From Ron Lieber’s latest Your Money column in The Times:
You’ve probably heard about the bumper sticker, even if you haven’t seen it. It’s the one on Cadillacs in Florida and Lexuses in Arizona that says “I’m spending my children’s inheritance.”
We’ve laughed at that for years. But the truth is retirees have a lot of demands on their savings. Out-of-pocket health care costs, for one, are rising fast. At the same time, many people are not waiting until they die to help their children and grandchildren financially. And some are finding creative ways to draw on money that would otherwise be part of their estate.
For all these reasons and many more (I’ve ticked off a total of eight below), it would be a bad idea to plan on getting any inheritance from your older relatives.