Plan ahead, bring in an adviser and prepare for some awkward moments
The greatest wealth transfer in American history is looming as baby boomers prepare to shift trillions of dollars to the next generations, but how do you broach that often taboo money topic with mom and dad?Nearly four in five wealthy families have had unplanned discussions about money, with 26% of people later regretting it, according to a new study by the Merrill Center for Family Wealth, a part of Merrill Private Wealth Management .
“Talk about the money, about the purpose of the money, then talk about the actual amount over time,” she said. “The formality of it and the formal setting can really help communicate what the older generation wants to convey,” Sahagian said. “No one wants to talk about their own mortality, but they want to address any concerns that the assets will not be managed appropriately or spent wisely.”
“It’s not always a rosy situation, but take the steps to have a proactive conversation so you can determine if there are some hard choices that have to be made,” Galinskaya said.
Wealth Transfer Baby Boomers Money Conversations Taboo Topic Regret Merrill Center For Family Wealth Merrill Private Wealth Management
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