Tag #Wealth Transfer

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theglobeandmail.com

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May 23, 10:11

Wealth Transfer Challenges: Advisors Struggle to Bridge Generational Gaps

A Toronto-based consulting firm's surveys reveal that many baby boomers are expected to spend most of their wealth, creating misaligned expectations with their children and highlighting the need for improved financial advice during the wealth transfer.

Wealth Transfer Challenges: Advisors Struggle to Bridge Generational Gaps

A Toronto-based consulting firm's surveys reveal that many baby boomers are expected to spend most of their wealth, creating misaligned expectations with their children and highlighting the need for improved financial advice during the wealth transfer.

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Why are financial advisors struggling to effectively manage the intergenerational wealth transfer, despite its long-anticipated arrival?

A significant wealth transfer from baby boomers to their children is underway, yet advisors often struggle to facilitate these transitions effectively, leading to misaligned expectations between generations. Surveys reveal that many parents intend to spend their wealth during their lifetime, a fact often unknown to their children. This lack of communication creates potential conflict and necessitates improved advisory practices.

forbes.com

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Apr 14, 16:12

US Tax Code Overhaul Prompts Urgent Estate Planning Adjustments

Proposed changes to the US federal tax code in the 2025 legislative session significantly impact estate and succession planning for wealthy families, prompting immediate action to adapt strategies depending on whether the estate tax is repealed, reduced, or reverts to pre-2018 levels.

US Tax Code Overhaul Prompts Urgent Estate Planning Adjustments

Proposed changes to the US federal tax code in the 2025 legislative session significantly impact estate and succession planning for wealthy families, prompting immediate action to adapt strategies depending on whether the estate tax is repealed, reduced, or reverts to pre-2018 levels.

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What are the immediate implications of the proposed tax changes on estate planning for wealthy families in 2025?

The 2025 legislative session includes proposed changes to the US federal tax code, particularly affecting estate and succession planning for wealthy families. These proposals range from extending tax cuts to completely repealing the estate tax, creating uncertainty for estate planning. This uncertainty necessitates immediate action from wealthy families and their advisors.

smh.com.au

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Mar 15, 04:10

Rise in Charitable Bequests from Childless Australians

The number of charitable gifts in Australian wills tripled between 2020 and 2023, particularly among childless individuals, driven by a desire for legacy and societal shifts in defining it beyond biological offspring, leading to increased funding for various causes.

Rise in Charitable Bequests from Childless Australians

The number of charitable gifts in Australian wills tripled between 2020 and 2023, particularly among childless individuals, driven by a desire for legacy and societal shifts in defining it beyond biological offspring, leading to increased funding for various causes.

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Good Health and Well-being

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What are the potential long-term societal impacts of the increasing trend of charitable bequests from childless individuals in Australia?

The growing trend of charitable giving in wills among childless Australians suggests a potential future where philanthropic contributions become a more prominent aspect of estate planning. This shift could lead to increased funding for various causes, influencing the landscape of social impact initiatives and research efforts. Further research into the motivations and planning strategies of childless individuals could inform future philanthropic initiatives and provide valuable insights for estate planning professionals.

forbes.com

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Feb 1, 07:06

Estate Planning: Securing Generational Wealth for Black Families

This article details how unequal inheritance and lack of estate planning disproportionately impact Black families, highlighting the need for trusts and life insurance to secure generational wealth and financial literacy.

Estate Planning: Securing Generational Wealth for Black Families

This article details how unequal inheritance and lack of estate planning disproportionately impact Black families, highlighting the need for trusts and life insurance to secure generational wealth and financial literacy.

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How do predatory financial practices and unequal access to resources exacerbate the challenges of wealth transfer within Black communities?

Systemic barriers, including financial discrimination and predatory practices, hinder wealth transfer within Black communities. Without proper planning, probate costs, mismanagement, and financial exploitation can quickly deplete inherited assets, perpetuating the wealth gap.

forbes.com

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Dec 16, 16:10

Balancing Wealth Inheritance: Lessons from Carnegie, Vanderbilt, and a Modern Family

A financial management expert contrasts the contrasting wealth inheritance approaches of Andrew Carnegie and Cornelius Vanderbilt, highlighting their family's balanced strategy prioritizing financial education and responsible wealth management to avoid the pitfalls of both extremes.

Balancing Wealth Inheritance: Lessons from Carnegie, Vanderbilt, and a Modern Family

A financial management expert contrasts the contrasting wealth inheritance approaches of Andrew Carnegie and Cornelius Vanderbilt, highlighting their family's balanced strategy prioritizing financial education and responsible wealth management to avoid the pitfalls of both extremes.

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Quality Education

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How did the author's family balance the desire to provide for their children's future with the concern about potential negative consequences of significant inheritance?

The core issue is balancing providing for children's future with preventing entitlement and fostering self-reliance. The author emphasizes the importance of early financial education and transparency within the family, viewing this as key to responsible wealth management and future success. Both the Carnegie and Vanderbilt examples serve as cautionary tales against extreme approaches.

theglobeandmail.com

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Nov 19, 22:23

Estate Planning in Canada: A Changing Landscape

This article discusses the shift in Canadian estate planning practices, moving away from traditional family-centric inheritance towards accommodating diverse relationships. It emphasizes the importance of clear communication and legal expertise to avoid potential disputes.

