Will There Be An Inheritance? Many Are Doubtful in Ann Arbor
September 30th, 2013
In the survey, conducted by Interest.com, a financial planning site, just 27 percent of respondents age 18 to 59 said they expect to receive an inheritance from their parents or other family. Even those who believe there will be something left over for them aren't expecting a huge windfall.
Did the recession ruin the chances of inheritance for the masses? According to a recent survey, it turns out that neither those planning for their estates nor the would-be inheritors themselves are quite sure, or even on the same page.
CNBC recently explored this issue in an article titled “After recession, few Americans expect to inherit money” and the underlying survey conducted by Interest.com.
There seems to be confusion among the ranks of would-be estate settlors and would-be inheritors regarding whether there will be any inheritance and in what amount. Interestingly, the experts disagree with both assessments.
According to the results of the survey, only 27 percent of respondents age 18 to 59 said they expect to receive an inheritance from their parents or other family, with most of them offering low-ball estimates in their best-case scenarios.
In reality, we are about to see the greatest wealth transfer in recent history, with baby boomers finally putting their plans to action and transferring their wealth to the next generation.
Naturally, some baby-boomers are a bit optimistic. Perhaps this is because they have been planning for so long and medical costs have only recently risen so dramatically. Nevertheless, to leave an inheritance they will need to ensure this money survives their medical bills.
In short, whether you are planning to leave an inheritance or will be receiving one, the amount and method of inheritance are worth understanding and planning.
Either way, this may be a topic worth bringing out into the open for family discussion to everyone’s benefit. There is something to be said for realistic expectations.
Reference: CNBC (September 17, 2013) “After recession, few Americans expect to inherit money”