Nevada residents know just how challenging the process of choosing beneficiaries for an inheritance can be. Many economists today are saying the generation of baby boomers is the generation that will face the most challenges when it comes to estate planning. The reason for this rests in the fact that the demographics of baby boomers are not as wealthy as their retired or retired to be counterparts.
This economy, for many, seems to be one where everybody is struggling. The truth is, that the economy has a higher population of Baby Boomers than any other demographic, so this is the population that feels the struggle. However the elderly population is the one that is holding most of the inheritances and are the ones with the biggest funds to distribute when it comes to estate planning.
Deciding who gets what in estate planning is a decision that is fraught with many emotions and philosophies. The generation that is expected to receive the most money in coming years from today’s estate planning is the demographic of Baby Boomers. A new survey by the Royal Bank of Canada is estimating that as much as 57 percent of Baby Boomers are expecting an inheritance, or in fact have already received it.
The issue that is facing these Baby Boomers of today is what to do with this inheritance once they pass on as well. And Baby Boomers are getting creative about their own estate planning as well. 61 percent of Baby Boomers in the Royal Bank survey cite that they plan on passing this money on at some point during their life time, rather than waiting until they pass to do so.
The key to the creativity behind today’s Baby Boomers estate planning rests in the fact that they want their children to be able to enjoy their inheritance before it’s too late. If Baby Boomers wait until they pass on to leave an inheritance, their children may not be able to enjoy it. When you add a tough economy into the mix, it is feasible that many Baby Boomer parents would pass on funds early to help their children that may be in financial need today. Nevada Baby Boomers not sure how to go about their estate planning would benefit from the help of an estate planning lawyer, who can help them decide when and how to distribute anticipated inheritances.
Source: Financial Post, “Inheritance doesn’t have to wait,” Oct. 29, 2011