$68 Trillion Is The Inheritance Of Young Generations Of Family Wealth Over 25 Years!
The American website Kiplinger predicted that over the next 25 years, $68 trillion of families wealth will be transferred to younger generations and charities.
The American website, which specializes in providing business forecasts and personal financial advice, said in a recent report that the importance of inherited planning is not limited to the process of transferring wealth to future generations, because several things can go wrong when a family tries to pass on its wealth to the next generation.
Mistake #1 - Not making a plan
It is difficult for individuals to think about their death, the report said, so this tends to put planning off "to another day". Of course, if the individual passes before the plan is laid, his goals and desires cannot be implemented .
The report pointed out that there is no fixed rule regarding the exact time to develop a plan, but that the faster is always better.
Mistake #2 - Lack of communication and trust
Lack of communication and trust is a common and dangerous reason why old plans often fail to transfer wealth. Failure to communicate a plan early can lead to generational schism, especially if it is different from what adults might expect or includes other people and institutions that may be surprising to heirs .
Mistake #3 - Insufficient preparation
Inadequate preparedness among intended heirs is another reason why families are not successful in transferring wealth, and the ability to involve family members in working specific roles can be challenging, but it can relieve many of the headaches and potential obstacles along the way .
Mistake #4 - Skipping the necessities
Missing the necessities is the final reason why plans don't work for wealth transfer, such as tax implications or legal issues, so it's important to hire a lawyer or legal team to get it done
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