Motley Fool Wealth Management
December 10th, 2024
When $84 trillion is on the move, people tend to notice. Right now, Baby Boomers are passing down the wealth they’ve built throughout their lives to the next generations.
For many people in younger generations, a wave of wealth is coming. Today’s Baby Boomers are reaching retirement age and preparing to pass down their assets to Gen X and millennial family members. Over the coming years, it is estimated that families will transfer around $84.4 trillion in assets. While about $72 trillion will likely go to other family members, the remaining $12.4 trillion is set to go to charity.
It is known as “The Great Wealth Transfer”.
This is a massive transfer of financial power, perhaps one of the biggest in history. Considering it’s expected to impact nearly a third of all Americans, it’s worth taking a moment to discuss the potential significance of this phenomenon and how you may want to prepare.
Whether you are approaching retirement or on the receiving end of an inheritance, there are a few simple steps you and your family can take to ensure a smoother transition. See how to effectively navigate “The Great Wealth Transfer” in this guide…
Being prepared for how the Great Wealth Transfer may impact you and your family is critical to making the most of your inheritance (whether you’re the one giving or receiving it). Proactive planning can help you and your family avoid unnecessary tax bills, establish realistic expectations, and develop a sound, goal-based strategy.
