Wealth or Legacy: What Tops Boomers Inheritance List?

 Posted on October 08, 2015 in Uncategorized

When most people think of leaving a legacy for their children, the legacy usually revolves around finances. Many of us want to make sure our loved ones are taken care of when we are no longer here to do so ourselves. Therefore, we need to take the appropriate estate planning steps to ensure that there is enough money, property, and other assets to accomplish these desires. However, a study, which was conducted by Allianz Life Insurance Company of North America, reveals that those in older generations appreciate the value of personal legacies as well.

The American Legacies Pulse Study surveyed both baby boomers (those who are between the ages of 47 through 66) and elders (those who are age 72 years or older). The company had conducted a similar survey seven years prior to this one.

An overwhelming 86 percent of boomers who were surveyed said that family stories— those passed down from generation to generation—were the most important legacy one can leave behind. For elders, 74 percent agreed that family stories were the most important legacy.

Sixty-four percent of boomers and 58 percent of elders said that personal possessions were the most important legacy to leave your loved ones. Surprisingly, only 9 percent of boomers and 14 percent of elders agreed that financial security was the most important thing to leave to your family when you pass.

Only 4 percent of elders and boomers surveyed felt that leaving an inheritance to loved ones was an owed obligation.

The newest study findings was almost identical to the prior study's findings, where 77 percent of both boomers and elders said that family stories and values was the number one legacy one can leave behind.

Where the difference between the two generations split was in what steps—if any—they had taken to make sure they had estate plans in place. Approximately three-fourths of the elders had sought out professional assistance in preparing their estate and had solid plans ready. Almost 80 percent also had discussions with their children regarding these plans.

In contrast, less than 50 percent of boomers had actually made any estate plans, or had even begun the process by consulting with a qualified professional. Moreover, at least half had not had any type of discussions with their children regarding inheritance or estate planning.

No matter what your age, it is never too early to begin initiating estate plans. Contact an experienced DuPage County estate planning attorney today to discuss what your options may be.

Sources:

http://www.huffingtonpost.com/2012/05/23/legacy-inheritance-for-baby-boomers-_n_1540207.html?utm_hp_ref=estate-planning

http://www.fa-mag.com/news/boomers-and-seniors-put-family-legacy-above-personal-wealth-says-study--10815.html

http://www.bloomberg.com/bb/newsarchive/ajrt8bGgAtDk.html