, Columnist
Boomers, Talk to Your Kids About Their Inheritance
It’s best to be candid about what you are (or aren’t) bequeathing to your adult children.
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The largest transfer of money in US history is underway — with more than an estimated $70 trillion set to pass from wealthy baby boomers to their children over the next 20 years — and no one wants to talk about it.
Surveys are piling up in my inbox about how neither parents nor their adult children want to discuss the former's finances. Some boomers are frozen by fear and reluctant to cede control. Wealthier parents think their kids are unprepared to handle the money, or they're worried if they disclose too many details, it could encourage their kids to become flaky or irresponsible.