Baby boomers are set to give a staggering $124 trillion through 2048 to heirs, according to market researcher Cerulli Advisors in a 2024 report. But are the next generations prepared to accept it or will they become “shirtsleeves to shirtsleeves in three generations”? That depends on the work that both givers and receivers do before the handoff, experts say. Without proper communication, guidance and planning, wealth and legacies can be lost to taxes, squandering, conflicts or simply forgotten. A 20-year research project on 3,200 families by wealth consultancy Williams Group shows 70% of wealthy families lose their wealth by the second generation, and 90% by the third. Read more.
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