Most Boomers won't be leaving an inheritance to their Zoomer children

Boomers are Millennials’ parents you freaking dumbass. Gen X is Gen Z’s parents.

I hope my boomer parents live long and healthy lives and spend their last penny on their last happy day on earth.

Been there. Favorite quotes from mediocre family members:

“I’m tired of Dad keeping me poor”

“He wouldn’t even notice if you loaned me $10,000.”

“He could live for free at the Vet’s home.”

These ancient arseholes were named the ME generation for a reason kids.

OP wouldn't count on that Paw Paw

[quote]“I’m tired of Dad keeping me poor”

I had an aunt like this. Like many mooches, she was shocked when there was nothing left to inherit and angrily asked her siblings "where it all went." Bank records showed it mostly went to her, a little at a time throughout her adult life as she bled their mom dry.

My dad left my mom a house and about 800k plus monthly retirement money. She was a sickly type and spent down150-180 a year on round the clock health aids and maids, basically, and we finally convinced her to sell the house and enter a nursing home because she would need some assets to get accepted to a good one. She did so and lasted a couple years in the home, which was a relief to everyone but herself, spending down the rest and the house money and died when there was 10k left to her name. Well, it was her money and my dad's so they used it up.

[quote]Boomers are Millennials’ parents you freaking dumbass. Gen X is Gen Z’s parents.

There are plenty of Boomer parents who have Gen Z kids, as they had them in their 30s and 40s, you dumb asshole.

I have neighbors (she's 63 and he's 67) who had their son in March, 1997, which makes them Boomers and him a Zoomer. The couple is very wealthy - doubt they will be leaving their son anything as he's been a disappointment to them, unfortunately and has proven to be totally irresponsible in life.

My cousin had his first child in May, 1998 when he was 40 and his second wife was 35. They went on to have two more children - the youngest now in college.

Michael Jackson, a Boomer, gave birth to three Zoomers. The youngest is 22. Jackson would've been 66 the other day, you moron.

[quote]Boomers are Millennials’ parents you freaking dumbass.

They're also Gen Xers' parents, you freaking dumbass.

As an unmarried gay man, this all seems rather exotic to me.

R4 The "Me" generation is a term referring to those born between 1965 and 1970, the forgotten generation. They came after the Boomers - so we're not talking about them in this conversation.

I think most people have a pretty good idea of their parents’ net worth and whether or not they will inherit, so this story makes no sense.

R9 Who cares ? We're talking about the article I posted, you dumb cunt. The article is about Boomers not leaving an inheritance to their Zoomer children. Try to keep up and follow along, and admit you're wrong in R1.

If you want to discuss Bommers and their Gen X children, you can start another thread. Until then, fuck off.

[quote]As an unmarried gay man, this all seems rather exotic to me.

In the past, we've had conversations about nieces and nephews of single gay men not knowing common etiquette - like thanking the uncle for an expensive gift, or acknowledging their presence at a family function. Many of those wealthy single gay men have vowed not to leave these inconsiderate Gen Z assholes a dime of an inheritance when they die. So it affects those who are gay and single, too.

Many Boomers are also parents of Gen Xers. I'm later Gen X and many, many people my age have Boomer parents. Remember, the older Boomers were hitting their thirties in the mid-late 70s. I would say at least 85% of the kids I went to school with had Boomer parents.

[quote]The "Me" generation is a term referring to those born between 1965 and 1970, the forgotten generation.

The "Me" generation has been commonly used to describe the Boomers since the 1970s. People born between 1965-1970 are the first Gen Xers.

R15 is obviously R1 and R9.

[quote]I think most people have a pretty good idea of their parents’ net worth and whether or not they will inherit, so this story makes no sense.

