Baby boomers: new prey for probate poachers

EstateofDenial.com came across a recent Securities and Exchange Commission report that says “baby boomers today control more than $13 trillion in household investable assets.” It further states: “This accounts for over 50% of the total household investments assets in the U.S. The number of baby boomers will continue to grow with projections of nearly 1 in every 6 Americans will be 65 or older by the year 2020.”

Financial companies are tailoring products to accommodate this population segment. While some folks may view this as great, beware the flip side. We love capitalism and applaud businesses that are savvy and motivated to change with the times. An evolving commercial market is often a healthy market so long as it offers equitable risk/reward levels for all involved.

Unfortunately, as some enterprises gear up to reputably address changing markets, people should be aware that probate predators (whose numbers are significant and appear to be growing) are likely doing the same thing. The SEC report would be great - if only everyone played by the rules.

Involuntary Redistribution of Assets (IRA) actions occur through abuse of probate venues and/or probate documents such as wills, trusts or guardianships. These acts are happening today and if many in the legal industry continue prevailing in their quest to keep this an undocumentable, “overstated” non-issue, more Baby Boomers are destined to learn the ugly reality that perceptions of inheritance and other property rights far exceed the realities.