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Rather than setting up a reliable inheritance structure, my Silent Gen parents set my brother and me up as joint tenants. The reason, they told me, was “to make it hard to sell the house.” Well, my stepdad left the place a hoarder mess worthy of reality TV, and we still had very little trouble getting a decent chunk of change.
Neither of my parents have any kind of savings at all, they basically only ever made enough to get by. My mom gets a very meager stipend from being a teacher. They both retired this past year and are drawing social security. It’s already really tight for them. I know when they get older I’m gonna have to sell their houses to make sure they have enough money to live on and the medical care they deserve. No idea where they will live at that point. Isn’t America great? Work hard your whole life to struggle to make it when you’re too old to work…
Id just count my blessings that my parents can take care of themselves in retirement and beyond and not have to count on family to come in and take care of them, which is an unfortunate truth for a lot of families in the states.
I dont expect shit, and it almost seems morally bankrupt to expect a generational handout. You get something or you dont, thats life.
I agree it’s a blessing to have your parents be financially independent into their later years. I do think there’s a generational disparity. I don’t think there’s an obligation for parents to pass on some early inheritance, but I just can’t imagine letting my kids face a lower standard of living assuming their career paths and lifestyles were similar. It’s not their fault our leaders and elite have designed a system that reducing the quality of housing and cities while making them more expensive (IMO).
Maybe I’ll feel different when I’m older and I think everything they do is wasteful or something?
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Yeah. Fuck the boomers. They destroyed everything.
I inherited a house, and it is ruining me. I say bullet dodged.
My mother owns a house and I’d be fucked if I inherited it. Just the property taxes, insurance and utility bills for it come to over $30K a year which is more than I even make (before income tax) as a school bus driver. Selling it would require a lot of repairs first which I couldn’t afford. In theory you can sell the house for its book value less the cost of these repairs, but in my township you’re legally required to fix some things before a sale can even be approved (e.g. replacement of the entire sewer line out to the street). I could maybe rent it, but typical rents here would barely cover the expenses even assuming the tenant doesn’t trash the place.
Idk. Grandparents owned a really nice home I had fond memories of. They actually didn’t sell it, they lost it. Turns out if you just pay the mortgage by remortgaging the property multiple times that maybe isn’t a good idea. Place had serious issues, but I would have tried to buy it, had I the money at the time, before it went up for auction. Property alone was worth quite a bit due to the neighborhood. Most properties in that neighborhood now go for 1-2 mil.
How?
Unless it’s a mobile home on leased land, or you live somewhere property, and land aren’t valued as assets.
You can always sell it …
Taxes, maintenance, upkeep, utilities etc. Legally, I can’t sell it for some time as that is part of the will.
Can you take out debt against it to pay for those things? If you’re net negative while it’s in your possession then the math should work out if you can extract some of its future sale price against its current cost.
I am currently looking at options like this, yeah.
Sounds like it’s a problem with inheritance. Not owning a home.
Which is relevant to the meme that was posted.
You said the house was ruining you but that’s not true. What’s ruining you is the condition of the contract you accepted in order to obtain said house. The meme is about selfish parents pulling the ladder up. Not conditions set on an individual that is subject to them alone.
I never stated that the house is ruining me.
I said:
I inherited a house, and it is ruining me
The meme is about pulling up the ladder behind them.
You got a ladder installed and they bolted it to your house.
Yeah, it’s one thing if it’s in a nice location and well maintained…
But good chance it’s got some serious issues because they haven’t fixed anything in decades and no one wants to live there, so you might be 50k in the hole for things before you can even show it to serious prospects…
Or take the hit and sell it as-is to some crappy company that will probably underpay by 200-400k dollars, even accounting for all the “repairs” (probably just blast everything with paint and hope to sell it to some sucker that doesn’t take the potential problems seriously).
Millennials: “We’re not entitled”
Also millennials
You do realize that generational wealth has been a thing forever right? You’re not making some amazing gotcha point here.
Don’t worry. The insurance companies and doctors will get the rest anyways. We have a whole system of parasites to make sure that no generational wealth gets passed along.
