Wilson Hand LLP’s Post

The upcoming wealth transfer will constitute over $84.4 trillion being passed on from baby boomers to the next generation. It will be necessary that these wealthy individuals prepare themselves and the ones who will be receiving their wealth. By diligently planning ahead, wealthy individuals can protect themselves and their wealth. It will be important as well for individuals to have good communication with their heirs. Effective communication can help establish trust between family members and help heirs have better guidance on the value of the family's wealth. Without proper planning and communication, this upcoming wealth transfer can become more complex than it already is. #WealthTransfer #FamilyWealth #PassingOnFortune #HNWF #GenerationalWealth

Among people who utilize financial advisers, the average age at which they began the relationship was 38. Still, according to the Planning & Progress Study 2024 from Northwestern Mutual, younger generations seek out experts even earlier. The typical Millennial who works with an adviser reported that they started looking for formal financial advice at age 29, nine years younger than Generation X (age 38) and 20 years younger than Baby Boomers (age 49). Details of the report can be found in this PLANADVISER post: https://lnkd.in/gR-WUVfE #financialadvisor #genz #genx #boomers

Murmurs of a “Great Wealth Transfer” have been around for some time now, as many Americans anticipate an inheritance from their older relatives. The silent generation and baby boomers account for a greater share of the nation’s wealth than their younger counterparts, leaving the more financially insecure generations waiting for a $90 trillion windfall. That much money changing hands could create an unprecedented change in household wealth and the nation as a whole. But like many dreams, not everything is as it seems. For one, younger adults might be expecting a bigger check than boomers can cash. The Great Wealth Transfer might be more of a ripple than a wave, finds Northwestern Mutual in ITS Harris Poll survey of more than 4,500 U.S. adults. Read more:

Murmurs of a “Great Wealth Transfer” have been around for some time now, as many Americans anticipate an inheritance from their older relatives. The silent generation and baby boomers account for a greater share of the nation’s wealth than their younger counterparts, leaving the more financially insecure generations waiting for a $90 trillion windfall. That much money changing hands could create an unprecedented change in household wealth and the nation as a whole. But like many dreams, not everything is as it seems. For one, younger adults might be expecting a bigger check than boomers can cash. The Great Wealth Transfer might be more of a ripple than a wave, finds Northwestern Mutual in ITS Harris Poll survey of more than 4,500 U.S. adults. Read more:

A massive financial shift is set to take place as baby boomers pass their assets down to the millennial & gen Z cohorts. But talking about money is still taboo for many families. Reach out to discuss your estate planning needs. #thursday

A new survey by Sun Life found that boomers plan to leave three times more in inheritance than their millennial heirs expect, yet less than half of them have an estate plan in place. "It's important for Boomers and Millennials alike to have transparent conversations about estate planning and it pays to start early”. Said Brian Burlacoff, M.Acc., MBA, CFP, CLU, RHU, Advisor at Sun Life. “Working with a trusted professional who can offer holistic advice and solutions will be particularly beneficial to Canadians who are concerned about preserving their wealth, protecting their heirs from unexpected tax burdens, and having enough money in retirement to live a full and healthy life”. Learn more in the news release from Sun Life 👇 #financialplanning #estateplanning #holisticplanning #inheritance #SunLife #financialliteracymonth

At what age should you talk to your kids about your family's financial situation? According to a poll commissioned by Northwestern Mutual, that age is coming down. 👉 Baby Boomers report having that convo with their parents at 22. 👉 Gen Z says they had the conversation at 15 (and the overall average age reported is now 17). Other studies show that members of Gen Z want to retire at a younger age and also have started saving for their futures at a younger age than prior generations. And younger generations not only wants to have these conversations earlier, they also want to talk to their parents about their estates and wishes around long-term-care earlier. While older respondents say those conversations are appropriate once they are in the mid 50's, younger respondents thought those conversations should happen when their parents are in their 40's. Overall, it paints a picture of younger generations who view family financial discussion as no longer taboo and who want transparency and open lines of communications within their family. https://lnkd.in/eN6MqKtW

Baby boomers are expected to facilitate the greatest wealth transfer in American history over the next 25 years. How can wealth managers and financial advisors stay involved as their clients pass on their wealth and improve their chances of retaining those assets? Being at the center of the estate administration process enables financial professionals to take on the important role of coordinating different “silos” of expertise, an important strategy to stay involved in the transfer process at the time beneficiaries need you the most. We are committed to helping wealth managers and financial advisors improve their digital capabilities during the estate administration process and help them retain and grow their businesses. Read more about the benefits of adding trust and estate administration in my WealthManagement.com article below: https://lnkd.in/eKti-hxk

In an era marked by global disruptions and economic uncertainties, the significance of succession planning has gained newfound attention, notably among younger generations. This shift reflects not just a financial foresight but also a holistic approach to securing legacies encompassing digital footprints, ethical investments, and even the guardianship of pets, signalling a shift in the dynamics of succession planning. #SuccessionPlanning #Inheritance #GenZ #Millennials #SentientInternational

Inheritances are going be a huge issue over the next three decades as Australia’s richest generation, the Baby Boomers, gradually disappears. The Boomers, now aged between 60 and 78, are expected to transfer the bulk of their wealth to their children – an estimated $5 trillion of assets to be handed out at a rate above $200bn a year. Follow the link to read more [paywall]. #leading #trustee #estateplanning