You've been reading for years about the greatest generational transfer of wealth from the WWII generation to their children -- The Baby Boomers.
- Baby Boomers are expected to receive an estimated $8.4 trillion in inheritances.
- Experts say they have already received some $2.4 trillion.
- With an estimated $6 trillion anticipated.
What issues are of interest to The Baby Boom generation?
First, realize that the oldest Baby Boomers are just now turning age 65, most of them are still working, but with a keen eye toward retirement. Many of them also can be referred to as the "Sandwich Generation" -- caught in the middle -- caring for aging parents while still providing support for their young adult children.
Your first contact with a Baby Boomer may be through an issue related to their aging parent. They may want you to help plan for their parents. They may need advice about elder law issues such as durable powers of attorney, health care documents, or guardianships. They may even seek out advice on Medicaid Planning -- for their parents. They may need help protecting a family farm, home or business from a parent's long-term nursing home expenses.
So you can see how elder law can become a key aspect of your estate planning marketing.
Baby Boomers also will be interested in reading and learning more about Social Security and retirement lifestyles. If they own a small business, they may need guidance on continuation -- or exit -- strategies. Transforming their business interests into retirement income will be playing on their minds.
To summarize, top issues for Baby Boomers include:
- Elder Law
- Estate Planning (for their parents!)
- Retirement Planning
- Business Continuation & Business Exit Planning