Understanding Inheritance Across Generations: What to Expect

By Matt Rehnelt, Business Development Manager

Inheritance, the passing down of assets and wealth from one generation to another, has significant implications for individuals and society at large. Each generation's expectations regarding inheritance are shaped by economic trends, societal changes, and personal circumstances. Let's explore what different generations can anticipate in terms of inheritance, based on current research and trends.

Baby Boomers (Born 1946-1964)

Baby Boomers, often considered one of the wealthiest generations due to economic prosperity during their working years, are poised to transfer substantial wealth to their heirs. According to a report by CNBC, Baby Boomers are expected to pass down about $68 trillion by 2043. This includes financial assets, real estate, and business interests accumulated over their lifetimes.

For Baby Boomers receiving inheritance themselves, the focus is often on financial stability in retirement and healthcare costs. Many expect to use inherited wealth to fund their retirement years or cover medical expenses, as Forbes notes the rising cost of healthcare for older generations.

Generation X (Born 1965-1980)

Generation X, sandwiched between the larger Baby Boomer and Millennial cohorts, faces varied expectations regarding inheritance. While some may receive inheritances sooner due to their parents' advanced age, others may have to wait longer as their Baby Boomer parents live longer and spend more on healthcare and retirement.

The Balance suggests that Generation X is likely to inherit from both their parents and possibly earlier than anticipated due to increased longevity. This generation is also known for being financially savvy and may prioritize investing inheritances to secure their own retirement or pass wealth down to their children, the Millennial generation.

Millennials (Born 1981-1996)

Millennials, often viewed as the recipients of the largest intergenerational wealth transfer in history, have high expectations for inheritance despite economic challenges like student debt and lower homeownership rates. Business Insider highlights that Millennials may inherit about $68 trillion from Baby Boomers over the coming decades, potentially transforming their financial futures.

However, the distribution of wealth among Millennials is expected to vary widely. Those from wealthier families may receive substantial inheritances early, allowing them to invest in education, homeownership, or entrepreneurial ventures. Conversely, others may receive smaller inheritances later in life, impacting their ability to achieve financial stability.

Generation Z (Born 1997-2012) and Beyond

Generation Z and younger generations face a more uncertain inheritance landscape. With longer life expectancies and changing economic conditions, the timing and size of inheritances remain unpredictable. However, Investopedia notes that as societal shifts continue, inheritance laws and tax structures may evolve, impacting how wealth is transferred to future generations.

For Generation Z, the focus may be less on traditional inheritances and more on the equitable distribution of assets and wealth, as well as sustainable financial planning for the future.

Conclusion

Inheritance expectations vary significantly across generations, influenced by economic conditions, longevity, and personal circumstances. Baby Boomers are preparing to transfer substantial wealth, Generation X is poised to receive inheritances as their parents age, Millennials anticipate a historic transfer of wealth, and Generation Z faces a changing landscape with evolving inheritance norms.

Over the next 25 years, creditors must establish deceased claim processes to recover their debts due to the anticipated Great Wealth Transfer, in which an estimated $68 trillion will be inherited from the baby boomer generation. Implementing efficient processes ensures creditors can assert their claims against these assets. DCM Services and Probate Finder OnDemand® offer solutions to create and manage these necessary claim processes, allowing creditors to be recognized and compensated appropriately in the distribution of inherited wealth.

Contact us for more information on how our innovative solutions can fit your needs.

 

DCM Services Names Steve Barker as Senior Vice President of Human Resources

Minneapolis, MN, November 8, 2023 – DCM Services, Inc. (“DCMS”), the industry leader in estate and specialty account recovery solutions, is pleased to announce the appointment of Steve Barker as Senior Vice President of Human Resources.

Steve has been a leader in Human Resources for over 20 years and brings expertise in aligning strategy, people, capabilities, and culture to deliver results and accelerate growth. He has held various leadership positions at top-tier organizations, most recently at Garda Capital Partners, Securian Financial, and U.S. Bank where he partnered with executive management and provided strategic HR solutions, aligned with business objectives, aimed to help achieve and exceed business goals. He has built his career in various HR leadership positions, evolving HR from traditional task-oriented operations to one focused on PEOPLE throughout their entire life cycle, from recruitment to retirement.

Michael Rosenthal, Chief Executive Officer of DCM Services commented, “Steve is an accomplished human resource leader who has proven to be innovative and a proactive advocate for employees. DCMS employees are critical to our success and I am thrilled to have him on board, and look forward to his enhancement of our HR strategy.”

