Carol Willison has made lots of financial sacrifices for her two children over the years, including paying most of her older daughter’s medical school tuition. But Willison’s generosity has reached its limits.
Not only doesn’t the 60-year-old Seattle woman plan to leave her daughters an inheritance when she dies, she’s trying to spend every last dime on herself before she goes.
“My goal is when they carry me away in that box that my bank account is going to say zero,” Willison said. “I’m going to spoil myself now.”
Upending the conventional notion of parents carefully tending their financial estates to be passed down at the reading of their wills, many baby boomers say they instead plan to spend the money on themselves while they’re alive.
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One-quarter of boomers worry that their children will become lazy and 1 in 5 fear that the kids will squander the money, according to the U.S. Trust survey. More than half the respondents haven’t told their children how much they’re worth.
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