The myth of the Great Boomer Wealth Transfer
The real death tax is long term care for our final years. It may eat most of the boomers wealth leaving little to pass on.
Like everything in the US it will hit the middle and lower classes the hardest. The rich have ways of getting around it.
A real life example of two people I know who had parents die at about the same time.
1. The mother lived into her 90s living on a union-job pension, social security, a little over $100,000 in savings and a small paid-for house. Eventually she had to go into a nursing home. She lived a few years. The costs ate up the savings and the value of the house. When she passed-away the kids got nothing other than a few items from the house.
2. The family was well off with nearly 1,000 acres of land, a few rental properties, and plenty of money. I don't know how much but it was a lot they had to be in the top 1% in our area.
The mother developed Alzheimers and lived the last several years in a nursing home. Our legal system roped off all the family wealth and the mother bills were paid by the state as if she was destitute.
Another thing our leaders can't seem to fix.
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