In a battle over the family trust, Ms. Rinehart said the kids "lacked the requisite capacity or skill, knowledge, experience, judgment or responsible work ethic" to manage the business and inheritance.

Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee. Sink all coffins and all hearses to one common pool! and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale! Thus, I give up the spear!"

Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

Boomers - The Most Selfish Generation.

Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

Mother Dearest has said that my sister and I are 'banned from her funeral'. I told my sister that we were crashing the wake tho, because she's gotta run interference while I hit the corpse with salt and iron. gotta make sure she's really dead....and that we get ALL her horcruxes.

optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

I bet he wasn't joking...

optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

I have to agree. This is the generation who's parents scraped by during the Great Depression, won World War II and built the American post war prosperity. Their parents worked hard and left the country a better place than when they found it. Boomers took what their parents so graciously left to them and ruined it with massive debts of selfishness. No big surprise that even on their death bed they won't have one ounce of remorse as they refuse to make the last ditch effort to help unfarked all they have farked.

My parents are exceedingly well off. Their retirement income is around a dozen times what I make per year. They're also exceeding healthy.
I fully expect that by the time I might be in a position to inherit anything, inflation will have turned that supposedly vast sum of money into a much more modest figure. Millions of dollars aren't going to be terribly meaningful when monthly insurance premiums are on the order of several thousand dollars, and that's the direction we're heading.

Since the vast majority of boomers don't have enough saved for retirement, the greater problem is going to be boomers relying on their kids and the government for their support. I'm a financial adviser, and It's very common for a boomer couple to come to me with $100,000 saved for retirement, and $150,000 in debt. The question is almost always "when can we retire?". Of course they don't like my answer when I tell them they can't. I can't help wondering how the fark you get into your sixties with a mortgage, a car payment, credit card debt, and very little savings and still think "I'll retire at 65". No wonder our country is so farked up, these are the same people that are making our current fiscal policy. Always living in the present, never planning for the long term; and only concerned about themselves.

In a battle over the family business, Mr. Corleone said the kid "lacked the requisite capacity or skill, knowledge, experience, judgment or responsible work ethic" to manage the business and inheritance.



Not the way he wants it. Can handle things. Is smart, not dumb like people say. Also wants respect.

BigBooper: Since the vast majority of boomers don't have enough saved for retirement, the greater problem is going to be boomers relying on their kids and the government for their support. I'm a financial adviser, and It's very common for a boomer couple to come to me with $100,000 saved for retirement, and $150,000 in debt. The question is almost always "when can we retire?". Of course they don't like my answer when I tell them they can't. I can't help wondering how the fark you get into your sixties with a mortgage, a car payment, credit card debt, and very little savings and still think "I'll retire at 65". No wonder our country is so farked up, these are the same people that are making our current fiscal policy. Always living in the present, never planning for the long term; and only concerned about themselves.

Those slick wealth management commercials with young looking boomers prancing around to 60's music must choke you with laughter.

Our wills leave most of the estate to the ASPCA and other pet groups. The rest goes into a trust fund to support her autistic daughter. At 23, her son has: A. No education, B. No job, C. No intention of doing either. Given his lifestyle (eating, gaming and eating), I suspect he'll die before we do.

likefunbutnot: Millions of dollars aren't going to be terribly meaningful when monthly insurance premiums are on the order of several thousand dollars, and that's the direction we're heading.

My agency has family plans with rates over $2,000 a month already. Health insurance renewals are running at about a 10% increase per year if your perfectly healthy. I've seen 30%+ on groups with sick people. Now do that year, after year, after year.

It doesn't matter what the Supreme Court does, the system is failing. Fewer and fewer can afford health insurance so they end up on a government plan, or using the ER; this causes the medical systems to shift costs to those who have private insurance. The younger and healthier are opting to risk going without. That leaves a pool that is sicker and older, which of course drives up cost. So you have a self feeding death spiral. The increased costs cause increased costs. In the end, the system collapses.

To bring things back to the boomers, what do you think is going to happen when millions of broke boomers need to go into nursing homes? Where is that money going to come from?

Wait.
Wait.
Wait.

I thought that millionaire trust fund kids were something to be mocked and reviled. One-percenters who inherited all their wealth should be drawn and quartered.


No consistency in FARK outrage.

mcreadyblue: optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

I bet he wasn't joking...

I have been telling my parrents to start divesting themselves of their investments. Put it into some vehicles that are shielded from them. When their health wanes and they have to go into a home they can use the govt's dime instead of blowing through their savings (which they plan on giving to the grandkids) because of how the retirement/assisted living homes work.

