The Looming Great Wealth Transfer: What It Is and How Boomers and Millennials Can Prepare for It
The Greatest Wealth Transfer in History
The "Great Wealth Transfer" is a term coined to describe the massive transfer of wealth that is expected to occur over the next few decades as baby boomers (born between 1946 and 1964) pass their assets on to their heirs, primarily millennials. This generational shift is unprecedented in scale and presents both opportunities and challenges for both boomers and millennials.
The Implications of the Great Wealth Transfer
The Great Wealth Transfer has significant implications for individuals, families, and the economy. For boomers, it's a time to ensure their assets are distributed according to their wishes and to minimize potential tax burdens. For millennials, it's an opportunity to inherit substantial wealth but also a responsibility to manage it wisely.
Key Considerations for Boomers and Millennials
For Boomers:
Review and Update Your Estate Plan: Ensure your will, trusts, powers of attorney, and healthcare directives are up-to-date and reflect your current wishes.
Consider Tax Implications: Understand the potential tax consequences of your current estate plan and explore strategies to minimize taxes.
Define your Legacy: Capture and transferring your valuable intangible gifts: who you are and what's important to you – your values, insights, stories and experience.
Communicate Openly: Have honest conversations with your heirs about your wishes and expectations.
For Millennials:
Financial Literacy: Enhance your understanding of financial concepts such as investing, budgeting, and debt management.
Estate Planning: If you're a beneficiary, create your own estate plan to protect your inherited assets wisely.
Intergenerational Wealth: Foster strong relationships with your parents or grandparents to understand their financial situation and goals.
Philanthropy: Explore charitable giving options that align with your values.
Preparing for the Great Wealth Transfer
To prepare for the Great Wealth Transfer, both boomers and millennials would benefit from working with a professional estate planning attorney.
At Zarda Law, we understand the importance of a well-crafted estate plan. Our experienced attorneys can help you navigate the complexities of the Great Wealth Transfer and ensure a smooth transition for your family.
Schedule a Legacy Session HERE to discuss your current situation with Lisa and get personalized estate planning recommendations. Let's work together to secure your legacy and protect your loved ones.
This article is a service of Zarda Law, S.C. We do not just draft documents; we ensure you make informed decisions about life and death, for yourself and the people you love. That's why we offer Legacy Planning Session, during which you will get financially organized and make all the best choices for the people you love. You can begin by scheduling a Legacy Planning Session and mention this article to find out how to get this $750 session at no charge.
