The Baby Boomer generation is estimated to pass on at least $30 trillion in wealth to what we call the rising generation: members of generation X and millennials. When asked, 80% of adults plan to transfer their wealth but only 45% have a plan in place. It is never too early to begin your wealth transfer plan, so don’t wait until it is too late. It’s up to you to decide what you want your legacy to be, and we are here to help you get started. Consider the following:

Ask Yourself

  • Where do I want my wealth to go? Three options exist: friends and family, charity, or taxes.
  • What are my values? How do you envision your legacy? Do you want to support a cause or send your grandchildren to college? By identifying your values you can establish the goals of your legacy plan.
  • Do I need a succession plan? Does your legacy depend upon the success of a business enterprise? If so, this is an integral part of your wealth transfer plan.
  • How do I want to distribute my wealth? Will you make your assets directly accessible to your heirs and beneficiaries, or will you establish trusts to hold, manage, and invest assets to maintain family wealth?
  • What kind of taxes will I be subject to? Gift, estate, and generation skipping taxes all may impact the assets that your heirs inherit. Effective tax strategies will preserve as much family wealth as possible.

Ask Your Family

What are our values? As a family, what do we want our legacy to be? Are we supportive of philanthropic causes or certain organizations?

What is our responsibility? As stewards of a shared legacy, what is each individual’s responsibility to both represent and sustain that legacy?

How will we make decisions as a family now and in the future? While we cannot know what the future will bring, it is important to have decision making processes in place so that we are ready to work together when needed.

What are our expectations? What are your expectations of me, and what are my expectations of you? Openly communicating expectations can help to generate mutual understanding and help to avoid future conflict.

Your legacy is in your hands, and is your gift to heirs and charitable causes. In order to ensure that your legacy remains intact, a wealth transfer plan is necessary. It is essential that you discuss with your heirs the importance of shared values, responsibility, and expectations.

We would be happy to assist you in your transfer of wealth planning. Please do not hesitate to call us at 814-536-1040.