Leave it to the baby boomers to come up with a different take on estate planning. The generation that lived through and was responsible for so much change in our society over so many years is now contemplating how to deal with passing on what they have accumulated. And as with many of the issues they have confronted throughout their lives, baby boomers in New Jersey and elsewhere are saying that leaving a legacy is what matters to them most, even more than giving an inheritance. One observer likened the concept of devising a legacy to not simply giving an heir a fish but both giving a fish and teaching someone how to fish in the future. It is estate planning with a twist.

Baby boomers are emphasizing the importance of imparting a belief system, the guiding principles by which a family has achieved its goals. In essence, it is about the transfer of values and not simply transferring wealth. And while money is downplayed, it is still very much a part of the baby boomer estate planning equation.

Charitable giving and education are high on the estate planning list, and efforts have been made to encourage heirs to follow along the same path. One couple has arranged to give one third of their estate to their children, one third to charity and the remaining third to the grandchildren, all with the hope that their offspring will continue to recognize the value of charitable giving. Trusts are often used to implement a family vision, with an emphasis on creating rules for distributions. The goal is not only to pass on family beliefs but also to ensure that inheritances will not be frittered away by heirs who are ill-equipped to deal with sudden wealth. Matching funds for expenditures consistent with a family vision such as a down payment on a house or start-up money for a new business is also an option used by some.

Baby boomers are leaving their mark once again here in New Jersey and across the country. They appear to embrace the idea that estate planning is an important and vital part of life. And their ability to think outside the box has resulted brought about end-of-life planning that is unique and will likely leave the world a better place.

Source: cnbc.com, "What's more important to baby boomers than money?," Cindy Perman, Feb. 8, 2012