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| Yes | 10% | 5 votes | Total: 51 votes | |
| No | 90% | 46 votes |
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Add to FavoritesThere is no question the baby boomer generation stands to inherit the riches their parents earned, but there is certainly a question in my mind as to how the baby boomers themselves view this transfer of wealth to their children. The World War II generation, understanding the Great Depression and tough times, learned the value of earning and saving. They wanted their children's lives to be better. They also retired modestly.
I get the impression those born between 1946 and 1964 either will not be able to leave anything to their kids, or worse, feel that it is not really their problem. Parents have had a certain traditional responsibility for the well-being of their children through the ages, but in our modern consumer-driven society boomer parents are more likely to spend their money on self-gratification rather than caring much about their children trying to make ends meet.
As a country, the United States is facing seriously difficult economic times and those who are retiring are insulated from the reality of skyrocketing child care costs, taxes and lower wages. Many live a cushy life, with nothing to do all day but spend their career earnings and social security on lavish vacations, day-trading and dining out. Our economy has geared itself for this process of aging luxuriously, rather than modestly, so if a boomer wants to fit in, they need to dine out or spend money on the latest luxury car. To do this, they need to enjoy it now while they can, rather than saving for their kids. Let's face it, aging is a big industry.
Boomer parents facing retirement have been coached by savvy marketers at investment companies over the years that they need to amass huge wealth in order to retire rather than find ways to live modestly. See this link from You Tube, a clip featuring Dennis Hopper, and note the rather insightful anger expressed by some of those who are posting comments.
http://www. youtube.com/watch?v= 6eS6isp7Uao
In this consumer culture, the retirees and pre-retirees of today have been well coaxed into spending rather than saving. This way of thinking also forces them to think about taking care of themselves rather than their children. Without living modestly, however, the chance of these accumulated resources being available to children of boomers is a fading possibility.
So, am I entitled to my parent's estate? Yes. Here's why. Parents are making a choice when they opt to spend their retirement. The money will be spent somehow. If parents choose to line the pockets of large corporations by flying on airlines, dining out and buying expensive things they really don't need then they are choosing those material items over their love for their children. They are also undoing all the gains the family made since The Great Depression, leaving their kids worse off than they were.
One of the most creepy phrases I have ever heard about consumerism and life is, "whoever dies with the most toys wins." In this one phrase, all the joys of being a parent and making a better world for your family and a better future are left rotting in the garbage of whatever chain restaurant a boomer had dinner at last Friday night. I am entitled, not on the grounds of my own greed, but of my own survival - and the future of the family. Without an increasing transfer of wealth from generation to generation, a family's chances for prosperity are, by definition, lost. Downward family mobility becomes the reality.
Ultimately, people are entitled to the estates of their parents because their parents should care more about their children than themselves. That is a core principle of being a parent, and the children of baby boomers must also pass along a better estate to their children. If parents had their priorities set up in order to always provide for their children rather than themselves, they would have no "other wishes."
Learn more about this author, Samuel D. Frank.
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No
The prevailing mentality of entitlement in today's society often clouds our judgment with respect to handling affairs of estates. Simply being the offspring of a deceased person does not entitle you to the remains of their estate, anymore than it entitled you to the family resources before their death. To think otherwise is to live in an unhealthy delusional state of mind.
Given the nature of the circumstances it's clear that for whatever reason the parent decided their estate would best be served in someone else's hands. Whether this decision was based on a character assessment of the offspring or a personal decision based on charitable considerations or even some other reason is irrelevant. Being born into wealth, or even being a member of a successful family that earned its wealth during your lifetime does not by default entitle you to that wealth. The resources of a person's estate are theirs to do with as they wish. They've presumably earned both the resources associated with that estate and the right to choose what happens to it in the event of their death.
Societies through history have handled the issue of inheritance very differently. In medieval Europe it was traditional for a father to disperse his fortune amongst his sons equally. While this may seem fair and equitable on the surface, when such a practice results in breaking up the unified Kingdom of France assembled by Charlemagne just for the sake of tradition there is a high price to be paid. It would be nice to think that society has evolved since the dark ages into a more structured practice for handling such issues. This is why we draft a legal Will.
Our Will and Testament, a legal document that is drafted under sound mind and body is a statement of intent which we enter into through a binding legal process. Provided that process is followed properly and the document is executed in good faith according to the letter of the law there should be no question as to the result of a deceased person's estate. All intents should be laid out in this document, forgoing any unofficial sources of intent while also dismissing any misconceived notions of entitlement by family members simply base on the claim of birth right.
Surely this is an issue that has been debated over the ages. While the system we have in place today may not be the best possible solution to what is obviously a complex problem, it is a far better solution than has been offered in the past. While some antiquated legal practices maybe thankfully behind us, there are traits of our past which we've lost and are the lesser for it today as a society. We must move behind this overwhelming sense of entitlement that grips society today and learn the value and importance of working for and earning the things we want most. Only when we can support our own aspirations and ambitions can we ever match the grace and dignity that our parents and grandparents so distinctly embodied.
Learn more about this author, Joseph Whalen.
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