{"id":21232,"date":"2024-01-07T20:17:07","date_gmt":"2024-01-07T20:17:07","guid":{"rendered":"https:\/\/www.thinkadvisor.com\/2024\/01\/07\/navigating-the-great-wealth-transfer\/"},"modified":"2024-01-07T20:17:07","modified_gmt":"2024-01-07T20:17:07","slug":"navigating-the-great-wealth-transfer","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2024\/01\/07\/navigating-the-great-wealth-transfer\/","title":{"rendered":"Navigating the Great Wealth Transfer"},"content":{"rendered":"<div class=\"media_block\"><a href=\"https:\/\/feeds.feedblitz.com\/-\/859437137\/0\/thinkadvisor\/\"><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/11\/family_Adobe_640x640.jpg\" class=\"media_thumbnail\"><\/a><\/div>\n<div><img decoding=\"async\" src=\"https:\/\/images.thinkadvisor.com\/contrib\/content\/uploads\/sites\/415\/2023\/11\/family_Adobe_640x640.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<div class=\"the-advisor bullet-summary\">\n<h3>What You Need to Know<\/h3>\n<ul>\n<li>Putting plans in place takes time.<\/li>\n<li>Talking about passions works better than talking about death.<\/li>\n<li>Communication will make a plan work better.<\/li>\n<\/ul>\n<\/div>\n<p id=\"first-para\">Over the course of the next 22 years, more than $84 trillion in wealth will be changing hands to the next generation, according to <a href=\"https:\/\/www.cerulli.com\/reports\/us-high-net-worth-and-ultra-high-net-worth-markets-2022\" target=\"_blank\" rel=\"noopener\">Cerulli Associates data<\/a>.<\/p>\n<p>Yet, the Cerulli study shows, nearly half of investors with at least $1 million have no wealth transfer plan in place.<\/p>\n<p>On top of that, only 13% of investors will use the same financial professional as their parents.<\/p>\n<p>I get it. Having money conversations with family can be hard.<\/p>\n<p>But we know that hard conversations are often the most impactful.<\/p>\n<p>You can bring tremendous value to your clients, and build and sustain your business, by helping families navigate the great wealth transfer.<\/p>\n<h2>Start the wealth transfer conversation.<\/h2>\n<p>Be patient! It\u2019s important to stress that there\u2019s plenty of time to decide on specifics.<\/p>\n<p>This really hits home for me, since my parents are the type of people who feel like they\u2019re never going to die.<\/p>\n<p>These types of conversations can be pretty nerve-wracking for them.<\/p>\n<p>After my grandmother passed, my mom struggled with closing the estate.<\/p>\n<p>These challenges made my parents realize we as a core unit needed a plan in place for their estate.<\/p>\n<p>Now, we as a core unit know exactly what the plan is, where the documentation exists, and who we should call when something happens to them.<\/p>\n<p>Getting a plan in place is not a one-time conversation.<\/p>\n<p>They\u2019ve made some changes in the last few years and continue to inform my sister and me.<\/p>\n<p>This puts us all on the same page with their plans for the estate after they\u2019re gone.<\/p>\n<p>The conversation doesn\u2019t have to be all doom and gloom.<\/p>\n<p>Try to make the wealth conversation more about things they love by identifying their passions and values.<\/p>\n<p>For me, my parents have always tried to save what they\u2019ve earned, enjoy life, and value family above all else.<\/p>\n<p>I\u2019ve always known how hard my parents worked and couldn\u2019t be more proud of them.<\/p>\n<p>Their perspectives have shaped the way I save money and invest today.<\/p>\n<p>Our estate planning conversations have made my sister and me want to continue my parents\u2019 legacy and model our lives to be more like them.<\/p>\n<p>Some families may rely on you to moderate their wealth transfer conversations.<\/p>\n<p>This is a good time to explain your intentions and ask good questions.<\/p>\n<p>By following this simple agenda, you\u2019ll empower your clients and their families to discuss their wealth transfer plan.<\/p>\n<p>1. Purpose of the meeting: Address the fact that you\u2019re here to review goals and educate the family about legacy conversations.<\/p>\n<p>2. Set meeting expectations: Remind everyone involved to be respectful and to actively listen.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>What You Need to Know Putting plans in place takes time. Talking about passions works better than talking about death. Communication will make a plan work better. Over the course of the next 22&#46;&#46;&#46;<\/p>\n","protected":false},"author":1,"featured_media":21233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[1],"jetpack_featured_media_url":"https:\/\/blog.lifeinsurance-orleans.ca\/wp-content\/uploads\/2024\/01\/navigating-the-great-wealth-transfer.jpg","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21232"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=21232"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/21232\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media\/21233"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=21232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=21232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=21232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}