With the largest wealth handover in history about to occur, careful planning will be essential because without it, today’s fortunes will suffer substantial erosion. Approximately 25% of the United States and Europe’s billionaires are age 80 and older, compared to 20% in Asia. Tax-friendly holding structures are one way to control assets when the world’s richest people pass their wealth to the next generation. Further, to prevent a tug-of-war between their children, several wealthy elders have chosen to sell their businesses or donate a majority of their fortune to charity.
See Tom Metcalf, The World’s Aging Rich Are Plotting What’s Next, Private Wealth, march 3, 2017.
