Wealth-Transfer Shortfall?Wealth-Transfer Shortfall?
Law and financial firms across the country are staffing up and expanding their trust services departments in anticipation of the much-heralded greatest wealth transfer of all time. But they may be disappointed along with many baby boomers. According to an article out this month in Trusts & Estates' sister publication American Demographics, the elderly may not bequeath as much as anticipated, because
May 1, 2003
Rorie M. Sherman Editor in Chief
Law and financial firms across the country are staffing up and expanding their trust services departments in anticipation of the much-heralded “greatest wealth transfer of all time.” But they may be disappointed — along with many baby boomers.
According to an article out this month in Trusts & Estates' sister publication American Demographics, the elderly may not bequeath as much as anticipated, because they are living longer, spending more and are worried about running out of money in their later years. Blame the ever-growing cost of health and nursing-home care, as well as the market downturn.
“With every breakthrough in health care, the wealth transfer declines,” Russ Alan Prince, president of the market-...
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