The great wealth transfer is underway: How to navigate an inheritance
TD Wealth says heirs should make a plan before spending, as inflation and higher costs can erode inheritances quickly.
- Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance. TD advised inheritors to pause, plan, and organize their finances before making major decisions.
- Whatever the amount, the first move after receiving an inheritance is to slow down, Donna Walton, wealth strategist at TD, explained. Walton warned inheritors to avoid quick decisions and revisit their overall plan.
- For widows and widowers, experts suggest rebuilding the financial picture step-by-step by clarifying assets and debts. Inflation and higher everyday costs mean an inheritance can disappear faster than expected, making budget confirmation critical.
- Inheritors should align money with priorities by stabilizing cash flow, lowering monthly costs, or investing for long-term goals. Walton suggests setting aside "joy money" with limits for travel or renovations while consulting a financial team.
- Working with an accountant or attorney helps avoid costly mistakes, especially when inheriting real estate or business interests. Specialists can assist in setting up trusts to oversee asset distribution, ensuring inheritance lasts for children and grandchildren.
13 Articles
13 Articles
The wave of inheritance that has already begun is the greatest philanthropic opportunity we have ever had. We are potentially wasting it because public opinion deters people with wealth from giving.
The great wealth transfer is underway: How to navigate an inheritance - The Mexico Ledger
The great wealth transfer is underway: How to navigate an inheritanceAn inheritance can feel like a windfall — until the paperwork, emotions and decisions start piling up. This is a time to pause, get organized and use the money to support the life you want.Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance — a shift often called the “great wealth transfer.” Most of that…
The great wealth transfer is underway: How to navigate an inheritance - Seward Independent
The great wealth transfer is underway: How to navigate an inheritanceAn inheritance can feel like a windfall — until the paperwork, emotions and decisions start piling up. This is a time to pause, get organized and use the money to support the life you want.Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance — a shift often called the “great wealth transfer.” Most of that…
The News Tribune
The great wealth transfer is underway: How to navigate an inheritance
TD reports that by 2048, $124 trillion will transfer from baby boomers to younger generations, advising caution and planning when managing inheritances.
The great wealth transfer is underway: How to navigate an inheritance - Stateline Publications
The great wealth transfer is underway: How to navigate an inheritanceAn inheritance can feel like a windfall — until the paperwork, emotions and decisions start piling up. This is a time to pause, get organized and use the money to support the life you want.Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance — a shift often called the “great wealth transfer.” Most of that…
The great wealth transfer is underway: How to navigate an inheritance - Hillsboro Sentry Enterprise
The great wealth transfer is underway: How to navigate an inheritanceAn inheritance can feel like a windfall — until the paperwork, emotions and decisions start piling up. This is a time to pause, get organized and use the money to support the life you want.Between now and 2048, about $124 trillion is expected to transfer from baby boomers to younger generations through inheritance — a shift often called the “great wealth transfer.” Most of that…
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