Paul Martin's Business Update - April 10th, 2014

Apr 11, 2014, 02:45 PM, Core Neighborhood Planning Area, Saskatoon, Canada

Paul Martin's Business Update - April 10th, 2014

A lot of attention has been devoted to issues related to the financial and economic impact of the baby boom generation heading into retirement. Specific topics include saving for retirement or, for boomers that are business people, there are issues related to succession planning and exit strategies.

One thing that is a logical extension of this discussion is: what will happen to the wealth of baby boomers when they pass on.

A study by Harris Bank, part of Bank of Montreal, asked affluent Canadians what they plan to do with their estates. This is people with more than $1 million in investable assets.

One-third of the wealth is going to be passed on to children, according to the study, and spouses will get 60 per cent. The remainder will go to charities and other family members – roughly 3 to 4 per cent each.

The study also found that most wealthy Canadians believe their children are knowledgeable enough to manage their inherited wealth. And while most believe their kids are not going to be as well off as they are, Americans surveyed on this held the opposite viewpoint. #wetellyourstories #canada #businessnews #wealth #harrisbank #inheritance