A large world-wide wealth transfer is expected over the next 30 years according to a recent report released last week by Wealth-X and NFP Family Wealth Transfer. The expected $16 trillion dollars to pass to the next generation in the next three decades, and $6 trillion in the U.S., is expected to create newly ultra-rich individuals, with proper planning, suggests the report. The report’s authors warn that since over half of the world’s ultra rich are self-made, it is important that they also pass down the values and work ethic to their children that got them to where they are. The report also warns that proper estate planning is a must as up to half of the next generation’s inheritance could go to inheritance taxes.
See PW Staff, Rich Families Set to Transfer $16 Trillion, Financial Advisor, Jan. 16, 2015.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
