It is an immutable fact: All generations pass away.
Most leave something behind – memories, certainly, but also traditions and culture and family relics.
As the Baby Boomer generation passes, it will leave behind all those things and something else: Wealth. Lots and lots of wealth. Unprecedented wealth, in fact.
The Baby Boomer generation is defined as those born between 1944 and 1964 which means that the oldest of the estimated 73 million Boomers in the U.S. are in their late 70s. The annual death rate of the generation is 5,300 per 100,000.
Census data shows that Boomers hold 70 percent of the nation’s disposable income. And, as the saying goes, you can’t take it with you.
Over the next two decades it is estimated that Boomers will leave behind a staggering $30 trillion, which will represent the greatest transfer of wealth in history.
Most of that money is likely to go to heirs, although according to one study, 19 percent of Boomers say they will leave no inheritance to their kids at all.
Many Boomers are doing both, passing on some of that wealth to their families, while donating some to their favorite causes.
Far be it for us to tell Boomers what they should do with their money after they pass, although we do suggest you not follow the example of Maria Assunta of Italy, who in 2011 left her entire estate, valued at $13 million, to her cat, Tommaso. That’s a lot of Fancy Feast and catnip.
For those who do plan to donate to a cause or charity, it’s a good idea to start making those plans now. Estate planners and financial advisors can help with those arrangements.
CREATE Foundation of North Mississippi is no stranger to charitable giving. The organization itself was founded by a donation from Tupelo newspaper publisher George McLean 50 years ago.
CREATE offers assistance in setting up and managing charitable funds, even complex gifts such as securities and real estate. Donations made through CREATE allows donors to earmark their funds for a specific group, organization or purpose, with CREATE providing as much or as little guidance as you request. They also manage endowments for a wide range of non-profits in the area.
Whatever your intentions for what you will someday leave behind, it’s never too soon to begin making those plans.
Tommaso, by the way, is still alive at age 15. It is unlikely that he has given any thought at all to what he’ll do with his fortune once he passes on to that great litter box in the sky.
Don’t be like Tommaso.
The Dispatch Editorial Board is made up of publisher Peter Imes, columnist Slim Smith, managing editor Zack Plair and senior newsroom staff.
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