Baby Boomers have been reshaping cultural norms since the Beatles appeared on the Ed Sullivan show. As a generation, Boomers have also done very well for themselves, setting the stage for what has been dubbed the Great Wealth Transfer, one of the most anticipated economic events of the century. With Boomer-accumulated wealth exceeding $72 trillion, many expect that this intergenerational transfer to Millennials could make the younger generation the richest in history. But despite high expectations among Millenials, they may not receive the full financial windfall they are anticipating. For one thing, true to Boomer form, this monumental shift is happening in some less than traditional ways—and for some, it may not happen at all.
Giving While Living
Boomers have always challenged the status quo and so it should come as no surprise that this generation is rewriting the rules on inheritance and legacy. Instead of passing down wealth at the end of their lives, many are embracing a new approach. Call it “giving while living,” or, in its more extreme form, “die with zero.” It is about prioritizing shared experiences, relationships, personal fulfillment, and immediate impact over the delayed transfer of assets.
For these Boomers, giving while living means using wealth to enrich their lives and the lives of their loved ones while they’re still around to enjoy it and when it can make the most difference.
From paying for multigenerational vacations to funding home purchases for their loved ones, to giving outside of family, this shift in mindset emphasizes the joy of creating memories and sharing life’s rewards with family and friends, rather than leaving behind a large estate. In short, as the great novelist Philip Roth once said, Boomers seem to be saying, “It’s best to give while your hand is still warm.”
Passing Down Shared Experiences
Underscoring Boomer priorities, multigenerational travel is exploding. According to a 2023 U.S. Family Travel Association survey of parents and grandparents, more than half of respondents had taken a multigenerational trip in the last three years. Boomer respondents report that for most trips, they not only foot the bill, but plan and organize their multigenerational travel experiences. Rather than passing down all wealth through inheritance, Boomers are choosing to pass down stories, experiences, and shared laughter. They are turning to travel as a way to connect, bond, and share experiences across generations.
The “Bank of Mom and Dad”
Boomers are also providing greater financial support for their children and grandchildren than prior generations. Many Millennials are relying on the “Bank of Mom and Dad” to help with homes and other major life purchases. According to a 2024 study by Redfin, nearly a third of younger generation members have received financial assistance from their parents for property purchases. In addition to helping with home purchases, many parents continue to provide financial support for their adult children. According to the Pew Research Center, about one-third of Millennials in their early 40s still receive assistance from their parents for everyday expenses like rent, groceries, and even streaming services.
For Boomers, this approach provides immediate, tangible benefits, allowing them to witness the positive impact their support has on their children’s lives. Whether it’s helping a child buy their first home or pay off student loans, the joy of seeing their loved ones get a toehold on success is a powerful motivator for many. For Millenials, it means receiving help when it matters most. With Boomers living into their 80s, 90s, and beyond, inheritance may not arrive until their children are retiring themselves.
Die with Zero
For some Boomers, leaving as little as possible to maximize personal fulfillment is an end in itself. This is reflected in a growing movement known as “Die with Zero (DWZ),” after the book by the same name by Bill Perkins. The subtitle says it all: “Getting all you can from your money and your life.” For DWZers, paying for a friend’s honeymoon, underwriting the church group’s mission trip, paying off the medical debt of extended family, these all may take priority over leaving a traditional inheritance.
The Costs of Longevity
The biggest threat to the magnitude of the Great Wealth Transfer may be longevity itself. As people live longer, along with the rising cost of living, health care costs and long-term care expenses have surged. Combine cost with the daunting fact according to LongTermCare.gov that Boomers have nearly a 70% chance of needing some type of long-term care services and supports in the future. The concern is that many Boomers will deplete significant assets before they pass, with the nest-egg going to hospitals and care homes instead of family and friends.
Planning Ahead
With great wealth comes great responsibility. While we may not all be like the subjects of this headline, “Europe’s millionaires taking kids to special events to prepare wealth transfer,” talking with loved ones and planning ahead are the most important parts of the wealth transfer process. Having a transparent conversation with family members and developing a clear plan can make all the difference between the legacy of love and care, and one of potential hurt and confusion.
There is little doubt that the Great Wealth Transfer will live up to its name, representing the largest transfer of wealth in history and making millionaires of many. And while it will play out over decades, it is also happening right now, not just through bank accounts and real estate transactions, but through family vacations, heartfelt moments, and shared laughter. As they continue to redefine retirement and legacy, Boomers are proving that wealth is about more than just money—it’s about living life to the fullest and sharing that joy with the people who matter most.
Scott Schill found his calling in longevity law after a searing experience advocating for his mom. As the Director of Longevity Law & Planning at S. R. Schill & Associates, and founder of Thrive Longevity Law, Schill believes that relationships are key to longevity. He lives in West Seattle with his family.
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