Much of the country’s wealth is still owned by baby boomers even though millennials are picking up speed in other areas. According to a recent study, baby boomers will stay the wealthiest generation in America until at least 2030 and it’s anticipated that over $60 trillion of their wealth will be transferred to heirs in the next 25 years.
It’s no surprise that wealth transfer has become a major issue for high net worth individuals. The finances of wealthy individuals can be very complicated especially when taking into account the assets, retirement plans and alternative collectibles and other assets that many of these baby boomers have too. It’s not just important to think about how to protect these assets while the baby boomers still own them, but it’s also critical to think into the future about how this could be transferred smoothly to intended heirs.
Wealth transfers can all too often go wrong. Assets could end up in probate court after the primary owner passes away or inappropriate planning could lead to conflicts between family members and other heirs. Some heirs could even lose major sums to estate taxes at the state and federal level, much of which could have been totally unnecessary.
Finally, your money could go to the wrong people, such as an heir who isn’t ready to handle it responsibly. Schedule a consultation today with a knowledgeable estate planning lawyer to discuss what you need to do to protect your best interests going forward.
At our Pasadena estate planning law office, we work with our clients to discover or create the strategy that’s going to make the most impact. We’re here to help you- schedule a phone call now.