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Planning for the Generations: The Silent Generation

“I don’t buy green bananas nowadays. Don’t want to be so hopeful that I’ll get to see them ripen.” 

This is a favorite, often-told joke between my grandparents. Their conversations aren’t always this morbid, but it’s a good example of their realistic outlook on life as they climb into their 80s. Why waste money on something you – or someone else – will end up throwing out? 

My grandparents aren’t alone in this thrifty, sensible thinking. It’s a trait that’s pretty common for their generation: The Silent Generation. 

Born between 1928-1945, the Silent Generation grew up in the Great Depression, World War II, and years of economic and political uncertainty. Their “silence” doesn’t necessarily mean these people are quiet (I’m sure you’ve had some loud family reunions!) but that the generation as a whole is disciplined, respectful, and cautious with money. 

Another word that describes the Silent Generation? Stable. Whether in careers, wealth creation, beliefs, or families, this group values stability and the security that comes with not making too many changes in life. 

The people in our lives who are part of this generation are probably past retirement and are considering what’s next in life. Many of them are downsizing, moving into assisted living, and making what could be the final updates to their will and trust. 

They have seen a lot of change in their lifetime, both around the world as wars break out and economies struggle, and in their own home as children grow up and move out. But the coming days, months, and years will bring changes that are out of their control. 

Having a well-established plan in place will support them as they age and consider what’s next for them and their families. While many people in the Silent Generation currently have some sort of an estate plan, here are some specific questions we hear from this group:

  • How can I transfer assets easily to my beneficiaries?
  • How do I make sure my family doesn’t go through probate court?
  • Do I need to worry about estate taxes after my death?
  • What can I do to make my medical wishes known?

If you have an estate plan in place, but want to make sure it’s fine-tuned, Alles Law will audit your documents for free. Our attorneys will let you know if they are good to go or if there are any recommended changes you should make. And if you don’t have a plan together yet, meet with us to see what strategy is right for you.

Even if it doesn’t feel right to buy green bananas, you should feel good about your estate plan. Schedule your consultation with Alles Law online or call us today.

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