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Protecting Your Legacy
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Parents' concerns about wealth transfer

Most parents in Florida hope to pass along the bulk of their assets to their children. Right now, trillions of dollars in wealth transfer is ongoing as the 'greatest generation" leaves money behind to their 'baby boomer" generation children. Over the next few decades, a transfer of around $30 trillion is expected to happen as baby boomers pass their assets along.

Some parents like to pass the bulk of their assets to their children while they are still alive, but that practice is becoming less popular. Today, increased life expectancies means that a person who is age 65 can probably expect to live about 18 years more. With longer retirement periods, elderly people may spend much of their wealth before it can be left to heirs.

People who are leaving an inheritance to their children often worry about how the money will be used. When wealth is being passed down, it's important to educate the next generation about finances. Many parents avoid the topic of money and estate planning in conversations with their children, and this can leave children unprepared to handle their inheritance. One way that parents can educate their children about finances is to include them in meetings with their financial adviser.

A financial trust may be used to avoid problems such as heirs spending assets too fast or fighting over an inheritance. Parents who are interested in setting up a trust for their children and grandchildren may want to discuss their plans with an attorney. An attorney may also be able to help parents make sure that their other estate planning documents like powers of attorney and wills are up-to-date.

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