Many people skip out on the estate planning process because they assume they don’t have any assets, but it is equally devastating to your potential heirs by failing to talk about generational wealth if you do have substantial assets.
A recent study completed by Ameriprise found that only 19% of people who had investable assets of at least $100,000 were completely transparent about this with their family members. The survey focused primarily on generational wealth, and over 40% of those who were surveyed, felt that their family members should be responsible for setting up their own financial success without the help of an inheritance.
Only 27% of GenXers and millennials agreed with that sentiment but baby boomers who have a substantial wealth transfer coming in the next few decades, agreed to the tune of almost half of them. Passing on family real estate is a common plan and approximately 30% of those people surveyed intended to give some of their money away during the course of their life, with over 40% of them saying that amount will be over $100,000 or more.
It is careful to plan in advance with the help of an experienced and knowledgeable estate planning lawyer to guide you through this process and to provide you with clarity on what to expect and some of the best strategies for accomplishing these goals.
Accomplishing your personal legacy goals is best achieved when you work with an estate planning attorney and discuss your goals with your chosen financial professionals.
Our Pasadena estate planning law office can help you with all aspects of your future planning, including documenting your goals and discussing how best to share this with your family.