Published in Modera Wealth Management
on November 12th, 2021
As more and more boomers reach retirement age, trillions of dollars in family wealth are going to be transferred from older to younger generations. But many heirs (and their advisors) are not prepared. A significant number of families lose a chunk of their inherited wealth due to estate battles and misunderstandings.
According to Cerulli Associates, over the next quarter century, roughly 45 million U.S. households will collectively bequeath $68.4 trillion to their heirs.
Estate disputes are on the rise. The fights aren’t always about the money, either. You can have a multi-million-dollar estate and the children can be arguing over watches, golf clubs and inexpensive jewelry that have more sentimental value than appraised value. Sadly, we see heirs spending more money than they stand to inherit on legal fees to battle siblings or other family members. That seismic shift in assets can create opportunities for estate fights.
Here are some steps you can take to preempt family estate feuds:
There’s no such thing as a “perfect” estate plan, but if you and your advisors are very clear about wishes, values and motivations, you can take the proper steps to carry out your wishes with minimal family strife.
Modera Wealth Management
