Study Shows Americans Are Not Ready for Significant Transfer of Wealth

wealth transfer

The great wealth transfer is among us, with significant money to be passed on from retiring and older baby boomers to their younger beneficiaries in their family. However, a recent study from Edward Jones shows that the vast majority of families, including those who may inherit this wealth and those who may pass it on, are not prepared.

Approximately half of current US adults intend to pass on inheritance, but only 27% have discussed it with their family members. It is important to think about how your loved ones may be impacted by significant inheritance and the financial planning steps or conversations they can have now to make that transition easier.

Approximately 35% of all Americans never intend to have that conversation about passing down an inheritance. Even worse, only one quarter of members of the younger generations feel prepared to receive a substantial windfall. This can be intimidating and confusing for many, but it is also a great opportunity to discuss your legacy, intentions and personal goals for your loved ones.

Finding the right financial advisors and other professionals to help with this process can ease the burden. Anyone who is about to pass on substantial wealth should communicate with an experienced estate planning lawyer in their area. This will help you to understand whether or not your estate plan lines up with your actual intentions.

Talk to a Michigan estate planning lawyer if you have concerns about either passing on wealth or setting up your own estate plan if you expect to inherit something in the next several years or decade. The insight of someone familiar with asset protection and estate planning can be very valuable.

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