Money Insights

Will your Baby Boomer mamas and papas leave you the dough? Maybe, maybe not.

The ranks of Houston's millionaires is going to grow nearly 20 percent in thenext five years.
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But Baby Boomer millionaires plan to keep much of their wealth away from theirkids.
Culpwrit.com

Within the next five years, the number of millionaire households in the nation is expected to grow more than 18 percent as wealth is transferred from the Baby Boomer generation. But being a millionaire's kid no longer guarantees a cash windfall.

According to the U.S. Trust Insights on Wealth and Worth's new annual study, only 55 percent of Baby Boomers now think it is important to leave a financial inheritance to their children.

Of the millionaires surveyed, only 32 percent are confident their children will be prepared emotionally and financially to receive a financial legacy.

U.S. Trust commissioned an independent, national survey of 642 high net worth adults with at least $3 million in investable assets. The study, released on Monday, includes findings on a number of subjects such as elder care, estate planning, growing and preserving wealth and thoughts about charitable giving.

Of the Baby Boomer millionaires surveyed, only 32 percent are confident their children will be prepared emotionally and financially to receive a financial legacy, while 31 percent don't think it is important to leave a financial inheritance and said they would rather leave money to charity than to their children.

According to the survey, the top reason for not wanting to leave an inheritance is the belief that each generation should earn its own wealth (57 percent). Following closely behind that, 54 percent believe it is more important to invest in children’s success while they are growing up.

Additional key findings included:

Only 37 percent of wealthy parents have fully disclosed their family's level of wealth to their children.
Among those who have not fully disclosed their wealth, older respondents over the age of 67 said the primary reason was because they were taught never to discuss wealth with anyone.
Baby Boomers, Generation X and Y are aligned in being more comfortable talking about wealth, but most either haven't gotten around to it or are concerned that it will negatively affect their children's work ethic.

"Our survey points to a shift in generational behavior and outlook, most likely shaped by personal experience and societal responses to economic realities," Keith Banks, U.S. Trusts president, said in a press release.

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Found Footage

Texas hiker discovers impressively intact dinosaur track near Austin

Photo via KVUE

It may look plain, but this footprint tells an exciting story.

A dinosaur track discovered along Brushy Creek in Hutto near Austin is offering a glimpse into Texas’ prehistoric past.

For Gio Bernabe, walking along Brushy Creek is a chance to explore, fish, and look for anything interesting.

But during a recent Saturday afternoon walk, she came across something she never expected to find.

“And then I saw there was like this huge imprint of kind of like a foot, like a three-toed foot,” Bernabe said. “So I looked at it and I kind of cleaned it up and it looked like a dinosaur foot.”

Bernabe posted a photo of the print on social media, where it quickly attracted attention from the community.

“I was so excited because this is honestly one of my biggest dreams,” Bernabe said. “I've always wanted to find something like, really cool like this, like fossil-related, and I found it in Hutto, Texas.”

Chris Sagebiel with the Jackson School of Geosciences’ Texas Vertebrate Paleontology Collections examined the tracks and confirmed they belonged to a dinosaur. He said the tracks are particularly well preserved.

“I can only think of a couple of places where, in this area, where we have tracks that are that age, that are that well preserved,” Sagebiel said. “We get a lot of really faint tracks or partial tracks, but a beautiful one like that is a very nice find.”

Dinosaur tracks are relatively common around Austin, according to Sagebiel. However, they are more often found west of Interstate 35, where older rock formations are exposed.

The size and spacing of the tracks can help researchers identify the type of dinosaur that made them.

Sagebiel said the tracks likely came from a large, plant-eating, two-legged dinosaur — possibly a Hadrosaur, also known as a duck-billed dinosaur.

Hadrosaur illustration This distinctive dino from North America is a member of the family hadrosauridae.Getty Images

Read the full story at our news partner KVUE.com.

science dinosaurs hiking history nature

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Found Footage

Texas hiker discovers impressively intact dinosaur track near Austin