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Racey and McGregor Quoted in Crain's on Shortage of Lawyers in Estate Planning as Boomers Retire

January 2020
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On January 18, Susan Racey and Erica McGregor were quoted in Crain's Cleveland Business. The article explores the "boomer factor" and the issue of an ever-growing wave of baby boomer retirements coupled with fewer attorneys practicing in the area of retirement planning, elder law, probate and trust law, and business succession planning.

"What's made it hard in our area is that as the population of people who need services has grown significantly, the number of attorneys practicing in this area has dramatically decreased," Susan said. "This has not been a popular area in which to practice over the last 10, 20, 30 years. Now, there's just not the number of lawyers needed to do the level of sophistication that boomers need."

Stressing the valuable role that lawyers play as family advisors, Susan said that meeting with a retiree's whole entire family can help to smooth the transition between generations. Erica noted that, fortunately, baby boomers are less secretive than their parents' generation, many of whom experienced the Great Depression.

"Each generation is becoming more in tune to the importance of this," Erica explained. "Boomers are more open to sharing information with their children, making sure when something happens it's much more seamless."

Read the article here.

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