well, this is interesting....GenXers to inherit 30 tril

creekguycreekguy Senior MemberPosts: 3,905 Senior Member
According to a study by Accenture, Boomers are already in the process of receiving some $12 trillion in inheritance from their parents*-- those parents popularly known as coming from the Tom Brokaw-dubbed "Greatest Generation,” who grew up in the Depression era and saw America through World War II. If the*Boomer generation experienced the biggest familial giveaway in history, that's only because they haven't had a chance yet to give away all of their massive wealth. It’s the Boomers' kids that really stand to clean up on the inheritance front. The big Boomer giveaway will almost triple the inheritance money bag that their parents left them, from $12 trillion to $30 trillion,when it comes time to dole out their life's savings over the next few decades.
 
So forget about the Greatest Generation, in what Accenture calls “The Greater Wealth Transfer." We'll affectionately, and informally, dub these recipients the "Silver Spooners," or "Spooners," for the amount of wealth the sons and daughters of Boomers are about to inherit without doing an iota of work to merit the fortune. (You may know them as Gen-Xers and Gen-Yers, but you didn't know just how much money they are about to come into, did you?)
“At its peak between 2031 and 2045, 10 percent of total wealth in the United States will be changing hands every five years. The accelerating pace of this transfer, combined with the generational differences in the demands and expectations of wealth management service providers, makes this massive transfer of wealth between generations a defining issue for the wealth management industry,” the Accenture study states.

http://www.bankingmyway.com/save/americas-looming-30-trillion-giveaway

As a protoboomer (1944) i plan on taking it all with me, ..somehow. I'm looking into quantum physics for some ideas.

Replies

  • Shawn C.Shawn C. Senior Member Posts: 6,586 Senior Member
    God forbid we tax that money!
  • FishTXFishTX Super Moderator Posts: 7,914 Senior Member
    Has anybody come up with widely accepted dates for each generation? I don't know if fall in the end of the boomers or in the proto-gen X.
    "We have to find someone who can not only fly this plane, but who didn't have fish for dinner."

    Crooow:This music would work better with women in bikinis shaking all over the place. I guess that's true of any music really.
  • TimDTimD Senior Member Posts: 906 Senior Member
    creekguy wrote: »
    According to a study by Accenture, Boomers are already in the process of receiving some $12 trillion in inheritance from their parents*-- those parents popularly known as coming from the Tom Brokaw-dubbed "Greatest Generation,” who grew up in the Depression era and saw America through World War II. If the*Boomer generation experienced the biggest familial giveaway in history, that's only because they haven't had a chance yet to give away all of their massive wealth. It’s the Boomers' kids that really stand to clean up on the inheritance front. The big Boomer giveaway will almost triple the inheritance money bag that their parents left them, from $12 trillion to $30 trillion,when it comes time to dole out their life's savings over the next few decades.
 
So forget about the Greatest Generation, in what Accenture calls “The Greater Wealth Transfer." We'll affectionately, and informally, dub these recipients the "Silver Spooners," or "Spooners," for the amount of wealth the sons and daughters of Boomers are about to inherit without doing an iota of work to merit the fortune. (You may know them as Gen-Xers and Gen-Yers, but you didn't know just how much money they are about to come into, did you?)
    “At its peak between 2031 and 2045, 10 percent of total wealth in the United States will be changing hands every five years. The accelerating pace of this transfer, combined with the generational differences in the demands and expectations of wealth management service providers, makes this massive transfer of wealth between generations a defining issue for the wealth management industry,” the Accenture study states.

    http://www.bankingmyway.com/save/americas-looming-30-trillion-giveaway

    As a protoboomer (1944) i plan on taking it all with me, ..somehow. I'm looking into quantum physics for some ideas.

    It is a large amount of money (400k per boomer on the upper end) and for the average person most of it would be tied up in real estate. I somehow don't think that it is evenly distributed. It probably follows the same lines of wealth distribution as the general society.