Very true. You have to spend down in order for Medicaid to pay everything.
More like the nursing homes.
It’s hospitals not doctors. Doctors get all that money only when they run their own private practice, and life support rooms are all in big hospitals, so the money is distributed between insurance and hospital management, and doctors get paid like all other skilled workers, and probably less than scuba diving welders.
My observation is that doctors are getting squeezed, other staff moreso. They’re getting pushed harder and harder for more and more productivity out of them.
A doctor in my family quit and retired early because (basically) their group got more corporate and burned him out. I heard of a dentist who quit over ethics issues once their group was acquired by private equity.
Not that they aren’t well off, but I’d be careful blaming working professionals like doctors, engineers and such so much.
The doctors aren’t the direct problem, just complicit in the evil money scam that is American healthcare.
Sure they aren’t directly to blame, but so long as they “just do their jobs” they are knowingly and willfully complicit and need to be held accountable as such.
A dentist that does non-necessary procedures, like filing cabinets or pre-emptive fillings, causes harm.
A doctor that delays or prevents life-saving procedures because insurance tells them to causes death.
An engineer who doesn’t question “why does this licence plate reader need to have facial recognition?” causes fascism.
Yeah, my parents told me once that when my grandparents pass away there was a nice chunk of money that would be coming. I never planned around it or anything. Some time after they passed I was a little curious about it and asked what happened, that was pretty much what they said, that it probably had all been used up by hospital and nursing home bills. End of life care is the last chance to suck up that dough, I guess.
My mom got money from her grandparents, almost half a mil. She told her own mother to just spend it all now (&on her) because they could file title 9 anyway, so mine as well enjoy it.
I too never planned on getting anything anyway. They hate all us children its bizarre.
Not a day goes by where I thank whatever creator out there that I wasn’t born in the USA.
Ugh, lucky. My friend is even getting Canadian citizenship now thanks to a recent law change there and his grandmother being a Canadian citizen.
I welcome them to my wonderful country and I hope they have a wonderful life here!
Marry me, PhoenixDog, so I can into Canada
My partner and I (we’re poly) literally have an an agreement that if we ever divorce, it’s to marry someone else to help them move here.
Well I just called dibs, so… And Lemmy comments are legally binding, of course.
We in the USA have a pretty good standard of living, but holy fuck the government is unwilling to pass any consumer protections. Just let the corps fuck us because they’re the ones making political donations.
The US government used to pass consumer protections, worker protections, environmental protections, etc. to the point of being a leader in many ways for other parts of the world.
And then Reagan happened.
Yup, but Reagan just opened the gates. Several other presidents have followed his lead.
I would thunk a good portion of you have a good standard of living but quite possibly a majority basically live in 3rd world poverty conditions and constant debt, stress, and exposure to violence.
There’s just enough Americans living in decent to good conditions to make it look like the American dream is alive, since the cameras don’t focus on the less fortunate.
I live in Canada and we have pretty good standards of living here. Up to and including not going financially bankrupt if we get sick or injured.
My partner broke their leg last year. Between the 6-8 hospital visits, xrays, two casts, and an air boot, we paid a grand total of around $120. Less than $20 for paid parking (I’m lazy and it was like $2 a day) and $100 for the boot of which I got $85 from my work insurance. Everything else was completely covered by our provincial care.
We’re about to have our second child. I’m dreading finding out what we’re gonna pay.
I absolutely hate that for you…
I’m a huge fan of not passing along any substantial generational wealth. Above certain threshold - I’ll give it 15 times of country’s median annual income - it only serves to accumulate wealth.
Not acculumating generational wealth is only viable in a world where social services provide for everyone.
Very much agreed, but still - no hard limits in terms of heritage only supports a class of parasitic elite.
I was interested to see how the numbers would play out for this idea
According to https://worldpopulationreview.com/state-rankings/median-household-income-by-state the median household income for a single person is $41,382 in the United States. 15 times that would be $620,730
According to https://wealthvieu.com/average-inheritance/#average-and-median-inheritance 92% of inheritances would be well underneath this amount
Assuming that your limit was meant to apply to individual recipients and not to the entire estate, this seems like a pretty modest proposal to me.