About DCM Services

Minneapolis-based DCM Services is the industry leader in estate and specialty account resolution services, maximizing the value of client portfolios across financial services, healthcare, auto, retail, telecom, credit union, government, and utility industries through innovation and performance. Its recovery solutions offer a full range of services, from proprietary web-based solutions to full outsourcing, maintaining an unmatched spectrum of innovative solutions that increase recoveries, protect brand value, and enhance survivor relationships – with respect and sensitivity. For more information on all DCM Services’ offerings, please visit www.dcmservices.com.

 

DCM Services (DCMS) joins DebtNext Software's Vendor Select Program

DCM Services (DCMS) is honored to announce we are now an associate of DebtNext Software’s Vendor Select Program. DebtNext’s industry-leading recovery management tool, dPlat, coupled with its network of partners that range from 3rd party collection vendors to billing and revenue management solution providers, empowers their customers to solve their most complex problems and leverage tomorrow’s future solutions. Their commitment to customer satisfaction means they only collaborate with partners that bring unique insight in delivering a complete solution to our customers. Their partners are an integral part of their customer’s success and ability to maximize value from their dPlat investment.

“DebtNext Software and DCM Services are aligned to provide technology-driven specialty account receivable solutions as a core focus to the industry. Working with two industry leaders with 45 combined years of experience will bring additional value to our clients and prospects.”

Thom Majka, DebtNext Director of Client Success.

“DCM Services is honored to be a member of DebtNext Software’s Vendor Select Program.  We have partnered with DebtNext on several shared clients and have great respect for DebtNext and the excellent services they provide.  Like DebtNext, DCM Services provides solutions to organizations that seek to create additional efficiencies through software and automation.  Now more than ever, leveraging technology and automation is key to creating probated estate and specialty account processes that maximize recoveries. ”     

- Tiffany Jansen, DCM Services SVP Business Development    

To learn more, contact sales@debtnext.com

DCM Services names Scott Weddle as Chief Operating Officer

Minneapolis, MN, April 18, 2023 – DCM Services, Inc. (“DCMS”), the industry leader in estate and specialty account recovery solutions, is pleased to announce the appointment of Scott Weddle as Chief Operating Officer.

Scott brings over 35 years of industry experience. He has held various leadership positions at top-tier organizations, most recently at Fortitude Re, HomeServe USA, and Service Master. Scott provided leadership and expertise as the Assistant Vice President at Fortitude Re managing all telephony and technology applications while leading and forecasting multiple high-volume contact centers both directly within the domestic US and indirectly through offshore resources located in Manila. At HomeServe, he served as Vice President of Operations, leading an international team responsible for the strategic direction of the contact center and claims operations. At Service Master, he was Director of National Contact Center Strategy, where he led a team responsible for launching and scaling new products and services across 4 national contact centers, supporting 300+ branch offices.

Michael Rosenthal, Chief Executive Officer of DCM Services commented, “Scott is a results-driven leader with a passion for building high-performance teams and creating a culture of accountability and continuous improvement. As COO of our company, Scott will leverage his expertise in operational strategy, process optimization, and team leadership to drive growth and deliver exceptional results for our customers and stakeholders, while improving on our already dynamic culture. We are excited to have him on board and look forward to his contributions to our success.”

About DCM Services

Minneapolis-based DCM Services is the industry leader in estate and specialty account resolution services, maximizing the value of client portfolios across financial services, healthcare, auto, retail, telecom, credit union, government, and utility industries through innovation and performance. Its recovery solutions offer a full range of services, from proprietary web-based solutions to full outsourcing, maintaining an unmatched spectrum of innovative solutions that increase recoveries, protect brand value, and enhance survivor relationships – with respect and sensitivity. For more information on all DCM Services’ offerings, please visit dcmservices.com/solutions-overview.

DCM Services names Scott Lane as Chief Financial Officer

Minneapolis, MN, February 27, 2023 – DCM Services, Inc. (“DCMS”), a portfolio company of NMS Capital (“NMS”) names Scott Lane to the position of Chief Financial Officer.

Scott brings over 25 years of public and private company experience in a wide range of finance and business functions within various industries, having held a number of senior positions including CFO, COO, and Chief Risk Officer. Prior to joining DCM Services, Scott was with DAS Health a leading provider of Health IT and management solutions based in Florida where he served as Chief Financial Officer.

Michael Rosenthal, Chief Executive Officer of DCM Services commented, “We are delighted to welcome Scott to the DCM Services team. Scott’s diverse background in finance, private equity, automation, and technology utilization, will undoubtedly play a key factor in our future growth and add invaluable strength to the Company’s corporate initiatives. In addition, Scott has significant M&A experience that will support the company’s vision for continued growth.”

Scott graduated with a Bachelor’s degree in Business Administration from the University of Wisconsin, Eau Claire, and a Master’s degree in Business Administration from Duke University.