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Families Need to Plan for Wealth Transfer

The Baby Boomers are about to transfer a lot of wealth, and planning for it would be a good idea.

If it is not managed properly, the possibility of a great wealth transfer of trillions of dollars from the Baby Boomers to their heirs, could become a lost opportunity, according to Private Wealth in "Open Channels."

It is believed it will be the largest such transfer of wealth between generations ever seen.

This leads to real concerns whether younger generations are prepared to handle the wealth.

Making sure that inherited wealth is not wasted, is something that must be done on a family by family basis. The younger generations need to be adequately prepared to manage inheritances from Day One.

Two basic things are needed to make sure that things go smoothly.

The first is that baby boomers with wealth need to have solid estate plans that appropriately detail how the wealth is to be transferred to heirs. The second is that heirs need to be educated about what to do with that wealth.

All of this starts by talking to heirs about what they will receive and how it should be handled. It also requires making sure that heirs have the appropriate experts to turn to for advice, if needed.

An estate planning attorney can help guide you on any transfer of wealth.

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