In America, the overwhelming majority of Americans, regardless of their incomes and educational levels, describe themselves as “middle class.” That’s because nearly 75 percent of all Americans own their own homes, representing a substantial equity asset. Most also anticipate a windfall inheritance when their parents and/or elderly relatives die.
According to the federal government’s statistics compiled by Mark Zandi of “Moody’s Economy.com”, back in 1985, the average inheritance was $39,000. In subsequent years, the overall amount of total annual inheritance has more than doubled, reaching nearly $200 billion. Researchers at Boston College’s Center for Wealth and Philanthropy estimate that by 2050, approximately $25 trillion will be passed from the old to their offspring.” That’s an impressive amount of money, even for Bill Gates.