Families and intergenerational transfers : changing the old order?

The first section of this paper provides background information concerning the baby boomer generation, with a focus on the level of their wealth and assets. The second section deals with the practice and intentions of baby boomers in transferring their assets through both inter vivos transfers and testamentary dispositions. It also examines the evidence and explanations for the equality principle, and analyses the nature, extent and explanations for the two types of intergenerational exchanges. The paper concludes with an overview of how baby boomers' testamentary dispositions to children can be displaced by family provision legislation, and argues that where adult children are concerned, putting an economic value on familial obligations may be at odds with family cohesiveness.