Baby Boomers

Those born between 1946 and 1964, also known as baby boomers, account for approximately 48% of U. S. families, and have an estimated spending power of $1 trillion. And older baby boomers nearing retirement age have reached a point where they have accumulated substantial assets over the years – including retirement savings in the form of IRAs and 401k plans.

Perhaps one of the major estate planning issues facing these boomers is the fact that there is over 25 trillion dollars sitting in IRA and other tax qualified retirement accounts in the U. S. today – which is approximately two times our gross national product. Inasmuch as most of that money has not been taxed, careful planning will be needed to minimize the tax hit and protect the accounts from a beneficiary’s creditors.

According to WealthCounsel's 2007 Industry Trends Survey to the media on January 15, 2008, 93% of respondents indicated that aging baby boomers will increase the demand for estate planning services.  

The survey also found that the most pressing concerns for which consumers seek the services of an estate planning include: