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Posted July 18th, 2018

Working With Baby Boomers

Everyone who has worked on lots of planned gifts from Baby Boomers, hold up your hands.

Just as I thought.

Sure, there are gift plans that fit. Lead trusts in some cases. Term-of-years CRTs. Deferred payment gift annuities. Virtual endowments.

The writer hasn’t seen more than a few window shoppers and at most only a couple of buyers among Baby Boomers.

There are several reasons for this. In no particular order:

  1. Baby Boomers are dealing with their own kids. Ever read the news story about the 30-something who has moved back home?
  2. Baby Boomers as a group haven’t saved. They’ve spent.
  3. The huge wealth transfer hasn’t occurred. If and when it begins, many Baby Boomers are likely to stash their inheritances.
    • They’ve got their own retirements to fund.
    • They’re going to live long lives.
    • They’re going to be expected to pay for their grandkids’ education.

Sure, there are good planned gift prospects among Baby Boomers.

But in 2018, the oldest Baby Boomers turn age 72. That’s on the young end of the planned gift donor age spectrum. For this reason alone, Baby Boomers as a group aren’t yet in prime planned gift territory.

Consider targeting the oldest Boomers, perhaps 66 to 72, with ideas about gifts that address the concerns of people who have recently retired or are likely to be retiring.

This blog is mainly about how to direct your marketing efforts. If you’ve got a good planned gift prospect who’s a Baby Boomer, go for it. The only caution is, try not to settle for a benefit that ripens into cash on the table only at the Boomer’s death. Your organization could be waiting a long time.

By Jon Tidd, Esq

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