Experts say baby boomers will give more than $50 trillion to their heirs. But for many, health care costs will claim the bulk of that wealth.
The story goes that baby boomers are going to give tens of trillions of dollars to their heirs over the next few decades.
The “generational wealth transfer” has become a media fascination, both for its eye-popping size and because it might help younger generations as they face doubts about their financial security.
That shift is already in the works, and will continue for a couple of decades. According to wealth management firm Cerulli Associates, some $53 trillion will be passed down from boomers to their Gen X, millennial and Gen Z heirs, as well as to charities. That includes both gifts during their lifetimes and inheritances afterward.
But the overwhelming cost of health care for older people means most people in those later generations won’t inherit much, even if their elders seem well-off today.
What do you mean by shoulder your parent’s debt? Do you live somewhere that debts can transfer to children?
Yeah here in Tennessee we have filial laws that puts some of that debt that parents rack up on the backs of the children. TCA § 71-5-115.
https://www.linkedin.com/pulse/when-can-adult-child-become-liable-parents-nursing-home-a-perry
I’d be curious to hear more from the op. The gist of this, as I understand it, is that the law is meant to stop people from stiffing nursing homes by not paying and then when the person dies ignoring the debt.
And according to the article, it’s only be enforced one time when a woman fled the country owing almost 100k.
So claiming that one is “lucky” that their parents died so they avoid this almost non existent thing doesn’t make any sense.
https://www.linkedin.com/pulse/when-can-adult-child-become-liable-parents-nursing-home-a-perry
Looks like that is very narrow in scope and has only been applied one time throughout the entire us.
Effectively the chances of inheriting debt through this is zero.
