The Greatest Wealth Transfer In History Is Underway - What Is Your Plan?
A recent article from Forbes shows that the greatest wealth transfer in history is currently underway, with more than $86 trillion passing to heirs, charities and Uncle Sam between now and 2061.
The majority of this wealth — $36 trillion — is being passed directly to heirs and another sizable chunk — $27 trillion — will be passed to charity, either through final estate bequest or total lifetime gifts.
And even though the study notes that the transfer of $86 trillion is the largest in history, it estimates that the final figure will likely be much higher than that.
So what is your plan for either transferring or receiving inherited wealth?
If you don’t have one — and far too many of you don’t — we encourage you to start planning now, since in our view your estate plan is more of a process than a static document. An Estate Planning Attorney’s relationship with a client continues long after your estate planning documents have been signed.
As your life changes and your family grows, you will find that our legacy planning will play an important role in how you choose to transfer wealth to future generations. Here are three important ways to properly prepare for a transfer:
Ensure that all your assets are owned correctly so your family isn’t stuck dealing with an expensive, unnecessary, and public Court process. Establishing a Trust once and then never looking at it again isn’t the answer — regular updating and assurance that all your assets are documented and owned properly is.
Make sure that the guardians you have named for your minor children, the trustees you have chosen to carry out the terms of your trust, and the agents you designate to make health care decisions for you in case you cannot make them yourself are still the people you want in charge.
Record your values, experiences, family history and other important intangibles you want to pass on to future generations so they are never lost. Choose estate plans that cover far more than just your money, focusing on what matters most — your values, insights, stories and experience. The things most often lost when someone dies.
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This article is a service of Legally Remote, PLLC, your local North-Central Florida Personal Family Lawyer® Firm located in High Springs, FL. We don’t just draft documents; we ensure you make informed and empowered decisions about life and death, for yourself and the people you love. That's why we offer a Life & Legacy Planning Session™, during which you will get more financially organized than you’ve ever been before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Life & Legacy Planning Session™. Call now: (353) 660-4021
THIS MATERIAL WAS CREATED FOR EDUCATIONAL AND INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED AS ERISA, TAX, LEGAL, OR INVESTMENT ADVICE. IF YOU ARE SEEKING LEGAL ADVICE SPECIFIC TO YOUR NEEDS, SUCH ADVICE SERVICES MUST BE OBTAINED ON YOUR OWN SEPARATE FROM THIS EDUCATIONAL MATERIAL.