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How to prepare for the ‘Great Wealth Transfer’

Cerulli Associates projects that $124 trillion will transfer between older generations, Gen X, Millennials, and Gen Z through 2048, as experts say we are experiencing a multigenerational asset shift.
Despite the headline number, much of the wealth is concentrated in a small pocket, so many heirs and potential inheritors will get little or no inheritance, and financial planners say advance preparation helps avoid costly mistakes.
Advisors urge heirs to set clear goals, clarify inheritance terms, and research tax and IRA distributions, recommending fiduciary or fee-only planners and consulting tax professionals, Fahmin Fardous said.
Grief can lead to rushed decisions, experts warn, as heirs often mentally spend expected inheritances before receiving them; Scott Bishop, CFP and co-founder of Presidio Wealth Partners, recommends a 90-day decision-free period to avoid mistakes.
Many heirs lack experience handling large sums, so professionals expect guidance demand to rise; Fahmin Fardous, Mitchell Kraus, and Scott Bishop emphasize prudent management can improve recipients' financial security.

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