Read the original full article here: https://www.msn.com/en-us/money/personalfinance/the-great-wealth-transfers-begun-are-heirs-to-be-ready-to-receive-it-how-to-prepare/ar-AA1MNDFs
The following article: “The Great Wealth Transfer's begun. Are heirs-to-be ready to receive it? How to prepare” is a quick overview of the massive wealth transfer that will occur over the next 20 years and how it may impact beneficiaries.
I would strongly recommend you take the 5 or 6 minutes necessary to read the full article.
Key Takeaways:
- Historic Transfer in Motion
- Baby Boomers are expected to pass down $124 trillion to heirs by 2048.
- But most heirs are unprepared to manage this wealth responsibly.
- Why Wealth Transfers Fail
- Communication Is Key
- How Heirs Can Start the Conversation
- Financial Literacy & Tools
- Family offices help ultra-wealthy families manage wealth and educate heirs.
Final Takeaway
“Even the best-laid plans—like funeral arrangements or estate documents—are useless if no one knows where they are. Communication, education, and preparation are essential to preserving wealth and legacy across generations.”
McKnight Advisory Group, Inc. is committed to delivering a comprehensive client experience we define as Wealth Management. As a multi-generational advisory firm, we bring together advanced technology, robust resources, and the collective wisdom of multiple generations to help our clients—and their beneficiaries—achieve their greatest opportunity for success!
We proactively encourage our clients to work through McKnight’s “Seven Wealth Management Topics to review with Family and Trusted Contacts” resource.
If you would like to leverage McKnight’s resources and Wealth Management process for you and your family, please reach out to us at 615-895-8574 or email us at contactus@mcknightadvisory.com.
Edwin A. McKnight, LUTCF, ChFC©
Source:
Click here to read the whole article: https://www.msn.com/en-us/money/personalfinance/the-great-wealth-transfers-begun-are-heirs-to-be-ready-to-receive-it-how-to-prepare/ar-AA1MNDFs