Can Wealth Transfer Planning Objectives Change between Generations?

Different values lead to different estate planning strategies.

Chances are you are not a billionaire.

If you are, congratulations!

You are one of 460 billionaires passing more than $2 trillion to your beneficiaries in the next two decades.

Still, regardless whether you are a billionaire, your lifetime has witnessed unparalleled wealth creation.

According to a recent Investopedia article titled “Billionaires to Transfer $2T in Wealth to Heirs,” this wealth transfer will look different than before.

The study of 1,400 billionaires in the 14 greatest billion-dollar markets, as well as interviews with a financial advisor to several billionaires, produced some rather interesting findings.

The main conclusion?

Younger billionaires will be more focused on philanthropy, values and their businesses.

What does this look like?

These billionaires will consider how their choices would benefit customers, employees and the general public.

Ultimately, their focus will be one of leaving a great impact and legacy for the world.

Remember: “An ounce of prevention is worth a pound of cure.” When making your financial, tax and estate plans, do not go it alone. Be sure to engage competent professional counsel.

For more information about estate planning in Overland Park, KS (and throughout the rest of Kansas and Missouri), visit our estate planning website and be sure to subscribe to our complimentary estate planning e-newsletter while you are there.

Reference: Investopedia (October 31, 2016) “Billionaires to Transfer $2T in Wealth to Heirs”