Hey Kids: I May Not be Leaving You a Bundle

Spending the kids inheritanceOnly 30% of people ages 65 to 75 consider leaving money for heirs to be a top priority.

Baby Boomers claim their priority is peace of mind and enjoying life.  In fact, a recent survey asked nearly 500 people ages 65 to 75 with at least $50,000 in investible assets, excluding their workplace retirement plans. When they examined how seniors spend money, they're not planning to leave it to heirs.

The estate tax exclusion is currently at $5.49 million for individuals and headed to $5.6 million in 2018. The proposed GOP tax bill would double that amount. As a result, Baby Boomers' priorities may be changing. Instead of devoting time to estate planning and sheltering assets from taxes, many want to enjoy their money now.

Boomers say having "peace of mind" is the most popular goal for the 65-to 75-year-olds. About half said they want to enjoy comfort and financial security in their retirement. The second most popular goal was "enjoying life," according to 46% of those surveyed. Traveling rounded out the top three retirement objectives.

While enjoying yourself may not be the first thought for many when preparing for life after a career, there are benefits to accommodating this and other "soft goals" into retirement planning. Don't underestimate the significant impact that emotions play in the decision-making process.

Here are a few ideas and suggestions for savers who want to reach retirement with enough cash.

Formally state your goals. While retirement is the end goal for most of us, you should try to clearly define what you want to achieve once you get there. In this way, you’ll have a destination in mind. Try to be very specific, such as including an objective to save a particular amount or to pay off a debt.

Create a plan. It’s not much of a plan to achieve some specific goals if you don’t chart your course and only 'wing it'. Sit down and consider the changes you'll need to make to your spending habits and your budget to accomplish your savings goals.

Take action and review your efforts. Make a commitment to your plan and be sure you monitor your progress on a regular basis. When people have a plan, they're more able to address and overcome issues when obstacles present themselves.

Reference: CNBC (November 14, 2017) “Don’t hold out for that inheritance from your rich grandpa”


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We've been putting together as many resources as possible so that we can continue to help:

  • If you’re a current client with a signing appointment or a prospective client with a consultation and would prefer that meeting take place in your own home, we can accomplish that with a little bit of pre-planning on our part and with the addition of a laptop, smartphone, tablet or other computer in your home to facilitate this virtual meeting. For those of you that need to sign legal documents, that too can be accomplished with the use of a webcam (FaceTime etc.), so that we can witness and electronically notarize all of your important legal documents.
  • We launched the rollout of our on-demand webinar early so that new clients and our allied professionals can view the important component parts of ‘an estate plan that works’ at their convenience.  That is available on our website.
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Thank you, Walt and the Zaremba Team

Update to our Process

The unprecedented coronavirus pandemic has taken our entire country by surprise. We understand how difficult this time is for America’s businesses and families.  However, we believe it is vitally important that we make every effort possible to continue to offer solutions that avoid disrupting our important partnership with you, your family and friends.  As you know, estate planning is not something that should wait for a more convenient time, therefore the opportunity to address your important goals both during and after this crisis should not wait.  To that end, we have added the option of a ‘virtual consultation’ to our office process.  You will now have a choice of either meeting with us in our office or in the comfort of your own home.