I've known a lot of people who were either clueless or completely delusional about their parents' finances. And plenty of parents who didn't want to discuss it for reasons ranging from shame that they'd mishandled finances to trepidation because they knew at least one of their kids would cause drama.

r15 here and no I am not.

r2, That's exactly what I said until one of them died a horrible death and the other one became the 5th husband of a gold digging slut who bled him dry, cut us all off and left him to die alone in a hospital. But still, it's a nice thought, and the end result is the same, I guess. You can't really cry about what you never had.

But if your parents have given you no idea of their finances, why would you assume you have a meaningful inheritance? I’d assume there would be none.

My parents have never shared their finances with me or my siblings. They would be wealthy or they could be in debt, we have not idea. Not that it's any of our business. Parents don't have to share their financial information with their kids if they don't want to.

It seems kind of foolish not to give your heirs some idea of whether or not they should expect an inheritance and if they should some idea of how much. Why leave it a mystery?

Xer here with two Boomer parents.

[quote]Why leave it a mystery?

It can be difficult to forecast. You have no idea whether you or your spouse will end up in assisted living, how long they'll be there and what the appropriate facility might cost. Sometimes dementia takes hold and they fall prey to scams without their kids finding out until it's too late. (And sometimes one of the kids is the scammer.) Risky asset allocations can also make for grim surprises in one's twilight years.

I’m leaving it all to the cats’ home. None of my family deserve it.

Obviously, unexpected bad things can happen to your finances late in life. Letting your kids know your situation and your plans is not a promise. It seems to me sharing information about your finances with your children makes it less likely that you will make bad decisions or fall victim to some kind of con. If you are incapacitated, they should be prepared to step in.

[quote]R15 is obviously R1 and R9.

Nope. R15 must be a troll, considering I blocked it at some point and can't see any of its posts. I'm also not R1, but I'm definitely curious why you're so triggered by the idea of Boomers leaving money to Gen X vs. Millennials vs. Gen Z.

There's one admitted generational difference when Gen X is more similar to Boomers than Gen Y: many of us were able to buy housing at a young age. While this would be unthinkable today, I bought my first house in 1997 – at the age of 25 – for $125,000., as did most of my single friends. (The mortgage interest deduction was quite alluring.) Today that same house would be worth $1 million even with zero changes to its design, but the last owner added a huge den, so it's now about $1.5M.

If I was a 25-year-old Zoomer today, there is zero chance I could afford any type of real estate, at least in my area. "Starter homes" are now $600K or more. The same is true for most Zoomers, and Millennials are split spending on whether they're closer to Gen X or Gen Z age.

Finally, my parents instilled into me at a young age that I would not be getting any sort of inheritance. Before I was born, my parents knew a number of trust-fund kids and thought they were spoiled little shits, and didn't want me or my siblings growing up that way. My dad's entire estate is going to my stepmother, and most of my mom's is going towards her grandkids' college funds.

[quote]Nope. [R15] must be a troll, considering I blocked it at some point and can't see any of its posts.

I feel honored!

[quoteMy dad's entire estate is going to my stepmother, and most of my mom's is going towards her grandkids' college funds.

They clearly hate you.

Most in my family had huge broods of kids. If one was disabled, the entire estate went into trust for their care.

In one case, my drunk cousin volunteered to care for his sister and the rest of the family had to step in. He meant well….

It's always nice to inherit but you can't count on it. You have to make your own money.

Boomers gave birth to millennials.

[Quote] These ancient arseholes

People who say “arsehole” don’t even know what a boomer is, FFS.

[Quote] There are plenty of Boomer parents who have Gen Z kids,

That’s ridiculous. 86% of Gen z have Gen x parents.

And then there's me .... net worth is over $3 mil. No siblings, children, nieces, or nephews.

I'll be 72 on Friday.

[quote]My parents have never shared their finances with me or my siblings. They would be wealthy or they could be in debt, we have not idea. Not that it's any of our business. Parents don't have to share their financial information with their kids if they don't want to.

