Baby Boomers Decide Not To Give Children Inheritance
The Los Angeles Times has a trend piece about Baby Boomers deciding they've already done enough to help their children. They've decided to spend their remaining savings rather than leave money for their children after they die.
My parents -- a pastor and public school teacher -- probably wouldn't have been the type to dole out funds even if they had them. Barring a lottery win or something, I don't think my siblings and I should anticipate any windfall if my parents die.
My in-laws, however, recently mentioned that they plan to spend their savings on travel rather than leave big inheritances for their kids. They really have helped out their children quite a bit over the years. I completely support their plan.
The comments to the article are devastating, though, with many tirades against the selfishness of boomers. What do you think? Also, I wonder if there's any relationship between death taxes and these decisions.