...too late in the life cycle of many children to make a difference in their lives. For example, if a set of parents have children from ages 25 to 35 and live to be 85 when they pass away, then their inheriting children would be somewhere between 50 and 60 years old at the time of inheritance. By that time, the children have already raised their families, put their own kids through college, etc.

Couple that with the fact that the very extended life years are often expensive in terms of medical care or part-/full-time care for ailing and ill elderly, an inheritance can disappear quickly.

One strategy is for grandparents to begin making significant gifts to children/grandchildren while alive, but that's a risky proposition for those grandparents who don't know how long they'll live and what medical/life expenses they'll incur in old age.

In my own situation, I would expect an inheritance if my parents and in-laws were to pass away within the next few years. Odds are, however, that they'll all live another 10-25 years. By then, my kids will all be grown and out on their own, and I don't know how far the money will stretch with my parents'/in-laws' health needs as they age.

My philosophy has been to expect nothing and hope to be pleasantly surprised when - after a long and fruitful retirement - my loved ones pass on and are blessed to have enough left over to share.