Multigenerational Wealth: An Estate Checklist

Generational wealth is the assets and money passed down from one generation to another. These assets might include bonds, stocks, properties, jewelry, family businesses, and other investments. With our growing aging population, often referred to as “the silver tsunami”, preparing for multigenerational wealth is important. Studies estimate that 70% of family wealth is lost by the end of the second generation and 90% by the end of the third generation. To help your family and loved ones avoid becoming part of this statistic, education and planning are key. Plan ahead and educate your family about your wealth transfer goals.


Educate Your Family on Your Wealth Transfer Goals 

Although the conversations around what happens after you die may be tough, they are necessary if your family is going to know what to do with your estate. Communicate the following information to your family to ensure that they fully understand and will be prepared to carry out your wishes during a difficult time:

  • A net worth statement or, at a minimum, a broad overview of your wealth
  • Your final wishes for burial or cremation and memorial services
  • Estate planning documents you created and the purpose each document serves:
    • Durable financial power of attorney
    • Medical power of attorney
    • Advance directive or living will
    • Health Insurance Portability and Accountability Act (HIPAA) authorization form
    • Revocable living trust
    • Pour-over will
    • Last will and testament
    • Irrevocable life insurance trust

There are other advanced estate planning tools to consider if you are concerned about protecting your money and property from creditors, predators, outside influences, future family, and lawsuits. Choose someone who you trust to make decisions in the event of your incapacity or death. The benefits of properly drafted lifetime discretionary trusts include:

  • Educational opportunities for future generations
  • Asset, divorce, and remarriage protection
  • Protect special needs beneficiaries
  • Minimize estate taxes at each generation
  • Create a lasting legacy for future generations

To prepare your family for the inevitable, make sure they know the location of important documents. These documents also include your digital assets, such as social media, online bank accounts, and crypto-assets. Make sure they know what to do and who to contact, including your key advisors such as your estate planning attorney, financial advisor, certified public accountant, insurance agent, spiritual advisor, etc.


An Estate Planning Attorney to Help You Manage Your Wealth Transfer Goals

At Michaelson Law, we can assist you with estate planning and asset protection. We are ready to help you protect your legacy and prepare your family to inherit assets strategically. Call us at 702-731-2333 to book your consultation today.

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