Whether your estate is small or large, thinking about passing it on to future generations means you must consider your own legacy and how you’d like to be remembered. Furthermore, the gifts you make to your family members can have a lasting impact on their life. 
Research shows that massive wealth transfers are coming down the line as numerous baby boomers get ready to retire as well as to pass on their own assets once they pass away. This means that a whole new generation might inherit a lot of wealth and not know what to do with it. This highlights the importance of proper conversations around finances and estate planning. The sooner that people see the benefit of estate planning in their own life, the easier it will be to make this a top priority for everyone affected by the coming wealth transfer.
In upcoming years, the older generations might transfer as much as $30 trillion in assets to their heirs. However, there is a catch because only one third of financial advisors today have some sort of asset transfer plan in place to assists these clients. This could lead to significant disruption if there are no actions taken to preserve an asset transfer plan.
An emphasis on the heirs who can benefit from this massive inheritance transfer, satisfies estate planning, retirement and asset transfer needs, but it also engages the next generation of those people who hold wealth with relevant education. Those who are standing to inheriting significant assets can benefit from education about debt management, how to ensure their inheritance lasts, investing in a business and any other endeavors that can be valued by both the beneficiary and the client creating the plan.
The wave of assets that will be transferred to future generations in recent years means that appropriate asset transfer plans must exist in order to empower those future generations to receive those assets effectively, and to manage them over the course of their life time. The receipt of major assets should also initiate conversations about the value of estate planning and how this can be accomplished with the help of an experienced attorney.
Even people who assume they do not have a massive estate can benefit from the process of estate planning because everyone can use basic tools such as the establishment of a will or a trust to accomplish general estate planning goals.
