The great wealth transfer is upon us, but the generations involved are not communicating about it. Unfortunately, most heirs are unprepared to preserve and grow the wealth their predecessors have garnered. Approximately $4 trillion will be passed on to the next generations throughout the next decade, so it is important for the benefactors to talk to their heirs about managing the money. A study shows that 30% of benefactors have no plan for transferring wealth and another 40% only have a will or some basic document. Further, only 37% have actually talked to their heirs about family money and their intentions. If the communication channels are not opened, families risk losing their wealth through bad decisions within one to two generations.
See Karen Demasters, Open Channels, Private Wealth, March 21, 2017.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.
