Tuesday, January 10, 2012

Baby Boomers and Inheritances

As we look to the years ahead, various reports show that anywhere between $10 billion and $400 billion will change hands from one generation, the next, via inheritance.  However, Baby Boomers should not sit back and wait for a call from an attorney.  According to recent reports, Boomers are less likely than pre-Boomers to receive an inheritance. An AARP study from 2003 showed that only 19% of Boomer households received an inheritance, and the average amount was $49,000.  I could not agree more with the final paragraph of this article....don't count on an inheritance, instead build your own nest egg.  Moreover, an estate planning attorney, I'd have to remind readers that people are not obligated to leave children an inheritance.  It is their choice, and they may opt to give their remaining assets to a charity or other cause.  I see this more often than some might think.

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