A recent survey finds that nearly half of wealthy baby-boomers don’t feel the need to leave any of their wealth behind for their kids when they die. Instead, they’re planning on spending their hard earned cash on themselves. The survey respondents gave a couple different reasons for keeping their cash. Some feel like they’ve done enough for their kids with expensive educations and down payments on homes, that there’s no need to keep on giving. Others say there’s no way of knowing when they’re going to kick the bucket and their kids will get whatever’s left in the coffers when they do any, so no need for extra planning. And finally, a full one quarter of boomers say they’re worried kids will get lazy if they know there’s money coming to them later on. Is this the ultimate act of selfishness from the “me” generation? Or after a lifetime of coddling their kids, are boomers leaving them high and dry without a safety net? Do parents owe their kids anything after death?
Walter Hamilton, Financial Reporter, Los Angeles Times