A friend of mine was in your situation (she was an only child), and she lived with her parents all her life. I used to tell her when she was in her 30s - 40s to sit down with her parents, find out what their financial situation is as well as any assets, and then arrange a meeting with an 'eldercare lawyer' to see what should be done to keep their finances safe and out of the hands of a nursing home, if ever that should happen. I suggested she could start by being the primary account holder for all their savings accounts, and have their name removed from the house and put her name on it. A lawyer could help with more complex stuff if therre was any. I gave her the contact info of the lawyer I used a year earlier, who straightened everything out for us so there would be no surprises down the road (and thankfully, everything he did was perfect when my dad - my last surviving parent - entered a nursing home at age 88; nothing had been in his name for the past 25 years).

My friend didn't listen to me - she was in complete denial her parents were aging, and that they could ever possibly end up in a nursing home (or an ALF). I didn't push it. Her parents lived frugally and carefully - and I chalked it up to them living through the Great Depression. Yet I always suspected they had much more than met the eye.

Sure enough, about fifteen years ago, both her parents (in their 80s) fell ill within months of each other and both ended up in the same (very expensive) nursing home. It took her over a month (with the help of her family accountant who charged her by the hour) to get all their financials together to present to the nursing home. In the end - the nursing home got everything - more money than she ever imagined they had in savings and investments, and two and a half acres of 'undeveloped' ocean-front property in Martha's Vineyard she never, ever knew they owned (the property records showed they bought this property in 1961, when she was born). She was left with the modest two-bedroom home she grew up in (the nursing home was interested in that).

r36 my parents would never sign anything over to me or my siblings. The house? No way. Everything will always be in their names. There are ways to avoid giving all the money away to a nursing home. Your friend could've easily prevented that.

Why the (mostly) gay people who post here waste so much time obsessing about other people's kids, I have no idea.

And if you have your own kids, you have my sympathy.

Nobody would want to be your child anyway, r35.

[quote]There are ways to avoid giving all the money away to a nursing home. Your friend could've easily prevented that.

I hope you are right. Currently, the Medicare 'look back' is five years. It was three and a half years when her parents were in the nursing home in 2012. In 1995, when I did my parents' home, it was 12 months.

When my dad went into the nursing home in December, 2019 I had to sit with the woman in their business office and present her with all my dad's financials. She was a little bulldog of a woman in a messy, cramped office.

On paper, he had a very small pension from a job he had from 1950-80 (the company closed down) and a 401K from another job he had from 2000 -2010, as well as his social security check. (He worked between 1980- 2010, but that was for a non-profit and offered no retirement benefits). In total, it was less than $1700 a month. He owned a car which was 12 years old (he loved that car, ane never wanted another one) which was of no use to the nursing home. THAT WAS IT. Again - everything else was in my name. The woman was rip shit that he had nothing in his name. I had thirty days to spend any money he had in investments he had set up a while ago - which was about $20,000 in investments. With that money, I pre-paid his funeral expenses and used every dime so the NH couldn't get their hands on that (and that was perfectly legal).

'Are you sure this is it ? No other property - no vacation home ? No new car ? No assets ?'

Nope- nothing. What you see his what he has. (I even brought in his tax returns from the past three years to show he had nothing).

I'll never forget when I was leaving her office, she said to me : "If you're lying to me - or if you're hiding something - I'm going to find it. I always do. And you're going to be sorry you didn't come clean now. You could go to jail, you know..."

In my part of the world (the Netherlands), the deaths of hundreds of thousands of Boomers over the next decade or so (tons of post-war babies--a huge generation) will result in the largest transfer of wealth ever seen in the country's history. That generation got all the breaks, has saved money (and then some) and has all kinds of assets: real estate, stocks, and so forth. Their children would be GenX and Millennials.

Hello r35!

Has anyone experienced a problem with life insurance not paying out? My mom has a 200K policy with me as the beneficiary which I will be relying on one day.

