Unlike their parents, baby boomers are more concerned with paying for their retirements than leaving inheritances to family members or charity, research shows.
But boomers are also concerned with their legacy, says a story in US News and World Report.
That means they are giving away some of their money early or structuring some of their assets so they can at least leave some sort of inheritance.
This may mean partially subsidizing college tuition or helping to cover certain bills for slow-to-launch millennials.
Sometimes they are taking advantage of the law that lets people give away up to $14,000 per person per year tax free.
Others will buy a vacation property and put it in a trust so that it can be used by family but not owned by one member of the family.
The articles suggest boomers begin the conversation with heirs about their legacies by talking about family heirlooms and who wants them.
If you have questions about estate planning, feel free to call us for a consultation at (626) 696-3145.
