10 questions to help families navigate the great wealth transfer

Americans are currently experiencing the greatest transfer of wealth in history, and many may be unprepared to successfully navigate it.

The statistics paint a picture: An estimated $59 trillion will pass from an aging generation to younger generations by 2061, including $21 trillion destined for charities. At its peak between 2030 and 2045, 10 percent of the total wealth in this country is expected to change hands every 5 years.

This massive transfer of wealth between generations presents significant challenges for the parents or grandparents who now own this wealth, the heirs and charities who will be beneficiaries of transferred wealth, and the professional advisors who will guide their clients through this transfer and ideally remain as trusted advisors to the heirs after the wealth eventually transfers.

But maintaining that relationship from client through future generations is something that many financial advisors struggle with, and the stakes couldn’t be higher. In a majority of wealth transfer cases, assets leave the client’s financial advisor and go to the advisor of the heirs, causing a major transfer of business among professional advisors around the country.

Read the full story at Wealth Management.
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