Estate planning is emerging as a key service as financial advisors prepare to compete for the wealth transfer and charitable giving needs of the baby boomer generation, according to a new report.
   The report, by Tiburon Strategic Advisors, notes that consumers' investable assets are expected to grow from about $17 trillion now to about $30 trillion in 2010.
   "As baby boomers get older and wealthier, their primary goals will evolve from accumulation to preservation," the report's authors state.
   That, they say, will result in an increased demand for estate planning and charitable giving advisory services.
   They note that the number of personal trusts in the nation has doubled over the past eight years to about 4 million-about two thirds of which are revocable living trusts. Personal trust assets have reached $3.3 trillion, with $2.2 trillion in personal trust assets held in revocable living trusts and $1.1 trillion in irrevocable living trusts.
   Meanwhile, consumers account for nearly 75% of the $250 billion in charitable contributions that are made annually.
   "Most consumers do not believe the estate tax repeal will have an effect on charitable giving," according to the study.
   The demographics of the baby boomer generation are creating a potentially huge market for financial advisory services that include estate and philanthropic planning, according to the study. Less than half of all U.S. consumers have created a will and only a quarter have created powers of attorney for health care decisions, according to the study.