    With interest rates being what they are, 400k could add 12 - 20k per year divided up between surviving siblings. When the survivors get the money most of them will be in their late 50's early 60's.

    Don't know about a rain of cash, since most of the wealth will be held in real estate, that means selling the parental home (not easy now a days). More sales on the market means downward pressure on prices.

    We'll see how it works.

    Tim
  • WetdogWetdog Senior Member Posts: 5,149 Senior Member
    And ours is a totally wasted generation. There was promise but then the 80's came. "No matter how much money you made (or inherited) it will never buy back your soul."
    I find the assault on free thought disturbing,
    I find the willingness to give it up frightening.
  • JulietJuliet Posts: 0
    $12 trillion is a lot of stroll.

    The late 20th century must have really sucked.
  • GoldenladleGoldenladle Super Moderator Posts: 3,854 Senior Member
    FishTX wrote: »
    Has anybody come up with widely accepted dates for each generation? I don't know if fall in the end of the boomers or in the proto-gen X.

    I think 1964 is generally considered the cut-off for Boomers - you're in!

    Moved to Montana, gonna be a dental floss tycoon.

  • creekguycreekguy Senior Member Posts: 3,905 Senior Member
    Steven wrote: »
    $12 trillion is a lot of stroll.

    The late 20th century must have really sucked.

    And they accomplished that with a usually HIGHLY progressive tax policy! Whooda thunk it?
  • JulietJuliet Posts: 0
    Highest in the developed world! Let's make it more!

    Meanwhile, is it worth pointing out that marginal tax rates were significantly lower even under Clinton than they were pre-Kennedy?

    Bu...bu...bu...tax cuts are bad.
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    Steven wrote: »
    Highest in the developed world! Let's make it more!

    Meanwhile, is it worth pointing out that marginal tax rates were significantly lower even under Clinton than they were pre-Kennedy?

    Bu...bu...bu...tax cuts are bad.

    Bu...bu...bu...Clinton tax rates are socialist!
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    My Dad once sold a house to buy a boat. There is no inheritance waiting for me. Eh he has lived well and been happy, that is all that counts.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    Bu...bu...bu...Clinton tax rates are socialist!

    Good thing the Republicans stopped him from making it worse.
  • BuffcoBuffco Senior Member Posts: 10,209 Senior Member
    Shawn C. wrote: »
    God forbid we tax that money!

    What claim does The Government have to that money?
  • JulietJuliet Posts: 0
    Buffco wrote: »
    What claim does The Government have to that money?

    Well, the government gave it to you. :confused:
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    Steven wrote: »
    Good thing the Republicans stopped him from making it worse.

    Or did they prevent an even bigger surplus?
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    Steven wrote: »
    Well, the government gave it to you. :confused:

    So how did you earn it? By waiting for your dad to die?
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • JulietJuliet Posts: 0
    Yes, I was born before the remote control was invented.

    FWIW, my father is alive. I've been informed that if anything is left to my sister or me, he will have considered himself a failure.
  • JulietJuliet Posts: 0
    Or did they prevent an even bigger surplus?

    Yeah, cause HillaryCare would have created a surplus. Just like ObamaCare will, I'm sure.
  • ricinusricinus Senior Member Posts: 6,214 Senior Member
    Steven wrote: »
    Yes, I was born before the remote control was invented.

    FWIW, my father is alive. I've been informed that if anything is left to my sister or me, he will have considered himself a failure.

    I think I'd like your dad...

    Mike
    My new goal in life is to become an Alter Kaker...
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    Personally I find the whole thought of inheritances a little ghoulish.

    My concern is because my Dad has remarried that I just want some sort of momento to remember him by. But I am also hoping I have another 20 years before I have to think about it.

    77 and he still skis and golfs daily. Yea Dad!
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • FishTXFishTX Super Moderator Posts: 7,914 Senior Member
    77 and he still skis and golfs daily. Yea Dad!
    Way to go Dad!!

