Recently, the client's parents told him they were going to up that amount — to $60,000 a year for the next 10 years — but that would be it.
Boomers waiting to pass down their wealth until their kids are much older has partially contributed to the rise in geriatric millionaires, BI previously reported.
Related storiesGideon Drucker, president and financial planner at Drucker Wealth, said he is also seeing more older people proactively passing down their wealth.
He tends to work with clients in their 30s and 40s, while his dad, who leads their senior division, works with those clients' parents, figuratively and, in some cases, literally.
One thing Drucker cautions against is giving your kids money in a way that might up their standard of living to a level they can't actually sustain.
Persons:
—, Sophia Bera Daigle, Daigle, Gideon Drucker, Drucker
Organizations:
Service, Business, grandkids, Boomers, millennials, Drucker Wealth