Retirement is a great time to start essential conversations about wealth transfers and to begin 'giving while living.'
Exactly how much money will get passed down from one generation to the next over the next 20 years is anybody’s guess — estimates range from $17.5 trillion to $68 trillion. But this much is certain about the Great Wealth Transfer: We’re doing it wrong.If you or your parents are retired and have children or grandchildren, now is the time to take steps to make transferring your assets — and passing along your values — more meaningful for your family.
Many parents and their adult kids fail to have this conversation because it’s fraught, dealing as it does with death, financial information and, sometimes, sensitive family issues. But it’s really about ensuring your mom and dad have arranged to pass on any inheritances as they’d prefer and that they have the essential documents that will allow their wishes to be carried out.
“If the only lens we’re looking at families through is either paying the least amount in taxes or optimizing around the growth and preservation of financial capital, we are really missing the boat,” says Kristin Keffeler, author of “The Myth of the Silver Spoon: Navigating Family Wealth & Creating an Impactful Life.”
“The younger the person, the less ‘real-life experience’ they’ve had, the less likely, in many cases, they have navigated the situation,” says Schmitt. And take the opportunity to talk about nonfinancial values as well: 65% of adults over age 50 think that values and life lessons are the most important thing to pass on, according to a new survey from Age Wave. Only 22% said financial values or real estate were the most important.
She has also made a set of cards called Life Legacy Cards to get things rolling. “Each of the cards is a very simple open-ended prompt to get people sharing experiences, stories and reflections from their lives,” Turnbull says. “They’re very simple and very powerful.”
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