More than $30 trillion will be transferred from baby boomers to future generations in the coming years, but most of this younger generation is not appropriately equipped to handle such a sudden influx of assets. Because of this, this is an excellent opportunity for people who wish to consult with an experienced estate planning attorney.
Those baby boomers who are intent on passing on assets to future generations should also consider a consultation with an estate planning lawyer to ensure that their own documents to protect themselves over the course of their life and after death, is important. According to a recent study of financial advisors, this asset transfer that is pending in the future poses significant risks, if planning opportunities are not taken.
Only one-third of advisors shared in a study completed by Investing Channel Inc. Insight, that some sort of asset transfers plan is in place for these baby boomers. That study included more than 700 financial professionals indicating that while estate planning is a crucial component for many people who are looking forward into the future, failing to follow through and develop the right tools can put clients at significant risk.
Anyone who is set to receive a massive inheritance in coming years should have the opportunity to develop their own team of professionals, including an estate planning lawyer and a financial advisor to protect their best interests and to articulate a long-term plan for their own needs and what they intend to accomplish with their estate planning in the future.
Far too many people put off the process of estate planning because they assume that it doesn’t affect them. But younger generations who might not even have any estate plan or a will at all, could receive significant inheritances from their grandparents, thus putting them in a difficult situation of having no estate plan and significant estate assets.