My mom is a boomer and i am gen x (76, 51). Her main asset is her house, and in the will the profit from selling it will be split between almost 20 people. I’ll be lucky if I get 10 grand after everything. I am also in charge of selling it which will be less than fun because I live far from her.

[quote]Has anyone experienced a problem with life insurance not paying out? My mom has a 200K policy with me as the beneficiary which I will be relying on one day.

Let's say they won't be writing out a check in that amount the day you tell them Mumsy died. You'll have to go through some hoops, you'll have to provide a ton of paperwork, and in possibly a phone interview.

My dad had a very small life insurance policy of $10,000 with 'John Hancock Insurance' because back in the day when he took out this policy when he married my mom (1957) $10K was considered a 'lot of money' (and not many Americans were buying life insurance from a door to door salesman). My dad passed from COVID in June, 2020 at 88. The paperwork was filed three months later - September, 2020. The insurance company which now owned the policy asked for more paperwork...and more paperwork...and one of the copies of the original embossed death certificate (the funeral home provided us with three; if we needed more it was $100 per certificate from our city hall). They also needed a letter from the funeral home saying he was dead (WTF?) - the funeral director said many companies were asking this now since the rise of COVID deaths and fraud. Keep in mind - the payout was for $10K - not $10M or $10B. Just $10,000.

I honestly gave up on it in June, 2022 - I didn't bother with tracking it any longer, as I was exhausted. I finally got the payment from them this past March - a check in the mail, even though I requested direct deposit and provided all my bank info for direct deposit. I first thought the envelope I got in the mail was a request for more info - and almost threw it away. LOL!

Now things may have calmed down post-pandemic, but be prepared if they have decided to keep this circus going these days. It is exhausting.

[quote]I honestly gave up on it in June, 2022 - I didn't bother with tracking it any longer, as I was exhausted. I finally got the payment from them this past March - a check in the mail, even though I requested direct deposit and provided all my bank info for direct deposit. I first thought the envelope I got in the mail was a request for more info - and almost threw it away. LOL!

Amazing how this still happens in this day and age. Direct deposit has been around for many years but various companies still fuck it up. It's happened to me and many people I know.

Most people I know don't even check their mail every day anymore.

Boomers never gave birth to GenZ. they gave birth to millennials

I deposited a 400 corp. check and out of curiosity I asked how long to clear, 4 days? Why? 4 days to make money on your deposit. Too bad banks don't just use PayPal.

"What is the crime of robbing a bank compared to the founding of one?"=Brecht

Yes, it still takes several days to process a check. In 2024.

But they can take money OUT of your account in two seconds! No waiting period for that.

My boomer dad set me up

[quote]Boomers never gave birth to GenZ. they gave birth to millennials

'Boomers' ended in 1964. 'Zoomers' began in 1996. So what you're saying is that not one woman born in 1960 -64 gave birth in their early - mid 30s. Not one woman born from 1957-59 gave birth in their late 30s.

Fascinating, R47. You've shared something no one has ever known before.

WTF are "Zoomers?" Boomers ended in '64 and Xers started in '65.

[quote]Most people I know don't even check their mail every day anymore.

That's me. I check twice a week - Tuesdays and Saturdays. And the mail is delivered in my mail slot of my 'storm door' so sits between the front door and storm door for days. I never use my front door - so I can't be bothered walking to the front end of the house and picking up mostly junk mail.

R52 Pay attention so you can follow along...

"Baby Boomers" - Born between 1944-1964

"Gen X" - Born between 1965 - 1980.

Millennials - Born between 1981 - 1995.

Zoomers / Gen Z - Born between 1996 - 2012.

1960 - 1969 is also known as Generation Jones, coined by American cultural commentator Jonathan Pontell. How do you know if you are part of Generation Jones ? If you were in elementary school or middle school during Nixon's resignation in 1974. You don't identify with Boomers or Xers - you're Generation Jones.

