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 the 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.
Do you question the need for attorney guidance with so many online resources? Because laws and regulations are complex, and because every person has a lot at risk, more people than ever are seeking professional guidance from an experienced, knowledgeable source. That helps explain the rapid growth of our firm. Whether you happened upon this website by accident or are one of the many referrals we receive from a nearly 15-year collection of satisfied clients, our staff can provide customized estate planning guidance for you. Call us. Our number: 1 (772) 218-0480
Written by: John Mangan, JD, MBA