Latest news with #WarrenSchlichting
Business Wire
28-07-2025
- Business
- Business Wire
New Study Finds America's Largest Wealth Transfer Faces Unexpected Obstacle: The Family Dinner Table
ADA, Okla.--(BUSINESS WIRE)--The largest private asset transfer in history is facing a significant hurdle, as a new LegalShield study reveals nearly half of Baby Boomers (41%) and Gen Xers (45%) do not have basic estate planning documents like a will. This lack of planning by older generations leaves their Millennial and Gen Z heirs with significant and possibly costly uncertainty as a historic $84 trillion wealth transfer builds momentum expected to carry beyond 2045. This lack of planning also sets the stage for something most Millennials dread: family conflict. "The greatest risk to this $84 trillion wealth transfer isn't taxes – it's silence," said Warren Schlichting, LegalShield CEO. "An estate plan is essential, combined with open dialogue. Without planning and conversation, Americans risk trading family fortune for family feuds." The LegalShield survey of over 1,000 U.S. adults, conducted in June 2025, underscores the high stakes of this transfer, revealing that a clear majority of the next generation—including 63% of Millennials—is already counting on an inheritance. The Single Biggest Issue? Silence Even when estate plans exist, the study found a wall of silence can be just as damaging as having no plan at all. Nearly one in five (19%) Boomers and Gen Xers admit their family doesn't even know if they have a will. The silence is mutual: 42% of Millennials and Gen Zers expecting an inheritance have not discussed it with the person leaving it to them. A key result is anxiety: The top inheritance-related fear for Millennials is emotional, not financial. 58% of Millennials fear family conflict more than financial fears such as taxes. The Compounding Problem: Procrastination The study reveals a critical failure to plan among the generations holding the most wealth. 41% of Baby Boomers and 45% of Gen Xers—the two generations holding approximately 77% of U.S. private wealth according to the Federal Reserve—do not have a will. Among those with wills, many are dangerously out of date: 51% of Boomers and 46% of Gen Xers have not updated estate planning documents in more than three years. Gen X: Caught in the Middle The pressure is especially high for Gen Xers, who are caught in the unique position of expecting to inherit from their parents while also planning to leave wealth to their children. This "sandwich generation" role fuels their financial anxiety. One more dimension adds to the unease: 78% of Gen Xers report uncertainty about the economy, making them more concerned about protecting their assets. 'The silence between generations jeopardizes far more than just financial assets,' said Wayne Hassay, a LegalShield provider attorney. 'People think estate planning is only about who gets the house, but it's much more. It protects your kids, directs healthcare decisions, and handles digital assets. An attorney helps ensure no piece is missed, preventing a legal nightmare for your loved ones later on.' Study Methodology: The LegalShield survey was conducted in June 2025 among 1,018 U.S. adults. The data was segmented by generation (Gen Z, Millennials, Gen Xers, Baby Boomers) to analyze attitudes and behaviors toward estate planning and the generational wealth transfer. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
Yahoo
25-07-2025
- Business
- Yahoo
Foreclosure Inquiries Hit 5-Year High — Here's Why and How It Could Affect the Housing Market
Foreclosure inquiries in the United States have been surging as more Americans fret about the potential impact of tariffs on the economy — and the U.S. housing market could suffer because of it. Read Next: Check Out: Here are more details on the growing foreclosure inquiries and how that could affect the housing market. 'Homes Are at Risk' Legal requests related to foreclosures are at their highest level since April 2020, according to a recent report from LegalShield, an Oklahoma-based provider of legal guidance and services. In a May survey of 802 U.S. adults, LegalShield found that more than 70% of homeowners and prospective buyers worry that tariffs and a potential recession could disrupt their housing plans. LegalShield also reported a 'marked drop' in home purchase and housing construction inquiries. This could foreshadow a slowdown in the housing market. 'The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse,' LegalShield CEO Warren Schlichting said in a press release shared with GOBankingRates. 'The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders.' Be Aware: Why Are Foreclosure Fears Rising? The LegalShield survey highlighted a 'convergence of pressures,' according to Matt Layton, the company's senior vice president of consumer analytics. 'Buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets,' Layton said. 'People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy.' According to LegalShield, May saw the lowest level of legal activity related to housing sales since July 2023. That was also when the Federal Reserve raised interest rates most recently, LegalShield noted. Overall, the survey cited mortgage rate uncertainty, elevated home prices and inventory challenges as impacts on buyers and sellers. LegalShield's report aligns with similar research from other sources. For example, climate-risk research group First Street found that the risk of foreclosures is rising partly because of the impact of weather-related damage to homes, MarketWatch reported. This problem is exacerbated by the fact that roughly 1 in 7 U.S. homes are uninsured, per LendingTree. How Is the Housing Market Impacted? Rising foreclosures can impact the housing market in a couple of ways, according to a Federal Reserve Bank of Cleveland report published in 2010, just on the heels of the housing and financial meltdown that led to the Great Recession. The first reason is that foreclosures add to the housing supply. If there's more supply, home values could fall. The second is that homeowners who've faced foreclosure are considered credit risks who might not qualify for future home loans, which reduces the number of potential buyers. The best way for homeowners to prevent foreclosure is to get legal advice long before they really need it, according to Schlichting. 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' he said. 'Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront — before they buy, before they renovate, before problems become expensive disasters.' More From GOBankingRates Mark Cuban Warns of 'Red Rural Recession' -- 4 States That Could Get Hit Hard Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy 6 Big Shakeups Coming to Social Security in 2025 This article originally appeared on Foreclosure Inquiries Hit 5-Year High — Here's Why and How It Could Affect the Housing Market Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
