Why It’s Important to Talk About Inheriting Wealth

(NewsUSA) – As a significant portion of the U.S. population ages, a significant transfer of wealth to younger generations is occurring. However, many families have not discussed inheritance plans, and many younger generations may find themselves unprepared, according to new research from Edward Jones, a leading financial services firm. In fact, 35% of Americans surveyed by Edward Jones said they did not plan to discuss transfer of wealth with their families, despite 48% saying that they planned to leave an inheritance. “We know it can be extremely uncomfortable and nearly impossible to separate emotions from the financial decisions necessary when planning inheritance and wealth transfer, particularly as givers navigate family priorities beyond finances,” said Lena Haas, Head of Wealth Management Advice and Solutions at Edward Jones. “However, the wealth transfer is well underway, so it’s more important than ever to connect as a family, with the experienced guidance of a financial professional to help navigate the emotions and educate on the process.” The so-called “great wealth transfer” from the Silent Generation and the Baby Boomers will vary, as people live longer and may delay retirement. Edward Jones’ research revealed four scenarios: Traditional Giving. Older adults transfer wealth through a combination...