Surprise! Leaving behind a pile of cash for heirs isn't a top priority for most baby boomers.
Those were the findings from a recent survey by The PNC Financial Services Group. The bank polled 492 individuals ages 25 to 75 in August. Participants had at least $50,000 in investible assets, excluding their workplace retirement plans.
Of respondents ages 65 to 75, only about 3 in 10 cited "leaving money for my loved one" as one of their top life goals.
"When you dig into how they spend money, they're not really focused on leaving it to heirs," said Rich Ramassini, director of strategy for PNC Investments.
With the estate tax exclusion at $5.49 million for individuals — and the proposed GOP tax bill would double that amount — boomers' priorities may be changing: Rather than devoting time to estate planning and sheltering assets from taxes, they would rather enjoy their money now.
"The more that estate tax exclusion goes up, the more it changes the discussion of intergenerational wealth transfer," said Ramassini. "It becomes a conversation of different desires in retirement and not just tax efficiency."
Here's what boomers are prioritizing over leaving large estates to their heirs.