More boomers are proactively transferring their wealth to their adult kids.Jordan Siemens/Getty ImagesA 68-year-old government employee in Canada is already passing his wealth on to his adult children.He said he's set for retirement and wants to help out his kids in their financially demanding years.He's part of a trend of baby boomers who are proactively passing their wealth down to their kids.MJ, a 68-year-old government employee in Alberta, Canada, has already started passing on his wealth to his four adult kids, even though he's still six months away from retirement and plans to live to a "ripe old age."MJ, who asked to go by initials for privacy reasons, told Business Insider his mindset shifted a few years ago when he read the 2020 book "Die with Zero" by Bill Perkins."The book stresses kids typically will need help from late twenties to 40, when they're dealing with house down payments and mortgages and kids and all of those things that go along with life," he said.
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kvlamis@businessinsider.com (Kelsey Vlamis), Business Insider
Wed, 07/10/2024 - 4:32pm
Topics: die with zero they jordan siemens/getty imagesa alberta perkins bi the gideon drucker drucker wealth bi if warren buffett bill gates mark zuckerberg and i contact canada business insider bi bill buffet boomer started gifting millennial kids inheritance months away from retirement money years passing told pass previously financially rates set amount adult life financial children finances pay comfortable trend government employee expenses investments gifts early proactively mindset helping book home typically debt love leave time planner families put
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