Family wealth vs. the cost of aging

Washington Post -  Baby boomers — boosted by decades of rising house prices, strong stock markets and economic growth — control more than half of U.S. household wealth. When they die, a lot of that wealth is expected to go to their descendants. Estimates have predicted that $68 trillion to $84 trillion in money and assets will change hands over the next two decades.

A Washington Post analysis of the finances of thousands of seniors in the last decade of their lives found that, for many families, the cost of care eats away much of what they had hoped to pass on. And within a growing segment, elder care costs are not just diminishing their savings, but obliterating them.

Adult children, rather than being the beneficiaries of generational wealth, are in some cases spending down their own savings to pay for their parents’ care.