Estate Planning in Canada: A Changing Landscape

This article discusses the shift in Canadian estate planning practices, moving away from traditional family-centric inheritance towards accommodating diverse relationships. It emphasizes the importance of clear communication and legal expertise to avoid potential disputes.

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What are the changing trends in estate planning in Canada, and what factors are driving these changes?

Canadians are increasingly departing from the tradition of leaving their estates solely to close family members, with blended families and other non-traditional relationships influencing estate planning decisions.

theglobeandmail.com

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May 13, 19:12

Trillion-Dollar Inheritance Shift Alters Wealth Dynamics

Boomers are set to transfer an estimated $1 trillion to their millennial and Gen Z children, marking a significant shift in wealth creation and distribution, impacting housing, spending, and economic inequality.

Trillion-Dollar Inheritance Shift Alters Wealth Dynamics

Boomers are set to transfer an estimated $1 trillion to their millennial and Gen Z children, marking a significant shift in wealth creation and distribution, impacting housing, spending, and economic inequality.

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How are factors such as increased longevity and changing family dynamics influencing the timing and distribution of inherited wealth?

This generational wealth transfer is driven by several factors, including the accumulation of wealth by Boomers through fortunate timing in the housing market and their hard work. However, increased longevity and health concerns could impact the ultimate amount passed down. Many Boomers are already providing financial assistance to their children, including for down payments and living expenses, highlighting a changing approach to inheritance.

forbes.com

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Mar 21, 01:13

Unexpected Inheritance: A Woman's Guide to Financial Preparedness

This article provides a step-by-step guide for women inheriting significant wealth, addressing financial planning, communication with family and professionals, and managing inherited assets following a death or incapacitation.

Unexpected Inheritance: A Woman's Guide to Financial Preparedness

This article provides a step-by-step guide for women inheriting significant wealth, addressing financial planning, communication with family and professionals, and managing inherited assets following a death or incapacitation.

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Gender Equality

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How do societal factors, such as gender roles and time constraints, affect women's financial preparedness for inheritance?

The article highlights the underpreparedness of women inheriting wealth, citing statistics from Bank of America and the World Economic Forum to illustrate the lack of financial planning and knowledge among this demographic, particularly concerning the "Great Wealth Transfer.

theglobeandmail.com

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Feb 21, 10:08

Succession Planning Gaps Hinder Canadian Wealth Transfer

MNP LLP's report reveals that many Canadian business owners considering retirement lack detailed succession plans, creating obstacles to wealth transfer; advisors are urged to facilitate discussions and create actionable strategies.

Succession Planning Gaps Hinder Canadian Wealth Transfer

MNP LLP's report reveals that many Canadian business owners considering retirement lack detailed succession plans, creating obstacles to wealth transfer; advisors are urged to facilitate discussions and create actionable strategies.

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What are the primary challenges preventing Canadian business owners from developing comprehensive succession plans for their businesses?

Almost two-thirds of retiring Canadian business owners have considered exiting their businesses but lack detailed succession plans, according to MNP LLP's report. Many haven't formalized their plans, hindering a smooth transition and potentially delaying wealth transfer.

kathimerini.gr

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Jan 11, 13:09

Trillion-Dollar Wealth Transfer Faces Generational Challenges

A $90 trillion wealth transfer is projected from the Silent Generation and Baby Boomers to younger generations, posing challenges due to concerns about the younger generation's preparedness and older generations' difficulty in relinquishing control, potentially impacting economic and social structur...

Trillion-Dollar Wealth Transfer Faces Generational Challenges

A $90 trillion wealth transfer is projected from the Silent Generation and Baby Boomers to younger generations, posing challenges due to concerns about the younger generation's preparedness and older generations' difficulty in relinquishing control, potentially impacting economic and social structur...

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How do the concerns of older generations regarding the preparedness of younger generations impact the planned wealth transfer?

The HSBC Global Private Banking's Global Entrepreneurial Wealth Report surveyed nearly 1,000 affluent entrepreneurs. Over one-third plan to exit their businesses within five years; more than half prefer family succession, especially those with over $10 million in investable assets. However, concerns about children's work ethic, interest in the family business, and skills for effective management are significant obstacles.

theglobeandmail.com

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Nov 19, 22:23

Managing Intergenerational Wealth Transfer

This article explores the anxieties surrounding intergenerational wealth transfer and outlines various strategies, such as trusts and annuities, to ensure responsible and cautious distribution of assets.

Managing Intergenerational Wealth Transfer

This article explores the anxieties surrounding intergenerational wealth transfer and outlines various strategies, such as trusts and annuities, to ensure responsible and cautious distribution of assets.

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What are the tax implications of different wealth transfer strategies?

While trusts offer significant flexibility and protection, they incur setup costs and annual tax implications; annuities provide steady income but limit flexibility and growth potential; a hybrid approach may combine the benefits of both.

Showing 13 to 23 of 23 results