The Boston College Center on Wealth and Philanthropy estimates that $41 trillion will change hands by 2053. That's the largest intergenerational transfer of wealth in American history and increasing numbers of those transferring wealth are considering transferring their values as well as their dollars. In the past, most families avoided discussing death and inheritance, but now more and more families are doing so. As part of that discussion, families are discussing their values and purpose in life. In the article, Patricia Angus of Shelterwood Financial Services puts it this way:
"The definition is broadening to include not just financial capital but human, social and intellectual capital,” Ms. Angus said. “Professionals used to think it was just, How do I transfer my financial assets at the lowest tax costs? Now people are asking, What is the purpose and meaning of what I’m doing here, and how do I pass those down? It’s not about death. It’s about an experience in life, an opportunity to talk as a family about purpose and values that might not otherwise come up. For people who just write a document and put it in a drawer to be opened on their death, I don’t see that opportunity coming up."
I've discussed having a family meeting to discuss you estate plan here before. It's an excellent way to manage expectations, pass along your values and limit disagreements after you die.
Source for Post New York Times
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