Family Stories are #1 Legacy (not money) According to Poll
According to a recent US News report, 86% of the Boomer Generation believes family stories are “very important” and make a more important legacy than money. (see Family Stories, Not Money, Is Best Legacy dated May 21, 2012).
The article by Phil Moeller (@PhilMoeller) notes that when people think about their estates and inheritances, they tell pollsters that passing along personal and family values trumps possessions. Generations younger than boomers generally agree. The findings are part of the 2012 Allianz Life American Legacies Studies sponsored by Allianz Life Insurance Company and matched similar findings from 2005, before recent financial upheavals.
Both Boomers and their parents said that an inheritance (monetary) is not something a parent owes a child. Only 9% of Boomers expect to receive an inheritance, but 43% thought it was “my responsibility” to start a conversation about family history with both younger and older generations.
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