How the Wealthy Are Preparing

In the best possible way, I had 5+ people send me the WSJ article Gen X and Millennials Will Inherit Trillions in Real Estate Over the Next Decade. Thank you to each, as it shows they are connecting the same dots we are at Forward.

I am not here to talk about the balances in the article because they are almost absurd (a boy can dream, though…). So, I humbly ask that we set aside the article’s numbers and focus on everything else, because that’s the value here. Trusts. LLCs. Tax planning. Potentially hard conversations early. Succession planning. Family Board Meetings. Professionals who can help.

The ultra-wealthy take the time, do the work, and pay a reasonable amount now so that the future generations are set up for success. But regardless of the amount of the estate, isn’t that effort worth it? Isn’t your legacy worth it? Aren’t your children worth it?

There are 12M families about to give the next generation $1-5M in inheritance. That’s a massive amount of wealth that will go to the lawyers, the probate courts, and the government without proper planning and paperwork.

The American Dream can be described as building upon Mom and Dad’s success and giving the Next Generation a better life than was given to you. There is too much at stake to let that Dream wither because we tripped at the final hurdle.

We can help ourselves and our families. It will take a bit of work, sure, but it’s worth it. And it doesn’t have to be done in one day, it can be managed over the coming months and seasons. We can take the learnings from the ultra-wealthy, help our neighbors and friends and families, and we can move ourselves forward…