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Douglas E. Greenberg, a leading Financial Advisor in the Northwest is featured in an article, "Fewer retirees have wills in place, putting their families at risk of losing their inheritance" Thumbnail

Douglas E. Greenberg, a leading Financial Advisor in the Northwest is featured in an article, "Fewer retirees have wills in place, putting their families at risk of losing their inheritance"

Title: Navigating the Decline in Estate Planning: A Comprehensive Guide 


Recent findings from the Health and Retirement Study (HRS) have unearthed a concerning trend: a significant decline in the number of retirees with wills in place. According to the study, only two-thirds of individuals aged over 70 have a will. This alarming data raises concerns, especially considering that nearly three-quarters of families had a will in the mid-1990s. Douglas E. Greenberg, a renowned Financial Advisor in Portland, Oregon, and President of Pacific Northwest Advisory, lends his expertise to explore this issue further.

**Key Findings from the HRS Report**

- A notable decrease in retirees having wills, with only about two-thirds of those over 70 having one in place.

- Estate planning is particularly uncommon among Black and Hispanic communities.

- Disparities exist in bequest realizations among different racial and ethnic groups.

**Insights from Douglas E. Greenberg, Financial Advisor, Portland Oregon**

- **Economic Inequalities:** Greenberg highlights that economic inequalities and historic, systemic disparities have left many Black and Hispanic individuals with fewer assets to bequeath. Serving Pacific Northwest clients, he has witnessed these disparities firsthand.

- **Cultural Factors:** There are also cultural aspects at play. In some cultures, wealth is transferred through means other than formal bequests, such as gifts during one’s lifetime.

- **Financial Literacy Levels:** Access to financial education and estate planning resources is limited in some communities, which Pacific Northwest Advisory aims to address for their clients.

**Challenges and Solutions**

- **Cost Concerns:** The expense associated with preparing a will continues to be a significant obstacle. Traditional methods like hiring an attorney can be costly, and while tech companies have emerged to offer more affordable solutions, confidence in these platforms is low.

- **Community Outreach:** Greenberg emphasizes the need for community outreach and legal reforms to address these challenges. Ensuring individuals are informed and have access to resources is crucial to increasing will preparation rates.

- **Conversations about Inheritance:** It’s vital for families to overcome the discomfort associated with discussing inheritance to set clear expectations and plans for the future.

**Minimizing Taxes through Proper Estate Planning**

- Jeff Hall’s perspective sheds light on the importance of differentiating between estate planning and wealth transfer. The former focuses on retaining control and avoiding taxes, while the latter centers on the recipients.

- As Greenberg and his team at Pacific Northwest Advisory work with northwest clients, they underscore the importance of addressing this issue. The decline in will preparation and the disparities in bequest realization require urgent attention to ensure legacies are passed on according to individual and family values.


As millennials and subsequent generations face increased financial challenges, the role of inheritance in ensuring financial security becomes more pronounced. Douglas E. Greenberg and the team at Pacific Northwest Advisory are committed to addressing this issue, providing personalized solutions to Pacific Northwest clients to safeguard their legacies. The integration of community outreach, legal reforms, and open family conversations is paramount in reversing the decline in will preparation and ensuring that the wealth transfer process aligns with the ethos of each family’s culture.