"It was kind of cute when Aaron Terrazas' retired parents first started gifting him and his siblings various items and trinkets they'd accumulated from their travels over the years. But the little handoffs pretty quickly crossed into very annoying territory. "It just became more stuff that filled up our homes that we didn't need or have space for," Terrazas, a 40-year-old economist in Seattle, says."
"Terrazas is not alone: the baby boomer stuff avalanche is upon us. Just as boomers and the Silent Generation are expected to pass on some $100 trillion in wealth to younger generations in the coming years, as I wrote last year, they're also expected to pass down the mounds of possessions they've accumulated over their lifetimes."
"While he understands that this is perhaps his parents' way of showing love, he had to explain that these objects were their memories, not his. If they gave him things he didn't want, he finally said, he'd refuse them. That knickknack his mom sent would go right back in the mail to her. The family made a rule: The only gifts allowed are ones that can be eaten or consumed. Terrazas' parents abide by it "for the most part," he says, but "sometimes they need a reminder.""
Baby boomers and the Silent Generation will transfer vast amounts of wealth and accumulated possessions to younger generations. Many older adults engage in gradual giving of belongings while they can explain their stories. Heirlooms and trinkets often become unwanted clutter in recipients' homes. Planned downsizing is ideal but often does not happen until emergencies or after death. Gifts can trigger family disputes, disappearance of items, or disappointment when descendants do not value possessions. Some families set clear rules to limit physical handoffs, such as accepting only consumable gifts to prevent accumulation. Parents sometimes need reminders to follow those rules.
Read at Business Insider
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