There is a lot of truth to the article. In reality, if you think your 18 year old kid can handle inheriting millions, then you are a moran. Any boomer with a grain of intelligence is going to setup a trust that matures when the kids are in their 40's. Which means the kids have to work and support themselves, learn the value of money etc. The boomers really are the entitlement generations, y so shocked when your kids turn out the same.

AbsentFriends: Wait.
Wait.
Wait.

I thought that millionaire trust fund kids were something to be mocked and reviled. One-percenters who inherited all their wealth should be drawn and quartered.


No consistency in FARK outrage.

"A third of them said they would rather leave the money to charity rather than their kids."

This paragraph FTFA is all you need to read:

And there may be a third explanation: the baby boomers plan to spend most of their money. Given the low investment returns in today's markets, their long lifespan and their famously non-apologetic lifestyles, the boomers are probably burning through their fortunes at a rate that won't leave much for the next generation.

optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

I have had a running joke with my dad since I was in HS that the day he turned 60, I was putting him in the home. His response was that he was leaving everything to the Humane Society. Joke's on him since he has no money to leave me.

Also, do any Fark GEDs in Law know what would happen to my dad's assets (if there are any) when he dies if he is married? Does his wife get all of his stuff regardless of his will or does that override anything else? He is in WI if the state matters.

Remember when giving to charity, research them enough to know what they're going to do with your money. Many of them have political arms that you might disagree with.

/Keeping my money in the family.
//Not a boomer.
///fark boomers.

Rich people problems.
Yawn.

roc6783: optimistic_cynic: Weaver95: optimistic_cynic:


Also, do any Fark GEDs in Law know what would happen to my dad's assets (if there are any) when he dies if he is married? Does his wife get all of his stuff regardless of his will or does that override anything else? He is in WI if the state matters.

Not a WI estate attorney, but generally the spouse gets everything unless specified in a will. If there is a will, the surviving spouse can contest any gifts with a value over $1000.

one of Ripley's Bad Guys: BigBooper: Since the vast majority of boomers don't have enough saved for retirement, the greater problem is going to be boomers relying on their kids and the government for their support. I'm a financial adviser, and It's very common for a boomer couple to come to me with $100,000 saved for retirement, and $150,000 in debt. The question is almost always "when can we retire?". Of course they don't like my answer when I tell them they can't. I can't help wondering how the fark you get into your sixties with a mortgage, a car payment, credit card debt, and very little savings and still think "I'll retire at 65". No wonder our country is so farked up, these are the same people that are making our current fiscal policy. Always living in the present, never planning for the long term; and only concerned about themselves.

Those slick wealth management commercials with young looking boomers prancing around to 60's music must choke you with laughter.

The only thing my clients need to open up their winery, or bed and breakfast is a bank willing to loan them 100% of the cost. You know, that and a basic understanding of finance and business management. But hey, once they make it to 65 they DESERVE to be able to tour the country on their $25,000 Harley, or spend their days fishing in their $20,000 bass boat, which is why they HAD to buy that $50,000 Ford F250. Sure they're still making payments on all that, and the 5,000 square foot McMansion that just the two of them live in. If you've lived beyond your means all your life, why not kick it into high gear as you near retirement!

What have I done to deserve my parents' money when they die?

BigBooper: I'm a financial adviser, and It's very common for a boomer couple to come to me with $100,000 saved for retirement, and $150,000 in debt. The question is almost always "when can we retire?". Of course they don't like my answer when I tell them they can't.

Ah. But they can.

It's called Chapter 7.

You have to wait to 65 for Medicare to kick in.

File for broke. Claim a few medical bills in there for a little sympathy factor, but the judge really don't care.

99% of the time, the judge won't touch money that's in a 401k or IRAs (this is the major advantage of putting your money in those kinds of accounts... the tax benefits are negligible for most middling-income Americans).

Rent (or buy... houses go for $30k or less) in a crappy small town in Nebraska or wherever. Live on cheap food. Maybe enough to pay for basic cable.

Here's the thing. Tens of millions of people in the US manage to live on nothing but a Social Security check alone. Sucky? Sucky. But entirely possible.

/ ... lowered expectations...

regindyn: What have I done to deserve my parents' money when they die?

What has anyone else done to deserve your parents money when they die?

roc6783: optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

I have had a running joke with my dad since I was in HS that the day he turned 60, I was putting him in the home. His response was that he was leaving everything to the Humane Society. Joke's on him since he has no money to leave me.

Also, do any Fark GEDs in Law know what would happen to my dad's assets (if there are any) when he dies if he is married? Does his wife get all of his stuff regardless of his will or does that override anything else? He is in WI if the state matters.

