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Wednesday, May 8, 2013

How are some boomers spending their inheritance? On big family trips

There's a fair amount of talk these days about the fact that many people are going to be disappointed if they think they are going to inherit anything from their baby boomer parents. Part of the reason for this trend of diminished inheritances is the simple fact that baby boomers, many of whom are grandparents now or soon will be, live differently than previous generations.

I found the attached story from the Globe and Mail really interesting as it described in great detail exactly how many boomers are spending their money. Rather than saving the money they've inherited so that they may in turn bequeath it to their own kids, they are spending it. Click here to read the story.

The article talks about a number of families who spend huge sums of money on multi-generational family trips. Funds that might otherwise be passed on in some future time as an inheritance is used to pay for trips that boomers, their kids and their grandkids all take together. Their philosophy is that the money is better spent on creating experiences and memories as a family than it is simply to be saved up and inherited.

Given the amount of estate litigation these days, I can certainly see their point!

The attached photo is from the Globe and Mail story and is credited to

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