Again, paid tuition or assistance with a down payment on a house is not a wealth transfer. What you pulled from the New York times did not dispute what I said.
Millennials Are Set To Inherit As Much As $90 trillion in assets before 2044
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Breh it literally says it in the article that it is a wealth transfer but whatever have a good one.
No it does not. The article itself is about a grand scale wealth transfer. The paragraph you quoted to me explains how young adults benefit from their parents in a manner outside of that.
Having what is essentially a bill paid and/or help entering a decades long installment loan that you still will be responsible for does not transfer any wealth. There are no resources, assets or funds that have been relinquished from one party to the next.
By your logic:
Section 8 housing
WIC
Medical insurance
Scholarships
Are wealth transfers
Ok, one more reply. The first sentence says that they don't have to wait to benefit from that money and then it names some of the ways that happens ie "repeated tax-free cash transfers of estate money" it's not "outside" of anything. I get that you don't think my examples are valid because they aren't being handed the money directly to their bank account and it somehow means its not a transfer of wealth but it is.
And yes in some ways social programs are a transfer a wealth via taxes since those who earn/have more money pay more (or are supposed to) which is what pays for those programs.
It is "outside" of the definition. A benefit is not inherently a transfer of wealth from one entity to the next. Your examples are subsidization.
Subsidizing costs is not a wealth transfer, which is the case in both the examples you are trying to use as well as the examples I put up. Bolding "estate" in "estate money" does not because that "estate money" is being put in the hands of entities that allow the beneficiary access to an institution (university, bank), not the person.
I'd love to watch you tell people on Section 8 and WIC that wealth is being transferred to them.
Do any of y'all own or have family that owns housing overseas? Are y'all thinking about making the move overseas, once you get close to retirement age or the age where you're comfortable enough financially to do so?
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ogc163
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When my husband's grandmother turned 87, our family realized it was time for us to take over her affairs. Grandma Sue was ailing and recently widowed, so we decided that it was best for her to turn over her finances. Between retirement savings and the proceeds from the sale of her house, she had about $250,000 in assets at the time. She told my husband that he would inherit all of it. On the face of it, Grandma Sue's generosity seemed like it would be a huge financial help for our family since the money was just about enough to pay off our mortgage. But my husband wasn't banking on a windfall.
Grandma Sue was able to cover the cost of assisted living with the income she was receiving from Social Security and the income on her savings. But after six years, she needed round-the-clock care and eventually was moved into a nursing home. The transition was tough and the nursing home wasn't cheap, but it was necessary to keep her comfortable. Eventually, Grandma Sue dipped into her principal to keep up with the bills, and after eight years, she had gone through the majority of her assets. At that point, she qualified for Medicaid, which covered the cost of her care. But that left my husband's inheritance at about $2,000, the maximum amount of assets you could have at the time to go on Medicaid.
When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. An intended bequest, by contrast, is one that is dedicated to the heirs and set aside from funds used to support daily living, often through a trust account or life-insurance policy.
We were happy that Grandma Sue had enough money to afford a good quality of life — she was able to get the kind of care she needed during her last years. That said, $2,000 is peanuts compared to the roughly $250,000 she had expected to pass on. Instead of paying off our mortgage, we used the money to replace our dining-room windows.
As the boomer generation hits their twilight years, the question of what will happen to their money has become a source of fascination and consternation for economists, estate planners, and families across the country. Boomers hold a massive amount of wealth: The 55.8 million Americans over 65, about 17% of the population, hold half of America's wealth — $96.4 trillion, according to the Federal Reserve. The general assumption is that as this older generation dies, that money will trickle down to younger generations and give cash-strapped families a leg up. Consider it the Great Boomer Wealth Transfer — when their parents or grandparents die, millions of Gen Xers, millennials, and Gen Zers could receive a financial windfall that will help them catch up financially. But it isn't that simple.
Death, they say, is the great equalizer. But even death can't offset wealth inequality. Most of the money held by America's older generations will get eaten up by long-term care and end-of-life costs, and what remains will mostly end up in the hands of other already-wealthy people. Instead of an inheritance boom, the reality is that most Americans will not receive a vast fortune to ameliorate their grief.
Rest of the article...
'My kids can have whatever's left over': the myth of the Great Boomer Wealth Transfer
Boomers hold half of America's wealth — but they're going to spend it on themselves before their kids have a chance to inherit their money.
www.businessinsider.com
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Doctor Wily
CapcomSwag
I'm more than good off of what's being left for me & my sis but I'd rather have my parents around instead of the M's that's due for us.
Well they just skipped right on over gen x
Yo that’s a good point! GENX is literally always forgotten!!
Wtf is good with that?!
Idk but it’s crazy
Yo that’s a good point! GENX is literally always forgotten!!
Wtf is good with that?!
Rakim Allah
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When light skin men and women got with each on a regular basis, friend.Hella nikkas finna come up
Mostly light skinned spawns of Boules
