By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Kimberly Palmer: How to plan for a potential inheritance
preview.jpg
FILE - This Jan. 22, 2020, file photo shows the likeness of Benjamin Franklin on $100 bills in Dallas. Baby boomers are poised to pass on an enormous amount of wealth to their children and grandchildren over the next two decades. Financial experts recommend talking about potential inheritances early, while family members are still living, so you can prepare together. Being aware of your parents’ financial situation can also make it easier to provide assistance if they need it. - photo by AP Photo/LM Otero, File
The amount of wealth millennials and Gen Xers stand to inherit from their parents and grandparents almost defies comprehension: According to Cerulli Associates, a Boston-based research and consulting firm, $84.4 trillion in wealth will be transferred between 2021 and 2045, primarily from baby boomer households to younger generations. Inheritances aren’t just for the rich: Less than half of the total volume of transfers is expected to come from high-net-worth households. “It’s a really unique point in history because of the amount of wealth,” says Chayce Horton, senior analyst on the wealth management team at Cerulli.