National Post
27-06-2025
- Business
- National Post
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Article content ADA, Okla. — Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. Article content Article content LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. Article content 'The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse,' said Warren Schlichting, LegalShield CEO. 'The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders.' Article content Foreclosure Surge Reflects Mounting Economic Strain Article content Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. Article content 'Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets,' said Matt Layton, senior vice president of consumer analytics. 'People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy.' Article content Signs of the Times: Home Sales and Construction Inquiries Sink Article content In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. Article content LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. Article content In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. Article content LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Article content Legal Problems Driving Buyers Away Article content The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). Article content 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' said Schlichting. 'Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters.' Article content The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. Article content About LegalShield: Article content For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and Article content Article content Article content Article content
Yahoo
27-06-2025
- Business
- Yahoo
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
Five-year high: Calls from homeowners to lawyers about foreclosure surge More than 70 percent of homeowners and buyers worry a recession and tariffs will derail homeownership plans 44 percent of homeowners regret not using a lawyer during the homebuying process to protect their asset ADA, Okla., June 27, 2025--(BUSINESS WIRE)--Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. "The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse," said Warren Schlichting, LegalShield CEO. "The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders." Foreclosure Surge Reflects Mounting Economic Strain Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. "Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets," said Matt Layton, senior vice president of consumer analytics. "People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy." Signs of the Times: Home Sales and Construction Inquiries Sink In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Legal Problems Driving Buyers Away The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). "Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds," said Schlichting. "Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters." The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and View source version on Contacts LegalShield Media Contact: Hollon Kohtz, Director of Communicationshollonkohtz@ Sign in to access your portfolio
Business Wire
27-06-2025
- Business
- Business Wire
Study Finds Foreclosure and Recession Fears Point to Housing Slowdown
ADA, Okla.--(BUSINESS WIRE)--Legal requests related to foreclosures have reached their highest level in five years, coinciding with a new LegalShield survey showing that more than 70 percent of homeowners and prospective buyers worry that a potential recession and tariffs could disrupt their housing plans. LegalShield also saw a marked drop in inquiries related to home purchases and housing construction, suggesting a potential slowdown in the overall housing market. "The hard data from consumers calling lawyers matches their fears about the economy: their homes are at risk and things may get worse," said Warren Schlichting, LegalShield CEO. "The other concerning finding is a drop in consumers asking for help to buy a home and a decline in questions from builders." Foreclosure Surge Reflects Mounting Economic Strain Calls to LegalShield provider lawyers about foreclosures spiked in May to the highest level since April 2020. "Our data highlights a convergence of pressures: buyers from the homebuying surge a few years ago want help with rising insurance premiums, property tax reassessments, and adjustable-rate mortgage resets," said Matt Layton, senior vice president of consumer analytics. "People are reaching out to LegalShield provider lawyers to save their homes, and they're scared of the next shoe to drop in the economy." Signs of the Times: Home Sales and Construction Inquiries Sink In a potential sign of a coming slowdown in housing transactions and construction, LegalShield saw significant declines in inquiries about buying and selling existing homes and home building. LegalShield fields approximately 150,000 calls monthly from consumers nationwide covering more than 90 areas of law, including real estate-related issues. In May, legal activity related to housing sales fell to its lowest level since July 2023, the last time the Federal Reserve raised interest rates. Both buyers and sellers face mounting friction amid affordability challenges due to mortgage rate uncertainty, elevated home prices and inventory challenges. LegalShield's Housing Construction Index, which tracks closely with Housing Starts reported by the U.S. Census Bureau, is now at its lowest level since March 2020 and down 4.1% this year suggesting a potential slowdown in new home building. Legal Problems Driving Buyers Away The nationwide survey, conducted in May, found that over a third of current homeowners (38%) experience costly legal issues related to their property, and 30% of all respondents have walked away from buying a home due to preventable legal problems. Homeowners say they regret not consulting an attorney in their homebuying process (44%). 'Perhaps now more than ever, consumers need to consider how to protect themselves and their asset if they are able to buy a home in the midst of these economic headwinds,' said Schlichting. "Instead of calling a lawyer after something goes wrong, smart homeowners are starting to get legal advice upfront—before they buy, before they renovate, before problems become expensive disasters." The LegalShield survey was conducted in May 2025 and surveyed 802 adults, ages 25-80, who live in the United States. The sample was balanced by age, among other demographic variables, according to the U.S. Census. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit and
