Baby Boomers Blowing Through Kids' Inheritance

Half of boomers don't care about leaving money to children, survey says
By Mark Russell,  Newser Staff
Posted Sep 6, 2011 8:50 AM CDT
A new survey shows a surprising number of baby boomers have little intention of leaving any money behind in inheritance to their children.   (Getty Images)

(Newser) – You might not be able to take it with you when you go, but many baby boomers aren't about to leave anything behind, either. Just 49% of millionaire boomers say it's important to leave money to their children when they die, reports the LA Times. The study by a US investment firm shows that many boomers are more interested in living a plush life in their golden years than leaving scads of cash behind for their loved ones. "We were like 'wow,'" said the president of the company behind the study.

One in four boomers said they were worried that their money might make their children lazy, and one in five said they feared their children would just waste it. Others think that, given the high costs of education and raising kids today, that they have already spent enough. "I do not see my baby boomer clients giving up a vacation or wine or dinners out so that they can leave more money to their children, because they feel like they've already done it for their kids," said one financial advisor. "I've given them a terrific foundation in life," says one boomer of her kids. "I've helped launch them with their education and their careers. I've done my job. Now I'm going to enjoy life."

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