The Great Wealth Transfer is underway: more assets will be passed down to future generations than ever before. How much? Well, you might be surprised how much you could inherit.
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It’s predicted that Baby Boomers and the Silent Generation will pass down a combined $84.4 trillion in assets to their families through 2045, according to recent research from Edward Jones.
However, despite this stunning figure and with 50% of Americans expecting to receive some amount of inheritance within the next 10 years, family discussions about the transfer of wealth are lacking. Here’s why that’s an issue.
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Only Two-Thirds of American Families Discuss Wealth Transfer
It’s indicated that more than a third of Americans (35%) do not plan to discuss the transfer of wealth with their families.
“We know it can be extremely uncomfortable and nearly impossible to separate emotions from the financial decisions necessary when planning inheritance and wealth transfer, particularly as givers navigate family priorities beyond finances,” explained Lena Haas, Head of Wealth Management Advice and Solutions at Edward Jones.
While it can be difficult to discuss, a lack of communication and open family discussions about the transfer of wealth can lead to financial unpreparedness later on. Heirs need to have clear instructions as to how they’ll receive the assets so that they’re prepared for what to do with the money and avoid any confusion down the line.
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This article originally appeared on GOBankingRates.com: Great Wealth Transfer: Will You Be Surprised by How Much You Inherit?
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