Baby Boomers are used to taking control and problem solving for both their parents and their adult children. Commonly called the “sandwich generation,” Illinois Baby Boomers are now preparing for the biggest wealth transfer ever. Over the next 30 years, experts expect an “inheritance boom” and US$58 trillion will pass from one generation to the next – often, to Baby Boomers, or from Baby Boomers.
“The greatest wealth transfer in history is through the boomer generation.”
– Paul Schervish, professor emeritus of sociology and former director
Boston College Center on Wealth and Philanthropy
The value of real estate, stocks and other investments are up and the older generation has more wealth than ever before. In order to prepare for an inheritance, there are several must-dos:
1. Have A Conversation
If you expect to leave or inherit wealth, there needs to be a conversation between the benefactor and their beneficiaries. People need to know what to expect to avoid financial mistakes and family disputes. Baby Boomers inheriting money from elderly parents have different tax and financial concerns that younger beneficiaries may have.
2. Make Sure The Will Is Up To Date
If you plan to leave money to your children, make sure your will is updated – and that other legal documents such as a trust are in place to protect your legacy from unnecessary taxes and fees. Families change, and needs change. A will that doesn’t reflect your current family dynamics can cause hurt feelings and even litigation.
3. Consult An Estate Planning Attorney
Whether you plan to leave behind an inheritance, or you expect to inherit money, an estate planning attorney can help ensure you are prepared. If you are a Baby Boomer who expects to inherit money have different financial needs and goals that an estate planning attorney can provide advice on.
An experienced estate planning attorney can help Illinois Baby Boomers manage the logistics of inherited wealth.
An inheritance is a welcome, but complicated, gift. Contact the qualified attorneys at Estate & Probate Legal Group in Lombard Illinois today at 630-864-5835.