I need to do this. Most of my money (close to $1M) is in a traditional IRA and a Roth. I'm fully invested in equities. My condo is going to my partner (about $240K). I need to find out how this gets moved to my sons without getting taxed and I retain control. I also need a will. I keep putting it off and I shouldn't.

r54 Zoomers isn't really a thing, they're called Gen Z.

r47. Donald Trump did

Stop with the Generation Jones nonsense—a meaningless description

If the elderly refuse to accept their illnesses are terminal and keep seeking treatment, that can eat up every penny they have as I saw with my partner's crazy sister, a former lawyer. She was booking cruises near the end of her life that she assumed she would travel with a private nurse. She left an under-water condo to my partner, which needed extensive work before it could be sold.

I'm onr chemo right now. My cancer hasn't spread but if it does travel to my brain, game over.

[quote]Boomers are Millennials’ parents you freaking dumbass. Gen X is Gen Z’s parents

Men can impregnate women forever, so yes — there are many boomers with Gen-Z kids.

R55 Set a deadline for December 31 to have this finished and GET THIS DONE. Sooner rather than later. If you are over 65, hire an 'eldercare attorney' someone can recommend to get the ball rolling. Do your research - and start now. It's going to take a while.

R62 I already pointed out Michael Jackson as one of the dads in my earlier post. He's a Boomer and fathered three Zoomers.

R58 Who made you Judge and jury ? If you don't accept Generation Jones, move on.

R56 they're called 'Zoomers' for short - just like Baby Boomers are called 'Boomers'.

r62 God love you for thinking Michael Jackson was their biological father.

Thanks - I can always use God's love.

FTR - my father fathered children over three generations. He had three wives (widowed twice).

R63 fetch, Gretchen

Boomer Richard Gere, who just turned 75, is the father of 24 year old Zoomer 'Homer'.

Boomers Arnold Schwarzenegger, 75 and ex wife Maria Shriver, 68, are parents to Zoomer child Christopher, 26. Shriver was 42 when she had her last child.

But for the sake of those on DL who insist Boomers never gave birth to Gen Z 'Zoomers' , let's pretend these two examples never happened. It makes them happy.

We’re having a little bit of marital resentment over this. My partner’s mom left us some $$ when she passed — and she gave her entire estate to her descendants.

Now my elderly mom has some $$ (probably around $1.3M all total) and she has entirely different plans. We’ll get a little but most is going to selected non-profits/causes she has long cared about and supported.

I’m more “que sera, sera” about this and do not feel entitled to my mother’s estate… but my spouse keepsmaking resentful comments about it. He thinks my mom is treating us terribly in not doing what his mom did. And he takes it somewhat personally.

Boomers are not the parents of most Zers. Your examples are very wealthy men who continue to father children with each new wife. This is an age-old story.

R70 - It's not his money.

R70 again - part of the reason I’m que-sera-sera about it is that I saw what happened with my two sets of grandparents. One set died suddenly and there was inheritance. Same with my partner’s mom.

The other set of my grandparents died verrrry verrryy slowly…. and nursing homes took it all.

What kind of death ultimately awaits my mom, or anyone’s, is out of our hands.

Dustin, I agree with you! but the little zingy comments keep happening… Part of it is cultural, my people do philanthropy, his culture it’s AlL about the family.

He’s great all in all (my spouse) but there are some challenge areas…

R70’s partner is a jerk

His mom’s $ should have gone to her ancestors not to her descendants.

[quote]Dustin, I agree with you! but the little zingy comments keep happening

Well, then it's time to assert yourself. Easy. Say, "my mother is not dead yet and talking about inheritance is unseemly. It's her money, if there is any, to do as she pleases. I don't want to hear another word about it."

Don't overthink it. Be polite and direct and don't be a wimp. If your relationship can't withstand this, well then....

My right wing, maga nieces and nephews gonna be mighty unhappy when they learn I left my entire estate to ACLU and animal charities. cue the sound of wah-wah.

