A new report suggests that as the time comes near, Americans are unprepared to transfer trillions of dollars in wealth from the older generations to their heirs. The baby boomers will pass approximately $3.2 trillion on to their heirs, but only 30% have a full wealth transfer plan and another 30% have nothing in place. Perhaps, this unpreparedness stems from a trend that has repeated itself for several years now—people do not talk to their benefactors when inheriting money. However, this trend may be on the decline because today, parents are educating their children about wealth and future inheritances. If the benefactors do not engage in conversation with their heirs, then they run the risk of not having their legacy properly represented.
See Karen Demasters, Americans Unprepared to Transfer Trillions, Report Says, Private Wealth, February 2, 2017.
Special thanks to Joel Dobris (Professor of Law, UC Davis School of Law) for bringing this article to my attention.
