Reply to NYT: 30 somethings still being bankrolled by their parents

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[quote=Anonymous][quote=Anonymous]I think the real story here is how well Boomers have done as a generation. I don't think the premise that previous generations were "emancipated" from their families because of some moral choice is right. Rich people gonna rich, and that means passing money to their children throughout their lives. It always has! There are just more of those families. These examples aren't of boomer parents eating canned soup so they can pay grandson's NYC private school tuition. These are boomer parents who can afford it.

Most of these examples are directly related to the tax code. If you are a rich boomer and you're trying to minimize your/your heirs tax burden, it makes sense to max out the cash gift every year (I think it's $14k?) and pay any tuition or medical expense you can, because it avoids the gift tax. I think the Times is really irresponsible for writing this story without pointing out the estate planning angle - not that it's not still a huge and arguably unfair boost for the millennials, but it is only logical that affluent boomers would do that. [/quote]

Yes yes, this! Huge tax benefits. [/quote]

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