Wisconsin is a marital property state, and things can get sticky real fast. Especially if the will was written before your dad's current marriage. For basic information, go here: Link

The way it stands now, you may end up some property, your step mom may end up with some, and you both could be co-owners of other assets. Obviously, things can get very messy. Ask your dad to have his will reviewed so that his wishes are upheld after his death. Otherwise, much of his estate could end up being used up in legal fees and court costs.

natazha: Our wills leave most of the estate to the ASPCA and other pet groups. The rest goes into a trust fund to support her autistic daughter. At 23, her son has: A. No education, B. No job, C. No intention of doing either. Given his lifestyle (eating, gaming and eating), I suspect he'll die before we do.

Whose fault is that? You made it, you pay for it.

Pixiest: regindyn: What have I done to deserve my parents' money when they die?

What has anyone else done to deserve your parents money when they die?

The better question is why do your parents get to borrow money that you and your children have to pay back?

So they think their children are worthless. Well, if the children are worthless, I wonder what that says about those who raised them.

BigBooper: The only thing my clients need to open up their winery, or bed and breakfast is a bank willing to loan them 100% of the cost. You know, that and a basic understanding of finance and business management. But hey, once they make it to 65 they DESERVE to be able to tour the country on their $25,000 Harley, or spend their days fishing in their $20,000 bass boat, which is why they HAD to buy that $50,000 Ford F250. Sure they're still making payments on all that, and the 5,000 square foot McMansion that just the two of them live in. If you've lived beyond your means all your life, why not kick it into high gear as you near retirement!

If you don't mind I would love to ask you a few generic questions that aren't terribly Googleable. EIP.

Lawnchair: BigBooper: I'm a financial adviser, and It's very common for a boomer couple to come to me with $100,000 saved for retirement, and $150,000 in debt. The question is almost always "when can we retire?". Of course they don't like my answer when I tell them they can't.

Ah. But they can.

It's called Chapter 7.

You have to wait to 65 for Medicare to kick in.

File for broke. Claim a few medical bills in there for a little sympathy factor, but the judge really don't care.

99% of the time, the judge won't touch money that's in a 401k or IRAs (this is the major advantage of putting your money in those kinds of accounts... the tax benefits are negligible for most middling-income Americans).

Rent (or buy... houses go for $30k or less) in a crappy small town in Nebraska or wherever. Live on cheap food. Maybe enough to pay for basic cable.

Here's the thing. Tens of millions of people in the US manage to live on nothing but a Social Security check alone. Sucky? Sucky. But entirely possible.

/ ... lowered expectations...

You actually think they plan? No. They'll burn threw their retirement savings in a few short years, and then declare bankruptcy when they have absolutely nothing. Then they'll move into government housing, living on social security and food stamps. When they get sick, we'll pay for their nursing home. And when they die, we'll pay to bury them. In short we we will have to fully support a generation of self entitled fools who will go to their grave screaming for more; and you better believe that they'll vote. They'll vote for more benefits at every opportunity, they won't care the cost.

BigBooper: Pixiest: regindyn: What have I done to deserve my parents' money when they die?

What has anyone else done to deserve your parents money when they die?

The better question is why do your parents get to borrow money that you and your children have to pay back?

That'd be a good question. Except my parents and I and my husband and my brother and everyone else in my immediate and extended family are net contributors. We pay far more in taxes than we ever took in services.

regindyn: What have I done to deserve my parents' money when they die?

Carried their bloodline into the future. Which, when you pare away all the superficial crap, is the whole point of life.

Pixiest: That'd be a good question. Except my parents and I and my husband and my brother and everyone else in my immediate and extended family are net contributors. We pay far more in taxes than we ever took in services.

The problem is that the amount that we all are paying in doesn't cover the costs of the services that have been promised to your parents generation. Oh, and much of those promises were made by their generation and will be paid by ours.

Perhaps not your parents specifically, but generationaly, the boomers are stealing from their children's and grand children's future to pay for their current and future lifestyle.

If you're a young (or young-ish) person counting on your elderly parents to leave you a substantial amount when they die so you can finally start living comfortably... perhaps you need to plan differently. And whine less.

God bless the child who's got his own.

I was all ready to guess 'MILF's, but you guys just went ahead and jumped into talking about TFA.

Spoilsports

Oh, I agree the boomers suck. My parents are/were War Babies, not Boomers (those who were born during WWII.)

Weaver95: In a battle over the family trust, Ms. Rinehart said the kids "lacked the requisite capacity or skill, knowledge, experience, judgment or responsible work ethic" to manage the business and inheritance.

Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee. Sink all coffins and all hearses to one common pool! and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale! Thus, I give up the spear!"

Where's the personal responsibility with this woman?

They're her kids. She's the shiat parent.

/rolling
//but with a ring of truth

BigBooper: In short we we will have to fully support a generation of self entitled fools who will go to their grave screaming for more; and you better believe that they'll vote. They'll vote for more benefits at every opportunity, they won't care the cost.

