Over the next 20 years, an estimated $84 trillion will move from Baby Boomers and the Silent Generation to their kids and grandkids in what economists call the Great Wealth Transfer.[1]​

That’s a staggering number.

But it’s not just about money changing hands.

It’s about legacies. Families. Planning.

And whether you’re preparing to leave assets behind or expecting to receive them, this transfer creates both opportunity and responsibility.

Why the Great Wealth Transfer matters

Unlike past generations, today’s retirees don’t rely on pensions. Instead, they’ve built wealth in IRAs, 401(k)s, brokerage accounts, real estate, and businesses.

Baby Boomers alone now hold more than $82 trillion in wealth. And all of that will eventually pass to the next generation.

The challenge? Those assets are more complex than a monthly pension check. Which means careful planning is essential if you want your legacy to go where you intend and in the way you intend.

Planning your wealth transfer can secure a lasting legacy

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Here’s the part many families overlook:

Family disputes often arise from unclear intentions or a lack of preparation, rather than simply from the amount of money involved.

That’s why planning isn’t just about writing a will.

It’s about creating a clear, intentional strategy that protects your assets and your family relationships.

Think of it like Maslow’s hierarchy of needs. Once your basic retirement income is secure, the focus shifts upward to meaning, impact, and leaving a legacy.

Strategies to Optimize Wealth Transfers

Taxes and Timing

The estate tax exemption is still near record highs, $13.61M per person in 2024, $13.99M per person in 2025, and is scheduled to rise to $15M in 2026. That’s reassuring for many families, but don’t overlook state estate or inheritance taxes, which often kick in at much lower thresholds.

Smart planning today can also mean smoother wealth transfer later. For example, Roth conversions can shift dollars from taxable accounts into tax-free Roths, making life easier (and more tax-efficient) for heirs.

And let’s not forget gifting. In 2025, you can give up to $19,000 per person annually without touching your lifetime exemption. Even better, direct payments for tuition or medical expenses don’t count toward limits at all.

Inherited Retirement Accounts (SECURE Act Rules)

The SECURE Act reshaped how heirs handle retirement accounts. Most non-spouse beneficiaries now must empty inherited IRAs within 10 years, often while they’re in peak earning years. That means higher tax bills at exactly the wrong time.

Strategies like lifetime Roth conversions, splitting assets among multiple beneficiaries, or even charitable remainder trusts can help soften the blow.

Liquidity Concerns

Passing on illiquid assets like a business or real estate? The challenge often isn’t the asset itself; it’s how heirs cover taxes and expenses without selling under pressure.

Tools like trusts, life insurance, or structured sale agreements can provide the cash needed to preserve family assets instead of forcing a fire sale.

Beyond the Numbers

Wealth transfer isn’t only about dollars and documents. Many families run into conflict because heirs aren’t prepared, financially, emotionally, or logistically.

Building financial literacy, talking openly about intentions, and aligning assets with family values can make all the difference. A lasting legacy isn’t just what you leave behind, but the clarity and confidence you pass along with it.

The Bottom Line

The Great Wealth Transfer is one of the largest shifts of wealth in history.

Handled well, it can secure your family’s future, support causes you care about, and build a legacy that lasts.

Handled poorly, it can create confusion, conflict, and unintended outcomes.

The choice is in the planning.

Now’s the time to ask:

• Is your estate plan clear?
• Do your heirs understand your intentions?
• Have you prepared your assets and your family for what’s to come?

If not, it may be time for a conversation.

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​Keeping wealth in focus,

The MY Wealth Management Team

​[1] https://www.cerulli.com/press-releases/cerulli-anticipates-84-trillion-in-wealth-transfers-through-2045​