In its Oct. 15 article, the Palm Beach Daily News discusses what is expected to be the largest generational transfer of wealth as a result of the already large (and growing) number of elderly and baby boomer populations.
Trillions are expected to be passed from one generation to the next in the coming decades, the article states: $12 trillion (from the Greatest Generation to boomers), then $30 trillion (from boomers to Gen X and millennials), according to one estimate.
Gunster attorney Laura Leslie-Schuemann, an associate in Gunster's private wealth services practice, spoke to the paper for the article.
Carefully considering one's wishes when it comes to the transfer of wealth is something everyone needs to think about, Leslie-Schuemann says, not just billionaires. The sheer size of the populations to be affected by upcoming wealth transfers make this a hot topic, she says in the article.
Trusts, which are living legal documents, are just one way to ensure a person's wealth-transfer wishes are followed, the article goes on to state.
