The aging population and changing inheritance laws are influencing the way Americans look at will and estate planning. While Baby Boomers – generally considered those between ages 52 and 70 – are more likely than ever to have living parents as well as children to consider when making a will, Millennials (ages 18-35) are unlikely to think about these issues until they get married and have children of their own – life events that many are experiencing much later than their parents did.
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“You might say Baby Boomers are more cynical,” says Martin Lepelstat, shareholder in Greenberg Traurig’s trust and estates practice in Florham Park. “They’re more concerned about long-term issues. They’ve seen the economic ups and downs.”