As Baby Boomers move in to their 60s and 70s, they are increasingly focused on the future. A recent Forbes article states that the 2018 U.S. Trust Insights on Wealth and Worth Study shows that two-thirds of people over the age of 50 want to use their wealth to better the lives of their children and grandchildren.
The business magazine says Boomers “want to be sure that their intent and hard work doesn’t go to waste.” A big part of ensuring that assets are passed on to the next generation (and the one after that) is to sit down with an experienced attorney and craft an estate plan that minimizes tax liabilities and the possibility of future conflict and litigation.
While many Boomers are determined to help and protect their children, many are frustrated to find out that their kids and grandkids aren’t as interested in investing in the future.
“Most Gen Xers and Millennials, when asked by their parents, do not have their financial affairs and estate planning affairs arranged in a manner sufficient to satisfy senior generations,” said an estate planning attorney.
For many younger people, estate planning appears irrelevant to their most immediate concerns with debt, mortgages, credit cards and other details of daily financial life. The solution some Boomers have decided upon is to give the gift of estate planning.
The lawyer said, “the most effective way [to give an estate plan as a gift] tends to be when the [child] has a child of their own to raise. Still others use a family event, such as a death in the family as a way to motivate their children to get their affairs in order.”
Contact a Brevard County estate planning attorney about your own plans or about how you can help your son or daughter create one for their families.