Members of the Baby Boomer generation have made a considerable impact on the country and are about to make another one as they inherit from the previous generation and then pass it on to their children, according to Huffington Post Canada in “Estate Planning For A Significant Demographic Shift.”
While the article is about Canada, the exact same shift is going to occur in the U.S.
This demographic shift and the transfer of wealth it will bring makes estate planning more important than it has even been at any previous point in human history. Americans are more prosperous than any other people in history. Billions of dollars’ worth of real estate and financial instruments will be changing hands between generations.
Families that have not planned regarding how that generational transfer will occur risk losing a lot of wealth, if not all their wealth, as the legal system sorts out who gets what.
Since you know the transfer of wealth will occur, make plans for it. Decide now how your assets will be transferred to your children and other heirs.
Contact an estate planning attorney for guidance on this important issue so your loved ones are not left with a mess.
Reference: Huffington Post Canada (July 11, 2016) “Estate Planning For A Significant Demographic Shift”