History has taught us that with each generation, there should be a greater inheritance than the generation before. Of course, history is based upon the economic realities of the past. Unfortunately, the present economy is putting quite a different spin on history’s past teachings and expectations.
These days, if you are a baby boomer, you shouldn’t count your inheritance eggs before they hatch. Not only may you not have as large of an inheritance as you may be expecting, but you may actually need to help your parents financially if they live longer than they financially planned for.
Open conversation between all family members is always best, as everyone has the opportunity to be on the same page and know what the future may hold, especially if tough decisions must ultimately be made when finances become tight. However, open conversation is not always easy.
To learn more about the reality besetting many families with elderly parents, whether you may be aware of your own family’s situation or not, read this.