Many of these payments will end when the annuitant dies. Payments from these plans will stop when the annuitant dies. Furthermore, says the Federal Reserve study, though the dollar amounts passed on may be larger than in previous generations, the inheritances don't represent a greater share of the boomers' economic resources than the inheritances their parents received. That is, relative to their earnings, boomers are receiving only slightly more than their parents did. Experts also argue that today's retirees, especially wealthier ones, are less inclined than previous generations to leave substantial wealth to their heirs.
Financial advisers recommend that children talk over potential inheritances with their parents.
Bringing in an outside financial adviser to provide an objective third-party perspective can be helpful. Examine strategies that can minimize the financial loss on an estate. Furthermore, despite the possible repeal or reduction in estate taxes, tax planning will still play a role in estate planning. But the real key, say financial planners, is to not rely on an inheritance to fund your retirement. It may not be there when you most need it.