Did the recession ruin thechances of inheritance for the masses? According to a recent survey, it turnsout that neither those planning for their estates nor the would-be inheritorsthemselves are quite sure, or even on the same page.
CNBC recently explored this issue in an article titled â€œAfterrecession, few Americans expect to inherit moneyâ€ and the underlyingsurvey conducted by Interest.com.
There seems to be confusionamong the ranks of would-be estate settlors and would-be inheritors regardingwhether there will be any inheritance and in what amount. Interestingly, theexperts disagree with both assessments.
According to the results of thesurvey, only 27 percent of respondents age 18 to 59 said they expect to receivean inheritance from their parents or other family, with most of them offeringlow-ball estimates in their best-case scenarios.
In reality, we are about to seethe greatest wealth transfer in recent history, with baby boomers finallyputting their plans to action and transferring their wealth to the nextgeneration.
Naturally, some baby-boomers area bit optimistic. Perhaps this is because they have been planning for so longand medical costs have only recently risen so dramatically. Nevertheless, toleave an inheritance they will need to ensure this money survives their medicalbills.
In short, whether you areplanning to leave an inheritance or will be receiving one, the amount andmethod of inheritance are worth understanding and planning.
Either way, this may be a topicworth bringing out into the open for family discussion to everyoneâ€™s benefit.There is something to be said for realistic expectations.
At IdahoEstate Planning we are the expertsyou need to know and trust. Work with us and we'll put together a plan thatworks for you and your loved ones. Remember, goodplanning is no accident.