I’m sorry but biting into that particular number was rather counterproductive, as it was arbitrary - make it 50 if you care, but my point still stands. Armed elite’s successors are the armed elite still, but we can counter that. It would still leave them with funds to afford some very comfortable living, just no longer enough to terrorize the world.
I’m sorry if it came off that way, but I was not trying to be critical of your idea at all - I was trying to see how many people would be impacted, and I think you could easily get away with limiting the amount of inheritance even further.
I think being a worker gives a person perspective that is critical to their development, and no one should inherit or be given enough money that they never have to do any work in their life.
Not only does unrestricted inheritance directly cause the development of a disconnected wealthy class, but it’s also bad for the people who inherit too much.
Good. Generational wealth is bad for society.
I keep reading about how the boomers are going to be the biggest wealth transfer in history when they die, but all I’m hearing about in practice is boomers selling their assets and spending the money.
That’s because the “me” generation turned out to be total pieces of shit. Who would’ve guessed when they got that moniker AND had to be reminded nightly they had children to keep track of by the local news.
Correct, spending the money. So, the game is to own companies where the boomers will spend money.
We all get to play one final game of Catch with our parents.
Well technically, the wealth is being transferred…
Transferred, and concentrated
Or having it taken to pay for medical care and whatnot if they don’t.
Everything else has gone up. The home being sold is going to be taxed, they’ll buy a condo someplace in a retirement community, and maybe they go in a nursing home or assisted living that will make sure to take every last dime in the old person’s account.
People expect an inheritance? I ain’t getting shit, I’m not going to feel bad for someone who has been counting on someone to just hand them something.
I’ll be expecting an inheritance some day, but I will refuse it. I grew up with strict parents. Don’t get me wrong, they’re not bad, they’re just idiots and were strict for the sake of being strict. At least they expressed regret at how they have parented my siblings and I.
Although I appreciate providing us with material security, they did not let us be ourselves and to stand on our own two feet. I developed a psychological response not to accept anything from them that I might deem substantial on a silver platter as an act of rebellion. I even refused their attempts to match me up with any girls they considered. It is for me claiming my own agency, which includes refusing their inheritance. Besides, I have started investing and live within my means. So, I am confident that I could build my own proverbial nest on my own.
My wife’s grandmother owned 3 houses and over a million in savings from some good stock market investments. She worked at Costco for like 30 years. Her two children are really shitty trashy people and were fighting over the inheritance.
When grandmother said she plans to give money to her grandchildren (my wife and my wife’s sister), there was a lot of resentment. My wife said, “We don’t want it. Spend the money on your retirement.” And she’s out living her life on a cruise.
I’m an only child. My parents are in their late 60s. When they sell their lakefront house they’ll make over $2 million. They have a will that says I get pretty much everything, with certain assets that go to my cousins (We’re a rather small family overall).
Unless something catastrophic happens, I’m not seeing that any time soon. They’re both very healthy people. But they helped my partner and I move across the country and buy a homestead a number of years ago.
While I am not expecting a substantial amount of money being transferred into my bank account, they’re helping in other ways.
It probably helps that I don’t live in the USA where if anything medical did happen they’d be sucked dry. And I thank God every day for that.
Shit, my married partner and I are working on getting them (my partner) gender affirming surgeries set up, which both surgeries are 100% covered by our provincial healthcare. It’ll cost us gas money and that’s it. Maybe private parking for like $20 or something.
My dad is 60 now and always said he’d leave some money for my siblings and I. Luckily he also simultaneously raised us to not rely on other people and to plan your life as best you can. He developed dementia and needs to be under 24/7 care. It costs $8,000 a month. At this rate he’ll more than likely have enough to cover his care costs until he passes and I’m thankful as fuck everyday he has that money. I don’t give a fuck if I see one cent just as long as he has enough for himself. I’ve never let myself think it was ever going to be mine.
