Picture the scene: an elderly couple strolling along the beach with their middle-aged son. The mother says: "Son we need to talk to you about our will - we have made a few changes."
The son waves it off, awkward at discussing such things.
But the mother persists: "No, we have to discuss this - because we are leaving all our money to your sister..."
That was a scene from a US television commercial in the 1990s that was probably a few years ahead of its time because the message is just beginning to reverberate through the baby boomer generation.
Despite predictions of billions of dollars passing from one generation - some estimates put the inter-generational wealth shift somewhere between $12 billion to $25 billion - when people start trying to accurately factor in an expected inheritances as part of their retirement savings it poses a real challenge in financial planning terms.
Small business owners and farmers are just two groups that know only too well how disputes over inheritances can destroy both a family and the wealth a generation has sweated to build. Divorce and the relatively modern trend of blended families are also powerful factors when it comes to estate planning.
But there are other much less dramatic reasons why the baby boomer generation should perhaps not plan on receiving too much by way of inheritance.
For a start there is the longevity factor - the average person is living longer which means they not only have more time to spend their accumulated wealth but typically their wealth gets passed to the surviving spouse before it reaches the children.
Then you have to consider things like nursing home fees and health costs. These are significant and rising costs - if you are trying to factor them into a budget try ringing a few nursing homes and getting their annual fees but be prepared for a shock.
Products like reverse mortgages where someone who is "asset-rich" in the sense of having a valuable home borrows against the property's value without making repayments during their lifetime have the potential to cloud the issue further. Imagine discovering after the death of the parent that they had taken out a reverse mortgage and not told you - perhaps out of a misplaced sense of embarrassment.
As well there are annuity style products that provide a guaranteed income - and have social security benefits - but ultimately involve a loss of capital. These products are already a staple on the financial planning scene although allocated pensions are much more popular. That could well change if we get a significant shift in interest rates.
All of which means that baby boomers relying on an inheritance to fund their own retirement may be sadly disappointed.
To avoid that disappointment requires some pretty honest inter-generational discussion so that the younger generation knows the situation and can plan accordingly. But there is also the other side of the equation - baby boomer children helping their parents get their estate planning in order.
These can be difficult and awkward conversations but much better broached before health issues or worse death makes them impossible.
And while baby boomers are thinking about their parents' estate planning they should also make sure they have their own estate planning in order - as part of the annual financial checkup it makes sense to check that the will is up to date and things like powers of attorney valid along with ensuring your super fund has been notified who your preferred beneficiaries are.
