Many boomers plan to leave no inheritance

LOS ANGELES, Sept. 6 (UPI) -- Many baby boomers say they plan to spend their money while they're alive instead of leaving it to their children in estates.

The Los Angeles Times reports a survey of millionaire baby boomers by investment firm U.S. Trust found only 49 percent deemed it important to leave money to their children when they die.

"We were like 'wow,'" said Keith Banks, the president of U.S. Trust, which has long advised wealthy clients on how to leave money to heirs.

Unlike previous generations, the Times says, many of the nation's 77 million baby boomers believe they've already given their children enough by paying for costly educations or offering other financial help.

"How can you say no when a child asks ask for a down payment for a house or money to remodel their house to have a bedroom for a second child?" said Ken Dychtwald, chief executive of research firm Age Wave. "A lot of boomers are finding that family members are taking cash advances on those inheritances right now."

With the weak economy, some boomers worry they'll outlive their savings or will have to chip in financially to help parents, children or siblings facing financial troubles.

And many believe that after a lifetime of working, they deserve to spend their money as they choose instead of leaving it to children.

"I do not see my baby boomer clients giving up a vacation or wine or dinners out so that they can leave more money to their children, because they feel like they've already done it for their kids," said Susan Colpitts, executive vice president of a wealth management firm in Norfolk, Va.

"They say, 'If there's something at the end I'd love (the kids) to have it, but what's important for me now is to get what I've earned, which is to travel and have a nice bottle of wine,'" Colpitts said.