Most Baby Boomers and the elder generation, those 65 and over, agree that they feel confident discussing key issues surrounding inheritance and legacy planning. However, fewer than half have actually done so with their own families, according to a survey conducted on behalf of Allianz Life and market consultant Age Wave.

Perhaps even more telling, the "Allianz American Legacies Study" revealed that the transfer of financial assets is much less important to Americans than the transfer of personal possessions and core beliefs and values.

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