‘It’s too expensive for most people’: Skyrocketing cost of eldercare is obliterating the chance of passing on an inheritance for many Americans
Most striking: the share of people who died with nothing left after care costs nearly doubled, rising from 6% for those who died between 2006 and 2010 to almost 11% for those who died between 2017 and 2022.
First off, "Generational Wealth" isn't measured in Millions anymore. 100s of Millions if not Billions is necessary. Anybody truly rich sets up a Trust Fund for kids and grandkids they can start drawing on when 18 and/or manage themselves at 21 or 25.
Second, Boomers are living so long by the time they die their "kids" are already Geriatrics themselves.
The more normally rich people pay for all the stuff a kid needs to get a good start in life. They buy the car, pay for college and grad school, at least put the down payment on the first house, invest money in the kids business like dental office or game software company, whatever. Theoretically the "kid" should be successful enough to pay the outrageous cost of getting old for the parent.
Obviously, the thing to do is get rid of your money BEFORE you reach the point of decrepitude and get covered by Medicare & Medicaid. Sign you house over to your kid etc. You need to do this a few years ahead because da goobermint will look into what you gave away and who you gave it to.
It has already cost over $1M for my retirement years, more money than I earned my entire life before. I could never have saved for it, even had I saved every penny I earned. I didn't think I'd make it to 70, now II'm starting to think I'll live to 100, unless I starve to death from inedible food.
RE