A client once shared the story of her father, who spent his entire life building a successful business. He passed away believing his children would keep it thriving for decades. Within just five years, the business was sold, the money was divided, and most of it was gone. No one had ever talked about what it would take to preserve what he had built. His legacy disappeared far faster than it took to create.
Stories like this are becoming more common during what experts call The Great Wealth Transfer. An estimated 84 trillion dollars is already moving from Baby Boomers to their Gen X and Millennial heirs. It is the largest transfer of wealth in history, yet most families are not prepared. The truth is that wealth can disappear faster than it was built if the right planning is not in place.
At Shore Estate Law, we see this play out often. Parents want their hard work to benefit their children and grandchildren, but the statistics tell another story. Seventy percent of families lose their inherited wealth by the second generation, and over 90 percent by the third. Without intentional planning, your family’s future could fall into that overwhelming majority.
Why Wealth Does Not Last
Money is not just numbers in a bank account. It carries values, habits, and lessons. Each generation approaches money differently:
- Baby Boomers built wealth during decades of growth and opportunity.
- Gen X and Millennials were shaped by the 2008 financial crash and are cautious but often distrustful of traditional systems.
- Gen Z has grown up during a pandemic and ongoing economic uncertainty, leading many to question the very idea of long-term planning.
When families avoid difficult conversations about money, this generational divide widens. Children may not understand the responsibility of what they inherit, and wealth managers are often left out of the family picture until it is too late.
Building a Legacy That Lasts
The good news is that you can beat the odds. Lasting wealth is not just about documents. It is about engagement. That means teaching financial literacy early, having open conversations about family values, and including the next generation in the planning process.
Here are steps you can take to secure your legacy:
- Define your family’s values and goals
- Communicate your intentions openly
- Organize your assets and essential documents
- Create a strong estate plan with wills, trusts, and powers of attorney
- Minimize taxes through gifting and trusts
- Choose trusted people to carry out your plan
- Prepare your heirs with education and guidance
- Plan for unique assets like a family business
- Review and update your plan regularly
Start the Conversation Today
The Great Wealth Transfer will impact every family differently. The question is whether it will strengthen your legacy or unravel it. By taking action now, you ensure that the people you love are equipped to carry on not just your money, but your values.
At Shore Estate Law, we help families like yours protect what they have built and prepare the next generation to receive it wisely.
Take the first step toward securing your legacy today. Register for a Workshop or Request a Consultation.
