Boomers get a bad wrap.
Why is that? They worked hard and saved money in an era when admittedly houses cost a lot less but interest rates were a staggering 20+ percent at one point in the late 80s. Yet we’re told boomers are greedy.
Many of them have run businesses and done so with a great sense of responsibility to their family for whom things might not be so easy. As if it was easy “back then” for the boomer generation born in the 60s and 70s.
So being a boomer is not enough reason for other, possibly more entitled, generations to put the boot in. In our office we don’t see the mean side of boomers that some politicians, literally green with envy, go on about.
Here is what we see:
We see parents trying to help get their kids into their first home. Yes, boomers are also the bank of mum and dad. For the lucky ones anyway. The same people. Doing what they can to help their family get ahead with their “easily earned money from back then”.
And they want nothing more than to help their kids. They follow their kids and their kids’ friends with pride as they make their way though life - get that first home, get hitched, have kids, build a business. We also see the pain it causes them when something bad happens to one of their kids – a marriage breakup or the loss of some money on an investment or business venture.
When we see boomers we also see mature adults looking after their own aging parents. Helping them sell their home and get settled in retirement villages. Making sure they are comfortable. Helping them with computers and mobile phones and technology so they can keep in touch with the family. Reassuring them that once they’ve gone there won’t be any squabbling amongst the kids over their estate by making sure they’ve got Wills and Enduring Powers of Attorney sorted out. And sorted out in a way that meets their wishes and is unlikely to be challenged after they’ve gone.
Of course we also see what happens when boomers themselves get older. When they lose their faculties or die. We see the sadness that brings to the family and the hole it leaves. And also the massive intergenerational transfer of wealth that we are starting to see as a result of that. And unfortunately, the arguments between siblings and other family members all over what is “owed” to them. Grief be dammed!
Maybe you can see some of this too, most people can.
We see all of this in our day to day work at Queenstown Law. All of it involves legal work.
What makes it fascinating and sometimes stressful is that no two situations are the same even if there are many common threads. Succession planning for mum, dad and the kids should be straightforward but that can be smashed out of the park when the kids’ partners and spouses get involved.
And succession planning for mum, dad and the kids is different again compared to blended families where you are trying to herd everyone through the different vested interests and pressures that arise. Where there is a natural tension between the kids and their parents’ new partners. Maybe not obvious at a personal level but it comes out when someone dies or a relationship goes south.
At Queenstown Law we deal with all of this. Over and over again. It is hugely satisfying to be able to help people navigate all the questions and issues they face. At the same time it can be challenging when things are not going swimmingly for someone. Watching up close when relationships end through break up or death, and a family is ripping itself apart over money is harrowing. Like a car crash in slow motion.
But that’s our job. We try to be a calm voice of reason. People are relying on our advice and it is important that we stay one step removed from the emotion of it all while still maintaining compassion and respect.
Often the best way to deal with all of the above issues is to have us undertake a comprehensive review of your situation to:
(a) make sure you have measures in place and
(b) make sure they are current, or
(c) if you do not have measures in place or if there are gaps, have us immediately deal with them so that you don’t have to worry about it anymore.
Remember too that life happens and things change. So you should review your plans annually. We can help.
Please contact us by emailing russell@queenstownlaw.co.nz or claire@queenstownlaw.co.nz or phone us on 03-450-0000. You can also reach out via our website at www.queenstownlaw.co.nz
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