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Many millennials can eagerly anticipate becoming the \u201crichest generation in history\u201d over the next 20 years as they are set to inherit their baby boomer parents\u2019 wealth. However, a large portion of millennials are not expecting a windfall of cash when their parents pass away.<\/p>\n
The estate planning company Trust & Will analyzed proprietary data from 52,505 people and found that only a select few can kick up their feet and bank on the $90 trillion \u201cGreat Wealth Transfer<\/a>\u201c.<\/p>\n Today, more than half of America\u2019s wealth belongs to baby boomers with most of it tied to their real estate<\/a> as they hold off downsizing. <\/p>\n However, a third of millennials do not know if their parents have an estate plan and 13% said they knew their parents did\u00a0not<\/em>\u00a0have a trust or will.<\/p>\n In fact, just 43% of millennials expect to gain financially from the death of a loved one\u2014and only 50% of those individuals are relying on it as part of their financial plan.\u00a0<\/p>\n Trust & Will\u2019s data didn\u2019t dive into why the majority of millennials don\u2019t expect their parent\u2019s assets to wind up in their hands, but at around 30 to 40+ years old (many with children), the generation can\u2019t afford to wait two more decades to secure their financial footing.<\/p>\n Most millennials have already bought their own home<\/a>, instead of waiting to inherit one in their sixties.\u00a0<\/p>\n The report also highlights that millennials are a \u201csandwich generation\u201d with 39% of those surveyed caring for both their children and their elderly parents\u201458% said that will affect their ability to pass on wealth.\u00a0<\/p>\n Realistically, people are living longer and the cost of care is only going up<\/a>. <\/p>\n So millennials\u2014many of whom will one day have to shoulder the financial burden of specialized care for their parents\u2014are probably banking on using their parent\u2019s assets to front such costs.<\/p>\n It\u2019s perhaps why many of those who do expect to inherit can\u2019t rely on the wealth transfer in their grand plans for their future, like buying a bigger house or taking a once-in-a-lifetime vacation.<\/p>\n Although many millennials won\u2019t benefit from the great wealth transfer\u2014they don\u2019t actually need to. <\/p>\n That\u2019s because a sizable chunk of the generation is already dipping into their inheritance while their parents are still alive.<\/p>\n New research shows<\/a> that more than a third of young people who are planning to buy a home expect their parents, or family, to help with their down payment in the form of a cash gift. <\/p>\n Meanwhile, separate data<\/a> shows that millennials are more likely than the generations before them to have dipped into the bank of mom and dad to become homeowners.\u00a0<\/p>\n What\u2019s more, financially supporting your adult children doesn\u2019t stop at helping them get on the property ladder. <\/p>\n According to Pew Research Center<\/a>, a third of millennials in their early thirties are still being bankrolled by their parents, who are paying off their everyday expenses and streaming subscriptions.<\/p>\n<\/div>\n\u2018The Sandwich Generation\u2019<\/h2>\n
Millennials are still using the bank of mom and dad\u00a0though<\/h2>\n
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