Industry Expertise · June 16, 2022

Ramping Up Legal Support Services for the Baby Boomer Generation

In 2021, the oldest members of the baby boomer generation turned 76, while the youngest members reached 58. At around 71 million people strong, this generation is expected to be as active as ever over the coming decades.

In addition to driving social and consumer trends as they have for decades, baby boomers' energies will increasingly be focused on finding reliable and competent legal support services to help navigate the realities of growing old and facing mortality. Here are some unique challenges your firm should consider as they relate to this aging generation's legal needs.


Requiring more than wills

People born between 1946 and 1964 hold an estimated $30 trillion to $40 trillion in financial assets. Thanks in part to their high rate of homeownership, this group also controls almost half of the country's real estate wealth. At the same time, it has endured unique challenges, with periods of high bankruptcies, rising divorce rates and an existing average mortgage debt of more than $198,000.

Related complications could continue to multiply, prompting many baby boomers to turn to specialized attorneys to seek relief in legal options that are tailored to older individuals' needs—especially when it comes to financial, healthcare and eldercare matters.

While all baby boomers should perform an annual financial wellness checkup with a financial or legal advisor, some will likely require clarity around the following situations:

  • Complex blended family situations where wills and estate planning must provide clear instruction on what is to be left to whom
  • A desire to bypass adult children and leave substantial assets to grandchildren, which requires strict guidelines on how inheritances can be accessed and at what age
  • A strong desire for privacy, requiring up-to-date probate and trust law expertise
  • Wishes to hand down a successful family business to family members, current employees or outsiders to lead it into the future

Confusion in the healthcare landscape

They're murky to begin with, but evolving healthcare regulations present new guidelines—and obstacles—every year.

Lawyers with a firm grasp on the healthcare landscape can prove invaluable to aging clients, especially as physical issues deteriorate and mental capacities wane. As they confront their new realities, baby boomers will increasingly ask for insight on:

  • The complicated interplay of Medicare, Medicaid and health insurance
  • Resident care and nursing home facility contracts, regulations, and rights
  • Advanced-care directives and powers of attorney

Issues unique to older generations

The unfortunate reality is that some businesses and individuals take advantage of people as they get older, especially if their mental capacities fade. Poor decisions based on incomplete information or deception can lead to obstacles for aging baby boomers unless they're well-educated on the following important topics:

  • Eldercare and abuse
  • Debt collection defense and pension rights
  • Rights related to grandparents raising grandchildren or dependent adult children

Addressing the needs of a growing market

As more baby boomers grapple with legal issues and challenges that can escalate quickly, demand for solid legal support services for this generation will expand as well. By allowing for such factors in setting a strategic course for your firm, you'll position it for growth while establishing your services as valuable assets to the community.

Insights

Financial insights for your business

No results found

This information is provided for educational purposes only and should not be relied on or interpreted as accounting, financial planning, investment, legal or tax advice. First Citizens Bank (or its affiliates) neither endorses nor guarantees this information, and encourages you to consult a professional for advice applicable to your specific situation.

Links to third-party websites may have a privacy policy different from First Citizens Bank and may provide less security than this website. First Citizens Bank and its affiliates are not responsible for the products, services and content on any third-party website.