The great wealth transfer is underway—What you need to know

The great wealth transfer is underway, with experts saying that $72 trillion in assets will be handed down to younger generations in the next year. Wealth host Rachelle Akuffo sits down with Fidelity Investments head of wealth solutions Rich Compson to discuss best practices for transferring wealth. “Some people think it's only the rich that have this wealth transfer, but what we actually see is everybody ends up passing on some kind of wealth and some kind of form,” whether it be “a savings account or retirement account, a home, or just stuff,” Compson tells Yahoo Finance. He says people can think about the wealth transfer as “what do you want to do with your stuff over time?” Compson discusses the importance of creating a financial plan and engaging in family conversations to best navigate the wealth transfer for both those giving wealth and those inheriting it.
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[gwyxwxg]

Is not wealth, it is the Great Debt Transfer for future Americans.

[LavernSTERN]

Transfer of wealth usually occurs during market crash, so the more stocks drop, the more I buy. In the meanwhile I'm focus on my eventual retirement, and my goal is to retire with at least $2m. What stocks do you think have the best chance to 10x in 5 years?

[skiingislife]

It's sad seeing another generation that mostly refused to learn basic math. That claimed $72 trillion is the total. If you remove the top 5% of the population from the equation that number drops well below $50k, in most cases barely covering funeral costs. For more than half of the country it drops to flat ZERO.

We also have the most predatory money rip in the history of earth - basically when seniors get sick (which happens to ALL of us eventually past a certain age) their life savings is ripped out for senior care. A million disappears fast as long as we keep people breathing and medical expenses go up up up. They had to weld metal brackets on all the windows at the senior center here otherwise the elderly patients jump out of the windows.

We are also changing property tax laws across the country to reset your property tax upon inheritance. Plus spiraling insurance and maintenance costs. So you can inherit a house but immediately owe $3k-$4k just in taxes per month.

You will own nothing. And you will NOT be happy.

[John_Unpacked]

Just breezed right past that $50, 000 average number and focused on the 72 trillion.

[tnnsboy]

Guess it's gonna skip me :( this blows...

[crzystar]

Thank you for mentioning generation X! 😅

[xiphoid]

FYI. There is about 73 million boomers in the US. If they own $72 trillion in assets, then it means the average boomer will pass down almost $1 million in wealth. That's ALOT of money. Of course, uncle sam would take its share of taxes, but it's still ALOT of money.