You’d think it would be more, wouldn’t you? Mickey Rooney died broke.
The low value was a combination of a relative who apparently took advantage of him, a string of divorces, studio practices that favored the studio over the actor, and lots of spending. After all, being a movie star takes a certain standard of living, and a 93-year-long live isn’t cheap. And let’s not forget a real estate crash in 2007 and a stock market crash in 2008, which probably had an effect on the value of Rooney’s assets.
Financial planners often talk about the trillions of dollars that baby boomers are set to inherit, but I’m not so sure that will happen. Sure, if your last name is Walton or Romney, you may be getting a nice chunk of change. But the money may not materialize for the middle class.
To begin with, those baby boomers’ parents were hit by the stock market and real estate crashed. They are living longer, which means they are spending through their assets. It takes a lot of money to support a comfortable retirement in a world with 1% interest rates. If they need long-term care, they will work through those assets right quick. I’ve seen decent-sized potential estates been eaten by the costs of Alzheimer’s care. Seeing a loved one get decent care for a miserable disease trumps an inheritance any day.
If your financial plan includes receiving an inheritance, you’d better rethink your plan and start saving your money. Unless your family is one of the very fortunate few, consider your parents’ will to be a lottery ticket rather than a bond.
It always bothered me to see the stories on the fighting within his family, as there had been stories for years prior to his death. It’s always been my opinion that those things are not meant and have no use for public knowledge.