The great wealth transfer: Is your family ready?
When it comes to passing on wealth, communication and planning are essential. A panel of experts offer smart steps to consider for every stage of the process.
September 15, 2022
It’s projected that more than $80 trillion will be passed down from today’s older generations to their children and other heirs over the next two decades1. That represents the greatest potential transfer of wealth ever. But how prepared are most families for what can often be a complex and emotional process?
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The great wealth transfer: Is your family ready?
A panel of experts in this episode of the Perspectives podcast explain, it starts with having candid family conversations, which can begin when the kids are young. That leads to putting a plan in place that works for everyone – and revisiting it in light of changing life circumstances such as a marriage, divorce or the birth of grandchildren.
The panel also addresses some of the most common questions they hear from clients, such as “What’s the difference between an estate and a trust?” “Are there tax implications for my inheritance?” and “Should we gift some of our estate while we’re living?” The panelists also unpack some of the complicated situations families can encounter and offer ideas for working through them.
The panel includes Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank; Jen Galvagna, head of Trust Solutions for Bank of America Private Bank; and Rocky Fittizzi, wealth strategies advisor for Bank of America Private Bank.
1. Cerulli Associates, Jan. 2022
The Chief Investment Office (CIO) provides thought leadership on wealth management, investment strategy and global markets; portfolio management solutions; due diligence; and solutions oversight and data analytics. CIO viewpoints are developed for Bank of America Private Bank, a division of Bank of America, N.A., (“Bank of America") and Merrill Lynch, Pierce, Fenner & Smith Incorporated (“MLPF&S" or “Merrill"), a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of Bank of America Corporation (“BofA Corp.").
