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Estimates of expected Canadian inheritances over the next decade are as high as $1 trillion. Stock markets, real estate prices and other factors will significantly impact the actual number. Regardless, we are entering an age of unprecedented wealth transfer for parents and children, and there are complexities for those both leaving and receiving inheritances.
Some seniors feel they need to leave an inheritance. According to a 2019 survey by Merrill Lynch and Age Wave, 47 per cent of respondents aged 55 and older said leaving an inheritance was “the right thing to do” for their children. Fifty-five per cent of millennials, meanwhile said “it’s a parent’s obligation” to leave an inheritance. The generation that most of the millennials’ parents belong to the baby boomers partially agree; 36 per cent of boomers felt that an inheritance is a parent’s obligation.
Canadian inheritances could hit $1 trillion over the next decade and both bequeathers and beneficiaries need to be ready
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Canadian inheritances could hit $1 trillion over the next decade and both bequeathers and beneficiaries need to be ready
sprucegroveexaminer.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sprucegroveexaminer.com Daily Mail and Mail on Sunday newspapers.