Bold retirees sport the bumper sticker “I am spending my children’s inheritance.” The sentiment might seem selfish, but it’s good financial planning.
Trying to leave a bequest could put older people in a tight spot. Finance author Chris Farrell once told me about a panicked 83-year-old woman with four kids who was on track to run out of money in three years because she was trying to save for her kids’ inheritance. She is not atypical.
Read the entire article: Personal Finance: Should I Leave My Kids an Inheritance? – Bloomberg