The Baby Boomers are generally a wealthy bunch which makes sense seeing as how they have been the generation in charge and at the peak of earnings capacity for years now. But they are now starting to move into the twilight years and will soon represent a community of retirees unprecedented in number. But what will happen to all that hard earned money? In many ways it depends on how they lived throughout retirement with those that saved just enough to make it through being unlikely to leave much behind for the following generations. That fact is likely what is behind the results of a recent survey which revealed only 40% intend to leave behind a legacy for their heirs. But even for those that do no expect to be able to leave anything behind, the inter vivos gift can still allow them to give to their loved ones during the boomer’s lifetime. While it might be nice to be able to leave behind a big chunk of change, giving smaller amounts throughout retirement can give great satisfaction by being able to see the good that comes from the gift.
See Bob French, REVIEW: HOW BOOMER PARENTS FEEL ABOUT LEAVING INHERITANCES, McLean, January 29, 2016.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