    Mine is 78 and golfs some when he has the money. Gave him a bicycle for Father's day.
    "We have to find someone who can not only fly this plane, but who didn't have fish for dinner."

    Crooow:This music would work better with women in bikinis shaking all over the place. I guess that's true of any music really.
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    My dad works in the pro-shop for minimum wage and free golf.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • FishTXFishTX Super Moderator Posts: 7,914 Senior Member
    If dad could get free golf, he might work for free. :) I watch a lot of golf when I visit at Dad's house.
    "We have to find someone who can not only fly this plane, but who didn't have fish for dinner."

    Crooow:This music would work better with women in bikinis shaking all over the place. I guess that's true of any music really.
  • fishingcomicfishingcomic Senior Member Posts: 23,318 Senior Member
    I tell my fly fishing friends that the reason why I golf is because of poor upbringing.

    My dad got me cut down clubs when I was 6.
    'I've spoken of the Shining City all my political life. …In my mind it was a tall, proud city built on rocks stronger than oceans, windswept, God-blessed, and teeming with people of all kinds living in harmony and peace; a city with free ports that hummed with commerce and creativity. And if there had to be city walls, the walls had doors and the doors were open to anyone with the will and the heart to get here. That's how I saw it, and see it still.'" Ronald Reagan
  • TimDTimD Senior Member Posts: 906 Senior Member
    Steven wrote: »
    Highest in the developed world! Let's make it more!

    Meanwhile, is it worth pointing out that marginal tax rates were significantly lower even under Clinton than they were pre-Kennedy?

    Bu...bu...bu...tax cuts are bad.

    Steven,

    What relevance do marginal tax rates have? Clinton's tax rates were higher than GWB's, he also had lower deficits and stronger economic growth.

    As the developed world lowered tax rates, growth has decreased and deficits have increased.

    What's next, are you going to argue that the earth is flat? Maybe you are going to say that if taxes were zero then they government would no longer have deficits and the economy would grow at 10% a year and everyone will win the lottery and, and and.

    Tim
  • JulietJuliet Posts: 0
    TimD wrote: »
    Steven,

    What relevance do marginal tax rates have? Clinton's tax rates were higher than GWB's, he also had lower deficits and stronger economic growth.

    As the developed world lowered tax rates, growth has decreased and deficits have increased.

    What's next, are you going to argue that the earth is flat? Maybe you are going to say that if taxes were zero then they government would no longer have deficits and the economy would grow at 10% a year and everyone will win the lottery and, and and.

    Tim

    go back and reread. Try to follow along.
  • TimDTimD Senior Member Posts: 906 Senior Member
    Steven wrote: »
    go back and reread. Try to follow along.

    Just make a case Steven,

    Your point was irrelevant - come up with something that makes sense.

    Tim
  • Why, then wait another 12 hours for you to reply?

    I got work to do today. I have 2 more write-ups on companies that reported last night and then four companies on your own.

    Why don't you make the case that the long term decrease in effective and marginal tax rates were bad in light of the fact that America's "greatest generation" will be transferring more assets than any generation in any country in the history of the world adjusted for inflation?

    I'll check back in 8 hours or so.
  • TimDTimD Senior Member Posts: 906 Senior Member
    Steven wrote: »
    Why, then wait another 12 hours for you to reply?

    I got work to do today. I have 2 more write-ups on companies that reported last night and then four companies on your own.

    Why don't you make the case that the long term decrease in effective and marginal tax rates were bad in light of the fact that America's "greatest generation" will be transferring more assets than any generation in any country in the history of the world adjusted for inflation?

    I'll check back in 8 hours or so.

    You need to build in some patience there Steven,

    I don't need to make the case about long-term marginal rates, simple observation shows that they are correlated with slower economic growth and higher debt. A failed economic theory if there ever was.

    Just think about how much greater the transfer would be if the economy would not have started decelerating in the past few decades.

    Tim

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