July 14, 2013, 7:53 a.m. EDT
10 things baby boomers won’t tell you
The aging Me generation is still putting itself first
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By Catey Hill
James Bennett
1. “Paws off,
Junior. This cash is mine.”
Children of boomer parents shouldn’t expect a big
inheritance, even if their parents are rich. Only about half of high-net-worth
baby boomers — those with more than $3 million in investible assets — say they
consider leaving money to their kids a priority, according to a 2012 U.S. Trust Survey. In contrast,
nearly three-quarters of people older than boomers say it’s important to them.
See also: 10 things Generation Y won’t tell you
Even boomers — typically defined by demographers as
those born between 1946 and 1964 — who do plan to leave an inheritance may do so
with strings attached. Indeed, nearly seven in 10 high-net-worth boomers
surveyed by U.S. Trust said they were not fully confident that their children
could handle an inheritance.
“More often than not, clients leave inheritances in
trusts,” says John Olivieri, a partner at New York law firm White & Case who
works with a lot of boomer clients. With a trust, a third party manages the
money and doles it out at intervals that the parent has specified. “Some parents
have concerns about how their kids would invest and spend the money,” Olivieri
says.
Next: “Make room, kids. We’ll be living with you when
we’re old...”
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