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Notes -
I've not been above a bit of boomer-negging in my time, but I'd also add to this - what's the alternative? Sure, in previous times parents might strive to leave their children an inheritance. But this was really more a luxury of the landed and rich, the ones we pay disproportionate attention to, who leave the most records. I question how common inheritances of any size really were. And though I'm sure there are no surfeit of examples of boomers who sold their retirements for boats breast implants and booze, there also seems to be a prevailing norm of saving enough to at least scrape by on your own until you die.
Far more common was the burden of caring for ageing parents in their dotage, both financially and physically. It might just be my American individualism or whatever speaking, but, as much as I appreciate a culture that's invested enough in family and long-term bonds to respect and care for the elderly, there is something a bit perverse about landing whatever poor woman you arranged to marry your eldest son to serve you hand and foot during your last years. Fillial duty beats a lot of alternatives culturally speaking, but I don't think it beats what we strive for now.
Finally, though you note that the expectation of great returns on an expensive education were rather tragically misplaced, doesn't it make sense to give to your children when young rather than when they're old and past being able to use the resources for much of their most productive years? Inheritance is nice, but I think it's taken a backburner importance in people's priorities for a reason.
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