+ ASK The Lawyer
The Future
Wealth of
Millennials
How to plan for and protect your family’s
assets and your future inheritance.
My dad owns a successful machine shop that employs over 65 people. Even though he’s almost 73
years old, he continues to work and shows no signs of giving up control of the business. He has no
college degree and started his business in his garage nearly 50 years ago. I have a master’s degree in
business and finance and have been managing the business for my father for 20 years; however, he
shows no interest in retiring and turning the family business over to me. If my dad lives another
20-plus years, I could find myself working for my son who is about to graduate college and join
the family business. I believe that my generation is not only about to be skipped over, but my
children, Millennials, will acquire all the wealth. What drives my dad’s generation, Baby Boomers,
and prevents them from handing down business succession to their children, my Generation X?
Q:
By Kristen M. Jackson, Jackson Law P.A.
A:The Boomer generation,
those born between
1946 and 1964, is the
most populous. Having worked so
hard to build what they have makes
it difficult to let go and allow their
children and grandchildren the opportunity
to step into their shoes.
Boomers are often criticized for
their consumerism, their focus on
wealth and their belief in the myth
of a fountain of youth. The fact is,
Boomers have become the richest
16 Central Florida Lifestyle | December 2019
generation in history, are more
physically fit and are far outliving
their parents. It’s expected that with
today’s medicine and science, many
boomers will live another 25 years.
Unlike their parents, boomers seem
less focused on business succession
and how they will pass down their
wealth. They are busy earning it, reinvesting
it, enjoying it and chasing
youth by spending their wealth on
facelifts, Botox, fitness centers and
anti-aging potions.
Will Boomers’ wealth skip your
generation? Probably not, although
it’s most likely the Millennials may
soon become the richest generation
ever. According to Cerulli Associates,
worldwide asset management
group, over $68 trillion will be
handed down over the next 25 years
by the Boomer generation.
Generation X is encouraged to
direct energy on how to influence
Boomers to create asset protection
and business succession plans that
will transfer their wealth to their
beneficiaries without the need for
lawyers and courts. Boomers are
50% less likely than their parents
to have a will, trust or other form
of estate planning. This means as
much as $47 trillion could end up
in the hands of attorneys, courts
and state’s unclaimed property divisions
rather than in the hands of
beneficiaries.
Inheritances are like Christmas
gifts. Without adequate estate planning,
heirs may meet the Grinch
who stole Christmas and encounter
family wars, attorneys and courts to
settle estate inheritances. Take time
this holiday season to discuss with
your family how to wrap the family
business and other assets into the
best gift ever by implementing effective
estate planning.
Kristen M. Jackson is the founding
partner of Jackson Law PA
(407-363-9020). She is experienced
in estate planning, real estate law,
business and contract law. Her firm
has earned an AV rating by Martindale-
Hubbell signifying the highest level of
professional excellence as obtained
through opinions from members of
the bar and judiciary.