[quote]Boomers are not the parents of most Zers. Your examples are very wealthy men who continue to father children with each new wife. This is an age-old story.

I think the USA Today writer chose “Boomers” for his headline because it’s more triggering than “Gen-X.”

[quote]There are plenty of Boomer parents who have Gen Z kids.

Um, no – and I say that as someone with a Boomer parent & Gen Z kid. My dad is 79, and his youngest son – my half-brother – is 17. Literally all of his friends' parents are Gen X, and mostly around my own age. (And since I know you cunts are wondering: no, my dad wasn't planning on having more kids. He also wasn't expecting to end up marrying a much younger woman, since he knows the "trophy wife" cliche all too well. He dated women his own age, but fell for one who had a single "dealbreaker" in their relationship: she wanted a child. (Dad even got his vasectomy reversed!)

The number of *actual* boomer parents of Gen Z kids is extremely low, and I know full well how unusual it is for me to have a 36-year age difference among my four siblings.

Most men in their 50s, 60s and 70s do not father kids. Unless they're wealthy and have kids with their third or fouth wife who is young enough to be their daughter.

Here’s the author’s bio:

[quote]Daniel de Visé covers personal finance for USA Today. A graduate of Wesleyan and Northwestern universities, he has written five books and worked at the Washington Post, the Miami Herald, The Hill and four other newspapers. He shared a 2001 team Pulitzer Prize and has garnered more than two dozen other national and regional journalism awards. His last book, King of the Blues, was longlisted for the 2022 PEN America award in biography

… and he doesn’t know what a “millennial” is.

Who are all these people who want to leave $ to cousins or nieces/nephews? I come from a close family, and I’m better off than most of them—but not in a million years would any of them expect to be named in my will (which is a smart move). I do things for them while I’m alive —jack when I’m dead.

I would be shocked if my aunts or uncles left me an inheritance. It's even weird to think about.

Exactly—

Most boomers gave birth in the eighties. Those aren’t GenZ

Tons of boomers had kids in the seventies. Lots of Gen Xers have Boomer parents.

I’m the greatest generation with a zoomer teen.

😰 kids today!

That’s why you should bleed your parents dry on the front end. Then you can’t really get shafted. This only really works if you’re not afraid to be labeled a complete fuckup. But why should you be ashamed? They shouldn’t have had you, amirite?

[quote]Boomers are not the parents of most Zers.

[quote] "Most men in their 50s, 60s and 70s do not father kids. Unless they're wealthy and have kids with their third or fouth wife who is young enough to be their daughter."

And what about the Boomer men and women who were 32 - 40 during the early 'Gen Z' years (1996 - 2012) who had kids then and started families or added to their families ? Are you going to say 'most men past the age of 31 don't father kids' ?

When my dad passed, everything went to my mom.

She lived in her house with my brother and I taking care of her until we were no longer able to, then she moved into assisted living.

After dad passed, she and I sat down and went over her finances since I had POS on her financial stuff. We made her funeral arrangements (at her request), talked about getting a daily nurse visit vs assisted living cost analysis, and went over what her DNR status was as well as making sure that paperwork was done.

She ended up in assisted living and burned through most of the money dad left her. My brother and I were in the process of selling the stuff in her house to sell the house when she passed.

She had no life insurance, so all of the money left in her accounts went to pay for her funeral. We sold the house and split the money (we had to do a lot of work to sell it).

My parents weren’t rich, but they were comfortable. If mom had lived even six more months, we wouldn’t have gotten any money from the sale of her house.

r90 a 40 year old in 2012 would've been Gen X.

R92 is correct. I'm Gen X and turned 40 in 2012. Same year the movie "This is 40" was released, very much an homage to Gen X entering middle age.

R8 I hate to break this to you dumbo, but Michael Jackson did not father any children. He bought them as a way to try and rehabilitate his image after the world found out that he fucked with little boys.