My mom and dad got Long Term Care Insurance a long time ago. My dad passed away before he could collect on it, but my mom is currently getting around $13,000 a month from it and this goes up by 5% per year, so she can afford to live pretty much wherever she wants for the rest of her life. Naturally enough, insurance companies do not offer this kind of policy any more.
My dad is 65, and told me when I was 17 (when he had millions of dollars) “I can’t take it with me and ain’t leaving it to you.”
My dad is the ultimate boomer, has had everything handed to him and he got ahead in life by help, from parents, wife’s, and mother and laws. But acts like he did it all on his own. Also he the type that gets pissed if his children get ahead of him in life or don’t rely on him. Like my brother has done. He has zero friends and cares little of other people unless they are doing something for him. He also loves that we are destroying the planet (yes he believes in climate change) he rational that by saying he wants the world to end when he dies. Totally doesn’t want to leave nothing to future generations. Trump same way, why my father likes him.
You’re a good kid. I’ve seen some people get really pissed off about losing “their money” like that and forcing the person to live with them or avoiding caring for them to save the money until they pass so they still get “their inheritance”.
Not expect necessarily but it’s not crazy to think that a couple who made a relatively easy financial decision 30+ years ago would want their kid to benefit in the current climate when the world is much worse.
Sure but to just expect and be counting on a windfall as the potential recipient is setting yourself up for disappointment.
I refused offers to emigrate years ago, the people trying to sell me the idea think I’m better off there… use my brains for the money.
Now, looking at what’s going on, I think my hunches were right, but nonetheless each day I watch the horror continuing to unfold in America.
You couldn’t pay me enough money to ever move to the USA.
Here’s how this is actually gonna work, at a broad social scale:
With some rare exceptions, the Boomers will sell their homes to pay for medical expenses, and die alone, in either old folks homes, hospitals, or much smaller homes/apartments, or if they’re very lucky, homeless or in a concentration camp for the homeless.
They’ll have to sell their homes because private equity/credit is imploding, and all their pensions and 401ks are ultimately based on that, even if they say they’re not.
And home prices are crashing because:
1 younger generations don’t get paid enough;
2 climate change costs are finally coming due via insurance now actually reflecting climate risks + outsized proportion of the last ~2 decades of new homes being built in high climate risk areas;
3 property tax rates are skyrocketing due to decades of local government mismanagement of budgets and infrastructure.
A fun fact that people do not like to acknowledge is that while yes, big Wall Street investors do largely set the tone and tenor of the housing market, the vast, vast majority of homes are owned by small time “mom and pop” landlords.
And the majority of existing home sales are Boomers selling homes to other Boomers.
They did this to themselves (and to everyone else), and the result will be that they impoverished their children while chastising them for being poor, enriched faceless corporations while claiming they hate them, destroyed the climate while claiming climate change isn’t real… all while claiming that everyone else is entitled, poorly informed about how the world works, and financially irresponsible.
I don’t understand how historically every generation has strived to make the world a better place for their children with the exception of boomers. The greatest generation set them up for so much success, and they’ve done nothing but try to destroy everything for the kids that are coming after them. I’m Gen X and my biggest focus is trying to create something for my children, to have something to pass on to them, to save for their college so that they don’t have to struggle like I did, and to leave them with a better world than the one I got handed.
“Hard times create strong men, strong men create good times, good times create weak men, and weak men create hard times,” - G. Michael Hoof
The quote is men, but I believe it should be generations.
That’s what happens when you give a human being everything. You actually need to be born and live through hardship in order to develop empathy.
This is why rich people are consistently sociopaths, with racial theories, and the like.
I heard one that goes “the first generation studies war so the next generation can study math so the next generation can study art” Then I guess the art pisses so many people off they go to war.
Hard times make hard men, hard men make soft times, soft times make soft men, and soft men make me hard.
Or they fail the entrance exam to art school and restart the cycle.
Pretty sure that’s just that one guy, or is this a trend?
