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Practical Money Matters Radio Series

November 11, 2013
4 Reasons Not to Expect a Windfall Inheritance From Your Parents


How are economic factors affecting how much money parents can leave their children when they die?

Transcript

Many economic factors have taken a toll on seniors' financial security, often reducing the amount they can leave their families. Here's why you shouldn't expect a windfall when your parents die:

  • Fearing a repeat of the Great Recession, many seniors are making safer investments that earn very low interest.
  • As average life spans increase, retirement savings must last longer.
  • Many help their children and grandchildren pay for high-ticket expenses like home down payments.
  • Unless they've purchased long-term care insurance, your parents will likely burn through savings should they require assisted living, which is mostly not covered by Medicare.

Bottom line: With seniors facing increasing financial challenges, don't depend on an inheritance to provide your own financial security.


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