I’ll never forget a story a client once shared with me. Her father had spent his entire life building a successful business. He passed away, confident that his children would keep it thriving for decades to come. But within just five years, the business was sold, the money divided, and most of what he had built was gone. No one had ever sat down to talk about what it would take to preserve what he had built. His legacy disappeared far faster than it took to create.
Stories like this are becoming more common during what experts are calling The Great Wealth Transfer. An estimated $84 trillion is already moving from Baby Boomers to their Gen X and Millennial heirs. It’s the largest transfer of wealth in history, yet most families aren’t prepared for it. The truth is, wealth can vanish faster than it was built if the right planning and conversations aren’t in place.
Why Wealth Doesn’t Last
Money is never just numbers on a page. It carries with it values, lessons, and habits. Each generation approaches money differently:
- Baby Boomers built wealth during decades of growth and opportunity.
- Gen X and Millennials were shaped by the 2008 financial crash. They tend to be cautious but often distrustful of traditional systems.
- Gen Z has come of age during a pandemic and economic uncertainty, which makes them question the very idea of long-term planning.
When families avoid the hard conversations about money, the gap between generations only grows wider. Children may not understand the responsibility that comes with inheritance, and too often, professionals are only brought into the picture after it’s too late.
Building a Legacy That Lasts
The good news is that you can beat the odds. Lasting wealth isn’t only about creating documents; it’s about engagement. It’s about teaching financial literacy early, having honest conversations about family values, and including the next generation in the planning process.
Here are steps you can take right now to secure your legacy:
- Define your family’s values and goals
- Communicate your intentions openly
- Organize your assets and essential documents
- Create a strong estate plan with wills, trusts, and powers of attorney
- Minimize taxes through gifting and trusts
- Choose trusted people to carry out your plan
- Prepare your heirs with education and guidance
- Plan carefully for unique assets like a family business
- Review and update your plan regularly
Start the Conversation Today
The Great Wealth Transfer will impact every family differently. The question is whether it will strengthen your legacy or unravel it. Taking action today ensures that the people you love are equipped to carry forward not only your money, but also your values.
At Bellomo & Associates, we help families protect what they’ve built and prepare the next generation to receive it wisely.
Take the first step toward securing your legacy today. Register for a Workshop
