Wednesday, May 8, 2013
How are some boomers spending their inheritance? On big family trips
Posted by Lynne Butler
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 photos.com.