The Best Inheritance is Still Family Values and Family History
According to a 2012 study sponsored by Allianz Life Insurance Co. of North America, baby boomers and senior citizens considered family values and family history among the most important things that you can pass on to your children. Most of them viewed passing on family values, traditions and history as more important than the monetary inheritance you leave your children. The study entitled, “Allianz Life American Legacies Study” was published in 2012.
The study was a follow-up to an original study the company conducted in 2005. In both studies, there were very high percentages of individuals who believed that it is very important that parents pass on the family legacy including life lessons, values and stories. It appears that passing along values in addition to money is still a high priority; however, according to an article in The Dallas Morning News, parents are also very concerned about teaching their children the value of money rather than just giving them an inheritance.
This trend about teaching the importance of money as well as passing along family traditions, values and history is an extension of the results of the 2012 and 2005 Allianz studies. In both studies, only four percent of the boomer participants said that an inheritance is “owed” to them. Twenty-two percent of the senior citizens felt that they owed their children an inheritance in 2005; however, by 2012, that number had decreased to fourteen percent. This could be a result of the economy or the fact that some senior citizens are outliving their inheritance.
Planning for the Future High Priority for Both Groups
Both the boomers and the senior citizens made planning for the future a high priority. Over eighty percent of the individuals in both groups emphasized the importance of having a plan in place in the event they were to become seriously ill, terminal or permanently unconscious. Another desire is to avoid family conflict for both monetary and health decisions.