Great Wealth Transfer

[3] Wealthy individuals make up 1.5% of all households but constitute 42% of the expected transfers through 2045, approximately $35.8 trillion.

[2] While some individuals will benefit from the transfer, others will face challenges, such as the sandwich generation dealing with the costs of caring for aging parents and children simultaneously.

[1] Some NYT (who are not CPAs) argue for tax reform and addressing wealth disparities to ensure social stability and economic growth.

[2] Open discussions about family legacy and financial literacy/education play a significant role in preparing the next generation to responsibly handle inherited wealth.

[2][4] Tax planning tools such as trusts and gifting are recommended for households with no prior experience with inheritances to protect and maximize the use of their assets.