Bonus: They outnumber all the rest of us combined, so there can be no counter-acting voter demographic. We're stuck with their political whims until enough of them are dead.

Old fart here,

You Kids are the problem. I slaved away so that both of my sons could go to college for free with no debt load on themselves. It meant no estate for myself and a constant struggle for money on my part.
Yet Farkers deride folks like me as the "selfish generation."

You kids have been coddled your entire lives and have no comprehension of struggle yet you keep shooting your mouths off.

DIAF young people! (Not all of you just the majority of Farkers)

And guess how she made her money? Mostly 'cause her daddy found the world's largest iron ore deposit in 1952.

Weaver95: optimistic_cynic: Weaver95: optimistic_cynic: Well this is a nice twist to the "I got mine, fark you" ideology that these boomers hold so dear.

if nothing else, it's a logical ending to their philosophy of life. they'll screw over their own kids.

This is why I tell my parents that when the time comes I will put them in the best home their money can buy.

/Dad has said jokingly he plans to piss all the money away before he goes

Mother Dearest has said that my sister and I are 'banned from her funeral'. I told my sister that we were crashing the wake tho, because she's gotta run interference while I hit the corpse with salt and iron. gotta make sure she's really dead....and that we get ALL her horcruxes.

Watch out, you might be one...

Pixiest: My parents are/were War Babies, not Boomers (those who were born during WWII.)

Hey mine too. Did your grandma regail you with stories about how grandpa bravely signed up the day after pearl harbor and all the love letters he sent until he came home after VJ day?

roc6783: Also, do any Fark GEDs in Law know what would happen to my dad's assets (if there are any) when he dies if he is married? Does his wife get all of his stuff regardless of his will or does that override anything else? He is in WI if the state matters.

Generally speaking, the probate code differs from state to state, but if he's married when he dies, the wife is entitled to something, even if she's left out of a will. It's complicated to get into intestate succession, so make sure he's done a will that lays everything out. It's probably too late now that he's married, but a trust is a way that some people work their assets around a new wife directly to their children.

Also, I don't know Wisconsin probate law, but you might check on nonprobate transfers - payable on death designations on bank accounts, beneficiary deeds on real estate, that sort of thing. That's a good way to keep assets out of probate at all, where it's much more difficult to pitch a fit over how they should be split up.

sabreWulf07: BigBooper: In short we we will have to fully support a generation of self entitled fools who will go to their grave screaming for more; and you better believe that they'll vote. They'll vote for more benefits at every opportunity, they won't care the cost.

Bonus: They outnumber all the rest of us combined, so there can be no counter-acting voter demographic. We're stuck with their political whims until enough of them are dead.

sabreWulf07: BigBooper: In short we we will have to fully support a generation of self entitled fools who will go to their grave screaming for more; and you better believe that they'll vote. They'll vote for more benefits at every opportunity, they won't care the cost.

Bonus: They outnumber all the rest of us combined, so there can be no counter-acting voter demographic. We're stuck with their political whims until enough of them are dead.

The "Millenials" are a bigger generation than the baby boomers, and will become politically aware soon enough.

That being said, Gen X is particularly farked, and Gen Y might start seeing some semblance of return to a sane society. Me, I'm a Gen-XY cusper, so I might see some sanity, might not.

Thing with the babyboomers is that since they're not retiring, the natural career escalation is completely farked for the older GenX crew, as the boomers continue to hold onto high end jobs, hiring their age group, and freezing anyone younger than 55 out of promotion. Since the boomers can't retire, they're going to screw the next generation as well.

i look at the situation, and wonder how a under 55 vs over 55 civil war would go...

My parents weren't boomers, so I have no dog in this fight but, "skill, knowledge, experience, judgment or responsible work ethic" are learned values.
Claiming that the kids don't have them speaks volumes on the parenting (or lack of) that went on.

jso2897: Rich people problems.
Yawn.

Hard working, intelligent, thrifty, and successful people problems. Lazy stupid spendthrift losers don't have to worry about things like this. That's why I totally piss away a few hundred dollars per month.

Weaver95: In a battle over the family trust, Ms. Rinehart said the kids "lacked the requisite capacity or skill, knowledge, experience, judgment or responsible work ethic" to manage the business and inheritance.

Towards thee I roll, thou all-destroying but unconquering whale; to the last I grapple with thee; from hell's heart I stab at thee; for hate's sake I spit my last breath at thee. Sink all coffins and all hearses to one common pool! and since neither can be mine, let me then tow to pieces, while still chasing thee, though tied to thee, thou damned whale! Thus, I give up the spear!"

Any day with a Moby Dick quote can't be all bad

/I read that damn book 22 times and still don't understand a thing
//Boomer's are spending it all on health care
///5 acres and some apple trees, that's my retirement