Article on Blowing Inheritance in the Great Wealth Transfer

Darren T. Case recently published an Article entitled, Blown Inheritance: An Alarming Issue During the Great Wealth Transfer, Arizona Attorney 38 (July/August 2016). Provided below is a summary of the Article:

It’s been estimated that $30+ trillion in wealth will transfer to the next generation over the next few decades. Some forecast that just under 20 percent of that wealth is already in motion, as it is being held by families with life expectancies of seven years or less. While practicing law in the estate planning, probate, and trust areas during the “greatest wealth transfer in human history” certainly will be intriguing, it will arguably be one of the most challenging times, as well. Of the trillions of dollars set to transfer to the next generation, recent studies show that 50 percent of the inheritances will be blown—and most will be blown quickly. 

Many families may cringe when learning such a staggering statistic, but the question is what, if anything, can attorneys do to combat the loss or dissipation of estates?