Baby boomers – an iconic slice of American history. Making up almost 20% of the United States population, baby boomers are reaching retirement age in large numbers. As they retire and eventually pass away, they stand to pass on more than a good name or a quirky family legend. In fact, baby boomers are expected to transfer up to $68 trillion in wealth to their heirs in the coming decades. In this article, we will explore some of wealth transfer strategies for baby boomers.
An unsettling number of wealth transfers fail by the second generation. Handling large estates can be overwhelming, especially when handed down in one lump sum.
Transitioning money from one generation to the next doesn’t have to be difficult. Consider the following:
The important thing is to act now to preserve your wealth for future generations.
It’s probably never too early to get started to start preparing to hand your wealth on to your kids, grandkids, and even beyond.
Attorney John Mangan is board certified in Wills, Trusts & Estates by the Florida Bar. Please call us at 772-324-9050 or use our Contact Form to set up an appointment. We help clients throughout Florida, including Stuart, Palm City, Hobe Sound, Jupiter, and Port St. Lucie.