"The Illusion of Inherited Wealth: Millennials and Gen Z's Misguided Expectations"

Many millennials and Gen Zers have mistakenly bet on inheriting a significant amount of money from their boomer parents and grandparents, assuming it would help alleviate their financial struggles. However, the reality is that most of the wealth held by older generations will be consumed by long-term care and end-of-life costs, leaving little to pass down. Inheritances primarily benefit the already-wealthy, with the majority of Americans unlikely to receive a substantial windfall. Rising healthcare expenses and increased spending by retirees further diminish the likelihood of a significant wealth transfer. The myth of the Great Wealth Transfer perpetuates opposition to estate taxation, despite its potential to reduce income inequality.