A significant number of current day fascists… Ben Shapiro, Donald Trump, Steven Crowder…
They all wanted to be movie stars, script writers, actors, etc.
This is actually a broad trend, that some failed artists develop a megalomaniacal drive to ‘be respected’ in some kind of way, and that way is ‘being a fascist’.
Honestly, you can see the same broad authoritarian personality traits in a much larger subset of artists who basically cannot accept criticism… more often then not they just end up as lolcows, or that one insufferably snooty person you know.
They weren’t called the “me generation” for nothing!
The Boomers somehow think they are the strong men, while in reality they are the weak men that were created by the good times, aka the most anamalously prosperous sustained economic boom in the history of the planet.
(Well maybe possibly with the exception of what China has managed in the last ~40 years, but then we get into a very complex discussion)
At risk of playing too hard into the GenX trope: You should be more outspoken about this, and not allow yourself to be ignored.
So… does that mean I’ll be able to buy a house someday after all?
… I attempted to write a serious answer to this but basically I got overwhelmed, waaay too complex to attempt to project … 60 years into the future.
So, instead:
‘Outlook cloudy, ask again later.’
Maybe this csn help you make up your own answer:
I am an ‘out of the labor force’ econometrician, not unemployed, out of the labor force, because I’ve been unemployed so long that I have realized that I am now unhireable in the field, and thus gave up trying to find a relevant job.
Found Aquaman
FUCKIN AQUAMAN???
Buy? Maybe. Squat in a ruin? Absolutely
And in enlightened countries that are France or copied their stupid law: the vultures keeping the boomers alive hooked up to expensive machines can also get the children to pay. Unlimited money hack for victims with more than 2 children.
It’s a class war, not a generational war. Every generation has shitty people in it.
My parents received a lot o financial support in order to afford to buy an apartment for our family.
Neither my sister, nor myself has received similar financial support to buy a place to live in.
My parents instead live in a gigantic place they don’t use fully, and own several houses and apartments they rent out for profit. Of course none the real estate they own is anywhere near myself or my sister’s family. They also love to go on fancy expensive vacations all the time and complain about the younger generations. Of course they also get pensions from the companies they used to work for. Something that just doesn’t exist anymore.
There’s a lot of overlap between generational and class war.
But this is your personal experience. There are a shit ton of boomers that are amazing and give their kids hand ups. It’s the system that is broken. Weren’t the proud boys mostly millennials? They were probably living off their parents. Gen Xers are never really shit on anymore because there isn’t enough of them to give an opinion. I can say though, there are a fucking ton of shitty gen xers too.
It’s a class war that built this system, not a generational war.
I agree, It’s just the time line of things.
It is wild how selfish people can be though. That same time line over the last 50 years, saw a lot of rapid change both social, technological, and economic. Makes sense why there exsists such a rift.
So, are Millennials going to be viewed the same way?
It won’t be happening any where near as often with millennials children, because millennials don’t have any where near the generational prosperity that boomers did. As has been posted many times in this thread:
Good times make weak men. Weak men make hard times. (The world is here.) Hard times make strong men. Strong men make good times.
It can be both. Some generations have a higher percentage of shitty people. The obscenely wealthy have always been shitty. AND Boomer’s grew up in circumstances where they were able to get/do whatever they wanted. Now the only way to do that is to shit all over their children. The Boomer’s parents sacrificed a lot to give them a better life without having to worry about how they got there. The Boomers in turn believe they deserve and are entitled to everything they want and their children can fend for themselves.
Yeah, the problem is that one generation keeps shitting on the others.
Don’t bank on a windfall controlled by other people. My parents tried that and got screwed by my grandpa.
Sounds like they didnt “get screwed” by anyone – instead they counted chickens before they hatched, like fools. Maybe im wrong. I only have your vague sentence to infer from.
Yah screwed is the wrong wording. They were expecting it and it all went to my aunt instead
My father promises me things all the time, I completely don’t believe him. I plan to just disappear instead, die somewhere in peace if I can. Kill myself outright if I can’t.
