Thursday, July 9, 2015

No Longer Saved for Generations

"As their parents die, baby boomers are on the receiving end of the largest transfer of wealth in U.S. history: estimated at $8.4 trillion, according to a 2010 study by the Center for Retirement Research at Boston College."

Along with that inheritance comes a lifetime of belongings.  However all generations seem to be reluctant to take on the inheritance of belongings.  Baby boomers see their own need to pare down so therefore do not want anymore stuff.  Gen X's, Y's and Millennials live in a fast-paced world where stuff will just slow them down, preferring money rather than items for their inheritance.

A good practice would be to sit down with the family and discuss the nature of large inheritance items.  Old love letters might be something everyone in the family would like to see stay in the family, while old furniture may not be something anyone wants.  Someone may want to take the jewelry and photo albums but may not have any use for a fireplace mantle.

Much like investments, land and other financial instruments should be discussed regarding their distribution, household items and other ephemera must be taken into consideration.

Source:, No longer saved for generations, family heirlooms are being shed, April 22, 2013

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