Description
This article highlights the massive intergenerational wealth transfer expected over the next couple of decades and asks readers to think about their legacy, its effects and preparing now.
Introduction
Usually, you can do whatever you like with your money while you’re alive. But what control do you have over your assets when you die? It’s an interesting thought that most people don’t like to dote on, however with more wealth being created through superannuation funds, it’s a thought that will require action at some stage – and the sooner the better.
It has been estimated that members of the baby boomer generation will pass about ...... trillion dollars to their children or grandchildren over the coming decades. This wealth will in some cases come in the form of family businesses moving to the next generation. In others, it might be more passive investments, such as shares and cash. Astoundingly, more than $....... billion in property is expected to be transferred through inheritance by 2025.
Each of us might only have control over a small piece of this inheritance bonanza. Nonetheless, how much thought have you given to what it will mean to your beneficiaries and how they'll remember you?
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