Many baby boomers don't plan to leave their kids an inheritance, feel they've given them enough [View All]

[Liberal_in_LA]

Many baby boomers don't plan to leave their children an inheritance
Unlike previous generations, some baby boomers believe they've already given their children enough, and they plan to spend the money they've saved on themselves.

Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter's medical school tuition. But Willison's generosity has reached its limits.

Not only doesn't the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she's trying to spend every last dime on herself before she goes.

"My goal is when they carry me away in that box that my bank account is going to say zero," Willison said. "I'm going to spoil myself now."

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Many boomers already are giving the equivalent of an inheritance, except they're doling out the cash while they're still alive, said Ken Dychtwald, chief executive of research firm Age Wave.

They're supporting elderly parents, adult children or other family members who are suffering professional or financial woes.

"How can you say no when a child asks ask for a down payment for a house or money to remodel their house to have a bedroom for a second child?" Dychtwald said. "A lot of boomers are finding that family members are taking cash advances on those inheritances right now."

http://www.latimes.com/business/fi-la-boomer-inheritance-20110906,0,1467194.story