9:15 am November 11, 2011, by David Markiewicz
If your financial bailout plan hinged on a big dollop of cash coming from mom and dad when they’re gone, think again. At least if they’re of the baby boomer era.
Less than half of millionaire boomers feel that leaving money for their kids is a priority, says a 2011 U.S. Trust study, according to Smart Money magazine.
Nearly two in three boomers plan to use their money to travel. One in three say they just want to have fun.
All this is a pretty big change from previous generations.
The magazine notes that, “Older retirees are seven times more likely than boomers to believe they owe their children an inheritance, according to a survey of high net worth individuals published in the Journal of Financial Planning.”
It adds that, “boomers are more concerned with leaving behind things like values and keepsakes.”
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