{"id":22123,"date":"2025-06-11T08:56:15","date_gmt":"2025-06-11T12:56:15","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=22123"},"modified":"2025-06-11T08:56:16","modified_gmt":"2025-06-11T12:56:16","slug":"a-new-era-of-wealth-transfer-five-key-takeaways-for-securing-your-family-legacy","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/a-new-era-of-wealth-transfer-five-key-takeaways-for-securing-your-family-legacy","title":{"rendered":"A new era of wealth transfer: Five key takeaways for securing your family legacy"},"content":{"rendered":"\n

The largest generational shift of wealth in history\u2014known as the Great Wealth Transfer\u2014is underway, and it will impact more American families than ever before.<\/p>\n\n\n\n

Baby boomers in the U.S. have amassed far more wealth than previous generations and their international peers. They are more likely to own homes, invest in the stock market and have dual-income households, says Angie O\u2019Leary, head of Wealth Strategies and Solutions at RBC Wealth Management\u2013U.S. \u201cThey\u2019re 401(k) people with wealth that can be passed along,” she says. “Past generations had pensions, which children could not inherit.\u201d<\/p>\n\n\n\n

Roughly $124 trillion is expected to change hands between now and 2048, according to Cerulli\u2019s U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2024<\/em> report. And since modern families are typically smaller than those in past generations, today\u2019s inheritances are often spread across fewer people, meaning each heir receives a larger share. People are also living longer, and as a result, their loved ones might not receive anything until much later in life\u2014for example, in their 50s or 60s.<\/p>\n\n\n\n

Given these new dynamics, intergenerational wealth transfers have the potential to be more impactful, more complex and, in some ways, more stressful for families than ever before. In late 2024, RBC Wealth Management conducted a national survey of high-net-worth “Givers” (baby boomers) and “Receivers” (Gen X and millennials) of upcoming inheritances. The goal was to understand each generation\u2019s expectations, concerns and plans regarding wealth transfer, as well as what resources they\u2019re looking for to facilitate clarity and family harmony.<\/p>\n\n\n\n

Here are five key findings to help families prepare for a smooth transition of wealth.<\/p>\n\n\n\n

1. Wealth transfer is about more than money<\/strong><\/h2>\n\n\n\n

When it comes to the legacy they want to leave, 75 percent of surveyed Givers said their top priority is providing their family with financial security. However, most Givers have non-financial legacy goals, as well. Two-thirds want to pass on their values and principles along with their financial assets\u2014a more recent phenomenon, compared to past generations.<\/p>\n\n\n\n

\u201cDiscussing values didn\u2019t matter as much when smaller amounts were being passed down, but wealth transfers are so much bigger now,\u201d O\u2019Leary says. Today, more inheritances are life-changing sums that could create multi-generational wealth if managed wisely.<\/p>\n\n\n\n

With so much at stake, it\u2019s crucial for Givers to educate and mentor their heirs to be good stewards of the family\u2019s wealth. This includes discussing values and the family story of how the wealth was built. Together, Givers and Receivers can create a family mission statement<\/a> that outlines the shared values they want to be passed down. That way, Receivers can follow the same principles when they inherit.<\/p>\n\n\n\n

2. Many Givers feel unprepared to pass down wealth<\/strong><\/h2>\n\n\n\n

The survey revealed that Givers lack confidence, both in themselves and in their intended beneficiaries. Only half of surveyed Givers feel very prepared to leave an inheritance, and just a quarter feel their heirs are very prepared to receive one, citing worries about the next generation\u2019s knowledge and ability to manage the wealth responsibly.<\/p>\n\n\n\n

At the same time, Givers aren\u2019t offering enough support to their beneficiaries, with two-thirds admitting to procrastinating family wealth-transfer conversations. As such, only 39 percent have provided guidance or instructions to their heirs on what they should do with their inheritance.<\/p>\n\n\n\n

Open communication makes a significant difference when it comes to wealth-transfer planning. When Givers have conversations about their values with loved ones<\/a>, they are much more likely (71 percent versus 51 percent) to feel very prepared to pass down their wealth.<\/p>\n\n\n\n

Another way individuals can prepare is by making smaller transfers while they’re alive, such as by helping loved ones with a down payment on a home<\/a> or contributing to a 529 plan for college expenses, O’Leary says. “Seeing your heirs use these smaller gifts responsibly can help you feel more confident about the upcoming inheritance. And you\u2019re still there to give advice.” Living transfers also allow Givers to see the tangible benefits of the wealth they worked so hard to build.<\/p>\n\n\n\n

