I personally am not a baby boomer! My understanding is boomers started their existence in 1946 – right at the end of WWII. I have always considered myself a pre-boomer from 1942. Economic experts have talked for years about the effect boomers have currently and in the past because of their numbers. Well now at the end of their road they will have one more great impact as they leave this mortal coil. A wealth transfer to millennials and Gen Xers by way of inheritances. This scenario is highly unlikely to reoccur in the future because the world and its financial fabric have changed so drastically. What to do if one is a recipient of some of this largess is problematic. First and foremost, for most people don’t count on the inheritance! Too many things can happen between today and when your supposed benefactor might expire. So, plan as if it will not occur and then if it does you will be well along until the day arrives when you might pass on some wealth.
If you do receive a financial benefit reduce or eliminate debt before all else. Keep money safe that remains and spend or invest wisely. Plan to pass what you might leave to the next generation and do that as soon as humanly possible. Talk about inheritance with family and professional advisors. Be sensitive to cultural differences when doing so because not doing so can sometimes lead to a very bad result. Leaving a large sum of money to a parent who is elderly can lead to monies being taxed twice because of the death of the parent shortly after receiving the bequest.
Becoming a member of the Mathmatecum not only provides the member passive income for themselves but also opens an avenue to a Mathmatecum Directive that is a way to Generational Wealth!!!!!
JAI BABA
TTFN
JU
