Giving a gift to your children and grandchildren through your estate planning is an important goal for many baby boomers and given the vast amount of wealth that is anticipated to be transferred over the next several decades, this is something you can’t afford to forget about.
According to a recent study, more than two thirds of individuals over age 50 intend to use the wealth they have amassed over their life to invest in their grandchildren and children. Baby boomers have a long history of building legacies, but now it’s time to plan to pass them on.
Now, as these baby boomers enter their 60s and 70s, they are more focused than ever on developing a legacy that stretches into the future. Many baby boomers are now doing more for their own children than their children did for them and boomers are looking for professionals such as estate planning attorneys to manage their finances in an organized fashion to ensure all of their hard work doesn’t go to waste.
Many adult children of baby boomers are not taking the necessary steps to carry out estate planning, a fact that is driving many baby boomers crazy because they don’t know about or aren’t concerned about estate planning yet. But those lessons-and legacies- can be helped by baby boomers leading the way with their own estate planning. Don’t just plan for the future- talk to your adult children about why you’ve done it. You might be just the inspiration they need to tackle their own planning.
Schedule a consultation with an estate planning lawyer today to learn more.
