Some Things to Chew On – Estate Planning Considerations for the Baby Boomer/Sandwich Generation
February 20, 2008
Sociologists and the media define the baby boom generation as those born in the United States between 1946 and 1964. Approximately 76 million people were born during this timeframe and grew up during one of the most prosperous and sustained economic growth periods in this country’s history. This generation has enjoyed a considerably higher standard of living than any previous one.
Of them, an estimated 16 million Americans find themselves sandwiched between two generations, struggling to raise their children while caring for an aging loved one. These Americans are commonly referred to as the “sandwich generation, ” and they are especially stressed over the combination of caring for aging parents, raising their children and planning for their own retirement.
At roughly 28 percent, baby boomers represent a disproportionately large segment of the U.S. population. They require careful estate planning considerations due to the wealth they accumulated. Additional consideration must be given to the wealth they will or have inherited from their parents and the long-term care required by both themselves and their parents.
Charles Sabatino, the Assistant Director of the American Bar Association’s Commission on Legal Problems of the Elderly, has noted that baby boomers display three generational characteristics.
- They tend to be better educated, more insistent on doing things their own way, less trusting of traditional authority and demanding of more convenience and service.
- Their estates will be more complicated,
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by: Todd C. Ratner, Esq.
Business to Business
February 4, 2008