Boomers, Elders, and Money

Baby Boomers and their parents would rather pass along family stories than personal possessions. The 2012 Allianz Life Insurance Company of North America American Legacies did a study that indicated 86% of boomers and 74% of people over 72 (“elders”) rank stories and family history as the most important part of their legacy. Personal possessions came in second (64% of boomers; 58% of elders), and expectation of inheritance for financial well-being came in third (9% boomers; 14% elders).

All participants agree that an inheritance is not a right. Elders are more prepared for the transfer of their legacy than boomer children are. 50% of boomers have never sought help with their planning or initiated a conversation with their own children about inheritance issues. 75% of elders sought professional assistance to create plans, and 79% have had an in-depth discussion with their children about legacy planning.

See Paula Aven Gladych, Boomers Aren’t Interested in Leaving Money to Heirs, LifeHealthPro , May 24, 2012.

Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.