Senior Citizen's Guide to Cleveland Spring/Summer 2016 - page 17

Boomers Resource Guide
• Spring/Summer 2016
Some call baby boomers the
sandwich generation because they
are caring for both parents and
children. Similarly, many baby
boomers are sandwiched between
inheriting assets or family busi-
nesses and planning for future
distributions of their own assets or
transferring of the family business.
Research has found that 90
percent of inheritance is depleted
by the third generation and only
12 percent of family businesses
survive from the second to the
third generation. It is hard to know
exactly how to prevent this but the
prevailing wisdom is that success
is maximized through family com-
munication and education.
Preserving wealth and family
business is only part of the picture.
Now is the time you can add to the
picture of your life, change the
story and make yourself under-
stood. Simply put, baby boomers
have reached a stage in their lives
when finding meaning in life has
become a priority.
You want your adult children
and grandchildren to understand
what you value most and why;
how you have tried to make a dif-
ference and where. You also want
them to be financially literate and
prepared to inherit. You want your
children to know why you give to
certain causes and organizations
and may hope that they carry on
those choices.
Financial and legal advisors who
work with baby boomers may not
feel comfortable starting the “soft”
conversations around money and
values. It is up to you to ask these
professionals if they will work with
your family to articulate the values
that accompany the inheriting and
passing on of valuables. Much more
than assets are about to be trans-
Boomers Sandwiched Between
Receiving, Giving
1...,7,8,9,10,11,12,13,14,15,16 18,19,20,21,22,23,24,25,26,27,...32
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