Sadly this family is not alone in the growing inheritance battle field . It is estimated that $30 trillion will be inherited in the next 30 years . The result is a significant percentage of children and grandchildren fighting for what they believe is their fare share of inheritance while either one or both aging parents is still alive. Michael Fuhr, CFP of SageVest Wealth Management, posits that this trend is happening as adult children are not sufficiently saving for their own retirement. They get caught short. And it’s further complicated by adult children who feel entitled to their parent’s money. They have lived their lives under the assumption that their inheritance will fund their retirement plans.
Geropsychology expert, Aladdin Ossorio, PsyD, suggests this is happening primarily because we live in a money-obsessed culture. “Maximizing one’s financial position is a primary motivator. The opportunity to obtain money overrides ethical behavior around the source of the money,” said Ossorio. Further, he contends that parents play a part in inheritance expectation. “Older adults openly talk to their adult children (and even their grandchildren) about the objects, items and exact amounts of money they want to leave,” he said.