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.
“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.”