MINNEAPOLIS (May 4, 2015) – Tens of trillions of dollars are expected to change hands in the United States over the next few decades as the swell of Baby Boomers transfer their wealth to the next generation.
A new report from RBC Wealth Management-U.S. – Until Death Do Us Part…Then Everything Can Change – helps demystify some of the complexities of estate planning by identifying potential pitfalls that families face when transferring assets. The report also explores a key aspect of estate planning for married couples: the role of the surviving spouse in managing and maintaining family wealth for future generations.
“No one likes to think about death, much less build a plan around what will happen when they are gone,” said Ward Ring, director of the Wealth Consulting Group at RBC Wealth Management-U.S. “But by taking some time to develop a well-thought-out estate plan, you can ensure that the nest egg you’ve built over the course of a lifetime passes on to your children and grandchildren as you had envisioned.”
According to a recent study from the Center on Wealth and Philanthropy at Boston College, an estimated $59 trillion – divided among heirs, charities, estate taxes and estate closing costs – will be transferred from 93.6 million American estates between 2007 and 2061.
Until Death Do Us Part…Then Everything Can Change, features a hypothetical family – John and Mary Smith, John’s two adult children and three grandchildren — and the approach they take to various estate-planning scenarios. It covers the different ways the Smiths could leave assets to the surviving spouse, as well as to children, grandchildren, or other family members. The report also explores the incorporation of charitable giving into an estate plan.
In addition to complex scenarios, Until Death Do Us Part…Then Everything Can Change offers a number of practical tips for estate-planning first-timers, including:
“The transfer of wealth is a complicated process that is best not left to chance,” Ring said. “The more time and thought you put into planning on the front end, the smoother the process will be and the more likely your wishes are met.”
To read Until Death Do Us Part … Then Everything Can Change, click here.
In the United States, RBC Wealth Management operates as a division of RBC Capital Markets, LLC. Founded in 1909, RBC Capital Markets, LLC. is a member of the New York Stock Exchange, the Financial Industry Regulatory Authority, the Securities Investor Protection Corporation, and other major securities exchanges. RBC Wealth Management has $270 billion in total client assets with 1,900 financial advisors operating in 200 locations in 41 states.
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