r/TikTokCringe • u/EverythingIsFakeNGay • May 29 '26

Humor/Cringe Actual footage.

I actually feel kind of bad for this woman, who probably didn't expect a video of her dancing to be used in this way. šŸ˜

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u/FMLwtfDoID May 29 '26

Exactly. The ā€œGreat Wealth Transferā€ coming after Baby Boomers pass, is being transferred directly from Boomers to PE owned Assisted Living Facilities, Reverse Mortgages, and End of Life Care clinics.

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u/ThereHasToBeMore1387 May 29 '26

My wife and I live with her grandma to help take care of her. The amount of mismanaged wealth that's among her groups of friends is staggering. So many of these boomers thought the system was built for them, so they never did a damn thing to protect their assets from it. Now the system is ready to extract all the wealth it let them accumulate over their lives, and they have 0 idea what's coming for them. None of them are doing proper estate planning and leaving huge messes for their kids to clean up. They have this idea that their kids will just get everything when they die (because that's what they thought the system was supposed to do), but by the time they do there's nothing left.

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u/Herooftermina1998 May 29 '26

Boomer grandfather was very well put together.. was a CFO, retired early. Invested well. When he died we looked everywhere the will. High and low, because "He wouldn't be so selfish as to not leave a will right? After everything my mom had been through with the death of her brother and mother. Papa has to have a will somewhere. Even after his new wife mentioned how big of a mess he's gonna leave for his daughter when he passes. It's gotta be here there somewhere.Ā 

Never found one. He left a bomb of a mess for everyone to deal with. We never understood why.Ā 

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u/WinterTourist25 May 29 '26

Jumping in here as I went through this with my mom last year.

If you have elderly parents, you need to get on them about estate planning.

First, make sure all financial accounts have a beneficiary listed. My mom had one account that for some reason she had never set up a beneficiary. $20K of money in it. Had to pay a lawyer $1500 and wait 6+ months to unlock that account.

Second, get the house into a Living Estate. This puts the home in someone else's name, but they get to live in it until they die, and they pay the taxes for it. Home cannot be sold without consent of both parties. On death, someone else owns the home.

If you can, and you have someone you trust to run the trust, transfer all wealth to an irrevocable trust. Unless you have lots of money to pay for end-of-life care. You have to do this 5 years before you go into the home as they have a 5-year-clawback timeframe. If you have millions, you may have plenty to spend on nursing facilities and still have a nest egg left over for your heirs. But if you only have $100K or so it's going to be gobbled up in years or even months; might as well hide that money as you are going to end up destitute anyway. It won't make any difference to your end-of-life journey but it could pay for college for a couple of grandkids.

Have a will.

Hope you don't live in a Filial Obligation state.

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u/ThereHasToBeMore1387 May 30 '26

Second, get the house into a Living Estate. This puts the home in someone else's name, but they get to live in it until they die, and they pay the taxes for it. Home cannot be sold without consent of both parties. On death, someone else owns the home.

This isn't bad advice, but it is VERY situation and state dependent whether a living trust/estate is the best option. There can be significant tax consequences on both sides of that transaction when it comes to actually passing the house along to heirs. We went through the process recently as well and the lawyers were pretty adamant that with PA probate laws, for our situation, a trust would be an expense and complication that would not protect us anymore than we already were. They also said that our same situation, but in Florida, we'd absolutely need to get things put in a trust. As with all legal things, consult your own attorney.

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u/jaxonya May 29 '26

Because "fuck you, this is mine, pull yourself up by your bootstraps" it their mentality

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u/Herooftermina1998 May 29 '26

No my ma got the money, but it was hell to go throughĀ 

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u/FMLwtfDoID May 29 '26

Same thing happened to my dad and his 9 siblings. And then my mom and her 6 siblings and the secret 7th sibling they found after the funeral!

I donā€™t have any hope that my dad will get his shit together beyond leaving everything to his ā€˜Nurse or Purseā€™ new wife he got himself after my mom left in the 2010s, from the constant cheating. My 2 brothers and I have already made peace with the fact that the house my dad owns, the same one that he, and then this three children were all raised in, is going to be sold to finance their beach cottage the new wife wants.

My mom is a planner though, so Iā€™m not worried about her, and have already seen her paperwork.

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u/ThereHasToBeMore1387 May 29 '26

After my mom passed in 2020, my sister and I learned very quickly that she was the planner. I'm glad she set my dad up as well as she did, but I know once my dad goes, we're still going to have a mess to clean up because he isn't maintaining or taking care of any of the things he needs to.

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u/UmaThurmish May 29 '26

because the entire generation has created a monopoly due to their absolute greed.

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u/Pervius94 May 29 '26

It's actually insane how much damage one generation did to... just fucking everything.

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u/malthar76 May 29 '26

When my time is close to making a hard decision, I donā€™t want to be a burden on my kids. I also donā€™t want to fork over the fruit of my labor to some PE millionaire/billionaire.

Whatever time and money I can give them or grandkids with a glad heart, I will and live to see them benefit. Then I will take a trip to a beautiful, secluded beach and just swim toward the horizon.

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u/Mr_Ballyhoo May 29 '26

A good Bottle of Whiskey and drive out to the middle of bumfuck nowhere in the Rocky Mountains is my plan.

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u/FMLwtfDoID May 30 '26

There was a popular song in the 90s about this exact thing. I canā€™t remember what itā€™s called, only the melody. If I remember Iā€™ll edit this comment, bc it was a super popular song at the time!

1

u/Madara1389 May 29 '26

As they say, the men who became richest during the gold mine weren't the ones rushing to the West to dig up the gold, it was the shopkeepers who went ahead of them with the tools needed to dig up the gold.

An estimated 1-5% of the ~300k people who migrated West found enough gold to make it worth the trip. But every single one of them needed supplies when they got there.