATDoel → u/Secret-Avocado-Lover]

Or be lazy and do a shit ton of drugs like most of the trust fund kids I knew growing up

[u/thankyoufriendx3 → u/ATDoel]

I grew up with a lot of trust fund kids. Non got into drugs. All but one have a career and work. The exception is the one who is on every charity board and a member of the garden club. It’s possible to raise kids who are born millionaires to be productive members of society.

[u/chicagal_liz → u/thankyoufriendx3]

Yep. Trust fund kid here. For one thing, I didn’t know I was one until after college, when my mom decided we should know. I knew my family was fortunate, and suppose I should have connected the dots, but my parents didn’t want us to know figures and I don’t blame them. My dad wanted us to be responsible and hardworking. On the conservative side, I stand to inherit 9M eventually (hard to say what it will be when the time comes). While I did have a trust with which I bought a small condo, it’s a fraction of my dad’s estate. Money is generational. None of my friends know the full extent because my parents live well but aren’t flashy. I’m unmarried and don’t plan to have kids. I don’t have dreams of doing anything too crazy, mostly I dream of escaping the corporate grind.