The Baby Boomer generation in the U.S. will transfer $3.2 trillion to their heirs and most people have not made proper preparations, according to the Royal Bank of Canada Wealth Management, as reported by Private Wealth in "Americans Unprepared To Transfer Trillions, Report Says."
People who are not prepared to receive large sums of money do not normally deal with it well. This is especially true, if they are unprepared.
Collectively, that is exactly where the U.S. finds itself today.
Most Baby Boomers did not talk to their parents about their inheritances.
In turn, Baby Boomers have continued that tradition and are not communicating with their children about what they stand to inherit and how to manage it. Most do not even have wills, let alone any sort of comprehensive estate plan or wealth transfer plan.
While that might not seem like a big deal for any one family, it is a huge issue for the nation as a whole. Without proper preparation, there is a good chance that much of the $3.2 trillion could be wasted and lost.
An estate planning and probate attorney can guide you in preparing an estate plan that fits your unique circumstances, including wealth transfer.
The attorneys and team at Nickerson Law Group help families with estate planning, probate, guardianship, and special needs trust planning in Austin, Cedar Park, Round Rock, Georgetown, Lakeway, Bee Cave, Dripping Springs and the central Texas area. For more information and to learn about our firm, visit Nickerson Law Group’s website. www.estateplanningaustintexas.com
Reference: Private Wealth (Feb. 2, 2017) "Americans Unprepared To Transfer Trillions, Report Says."