re: How generations plan to transfer assets

From what I’ve seen the last few years there has been a serious amount of inherited wealth amongst a lot of people 45-60 years old. The people I’m observing didnt necessarily need the inheritance, but are making generational wealth out of what they are getting.

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What does this even mean?
"if I leave the money to my kids, they will just go on a cruise and waste it."
"I could spend it all and just go on a cruise myself and that wouldn't be wasted money."

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I think it means, "Go on a cruise with your kids."

The charts are fake...

Good grief, do ya'll literally accept everything you see on the internet as accurate?

Leaving my kid 2 rentals. Will make him over a million if he listens and learns how to take care of them. What i make while im alive is mine. My guidance and parenting should make sure hes not a failure and can make it on his own until i pass. If not he will figure it out the hard way through struggle like I did and it will make him appreciate what he has more than most.

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If you’re serious you must really have squandered lots of post Covid opportunities. People have been killing it the past 5 years. If you’re poor youre probably lazy.

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The market has roughly doubled in that time and so have most of my investments.

Now do the costs of everything in that same time frame.

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You can only gift so much each year in cash.
I think it's $16K this year, but it goes up every year.

A friend does other things, too, like tickets, vacations, etc..


ETA: $19K this year..

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This isn't correct with parents/kids, please don't give tax advice if you have no idea what you're talking about.

I hope they spend it all and there is only a small portion leftover, I have seen multiple families torn apart because of estate settlements.

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I have seen multiple families torn apart because of estate settlements.

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My first experience seeing something like this happened after my grandparents passed away. They were by no means wealthy, worked decent jobs and had military experience that helped with medical costs in retirement. Modest house paid off, drove basic vehicles. Not exactly life changing money to be inherited.

I have a cousin who will spend every dollar they have on things that don't last, and then complain about not having things. Puts their kids in private school, gets their hair and nails done regularly, but only works enough part time jobs to barely scrape by. My parents felt sorry for them one year around Christmas, and gave them some money. It was intended to help them buy a few Christmas presents for their kids, get them caught up on some bills etc. The next thing we see on social media is the husband with a new hunting rifle, and the family going on a week long cruise for Spring Break.

That rubbed my dad the wrong way, and he said he wasn't doing that again. Fast forward a few years and after my grandparents passed, they divided up the assets, and my mom didn't really need anything. We don't either, so she wanted her sister to get the majority. My aunt took the vehicles and sold her own. Then gave a good bit of it to my cousin, who started going on cruises and other vacations, new car, and it was all probably blown in 6 months. Nothing that really tore a family apart, but most of us are thinking they are just idiots and could have set all that aside, put into a retirement or college fund, and helped the family more long term than just a quick fun experience with nothing to show for it.