Preparing Your Loved One to Manage Their Inheritance and Protect Your Legacy

Are you ready for the Great Wealth Transfer? Financial analysts estimate that older Americans will pass on as much as $124 trillion of personal wealth to their spouses, heirs, and charities over the next 25 years.  And, unfortunately, much of that wealth won't survive for another transfer. According to one study, 42% of heirs fall back to their pre-inheritance net worth in about 12 months. Meaning that, due to poor planning or poor fiscal discipline, the money is gone.  Whether you're a senior fine-tuning your legacy plan, a potential beneficiary, or a caregiver who might be tasked with settling a loved one's estate, folks have to plan ahead to make sure that wishes are honored and wealth is preserved, potentially for generations to come.  On today's show, we discuss some best practices for managing inheritances at both ends of a family's wealth transfer and taking a generational approach to comprehensive financial planning.