3. Receivers want to honor their family legacy but don\u2019t know how<\/strong><\/h2>\n\n\n\n

Contrary to Givers\u2019 fears, the survey found that nearly all Receivers (99 percent) want to honor the wishes of their benefactors. They want to be good stewards of their family\u2019s wealth, and their top concern is being financially responsible with what they inherit.<\/p>\n\n\n\n

Yet, only 54 percent of Receivers said they are very prepared to receive an inheritance. They are worried about tax implications and maintaining inherited assets like homes and vehicles. They have emotional concerns too, such as the pressure of carrying on the Giver\u2019s legacy and avoiding family conflict<\/a>.<\/p>\n\n\n\n

Givers can help ease these challenges by educating and preparing their heirs<\/a> as early as possible. \u201cTalking to kids about money from a young age<\/a> helps equip them with the tools necessary for strong financial management,\u201d O\u2019Leary says.  <\/p>\n\n\n\n

Additionally, Givers should have ongoing conversations with the next generation about the values underpinning their family legacy. They can also introduce heirs to their financial advisor for professional guidance and education on how to manage an inheritance.  <\/p>\n\n\n\n

4. Family conversations today help prevent conflict tomorrow<\/strong><\/h2>\n\n\n\n

When it comes to preparing for wealth transfer, clear communication matters as much as the technical details.<\/p>\n\n\n\n

\u201cDon\u2019t underestimate the power of an intimate family discussion,\u201d O\u2019Leary says. \u201cThese conversations help make sure inherited dollars become a meaningful part of the family\u2019s next chapter, one that honors the legacy of where it comes from.\u201d<\/p>\n\n\n\n

Parts of these conversations should involve laying out wishes and expectations. If the Giver discusses them while they’re alive, heirs can better process those plans, even those they may feel aren\u2019t fair.  \u201cIf the kids don’t learn your plans until you\u2019ve passed and everyone is grieving, they could end up hating each other\u2013especially if the outcome is an unpleasant surprise,\u201d O\u2019Leary warns.<\/p>\n\n\n\n

In the survey, more than half of Givers said maintaining family harmony is a top priority, and while it may feel awkward initiating these discussions, O’Leary emphasizes the need for having them early on, rather than leaving things unclear. \u201cYou can prevent a legacy of confusion, chaos and conflict,\u201d she says.<\/p>\n\n\n\n

5. Financial advisors are a built-in source of support<\/strong><\/h2>\n\n\n\n

Financial advisors are the primary resource high-net-worth individuals of all generations would consult to learn more about inheritances, ranking far ahead of accountants, lawyers and online resources, according to the survey.<\/p>\n\n\n\n

But advisors can do more than design the technical details of a generational wealth transfer\u2014they can also help clients prepare for conversations about family values, history and legacy. Both Givers and Receivers say they would like professional help facilitating these discussions.<\/p>\n\n\n\n

\u201cA financial advisor is the perfect person to help families have these conversations, but it\u2019s something many clients don\u2019t realize,\u201d O\u2019Leary says.<\/p>\n\n\n\n

For those who are uncomfortable leading family meetings, an advisor can be brought in as a neutral third party to guide the discussions. They will also be in a position to help the next generation with finances, including managing their inheritance.<\/p>\n\n\n\n

A new approach for a new era<\/strong><\/h2>\n\n\n\n

For both Givers and Receivers, proactivity and communication are key to a successful generational wealth transfer. The earlier families start planning and having these shared discussions, the more seamless the transition can be.<\/p>\n\n\n\n

Givers can start by simply letting their heirs know they can expect an inheritance one day. From there, families can start having conversations about values, and after everyone is more comfortable with the idea, they can get into the specifics.<\/p>\n\n\n\n

\u201cA successful wealth transfer is about making sure beneficiaries understand what <\/em>they may receive and how<\/em> their inheritance can be used to carry on family values,\u201d O\u2019Leary says. \u201cIt\u2019s an opportunity to create a legacy that continues many generations into the future.\u201d<\/p>\n\n\n\n

\n

Read insights into giving and inheriting wealth<\/h3>\n\n\n\n

Learn more about RBC Wealth Management’s wealth transfer research<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Insights into giving and inheriting wealth across generations.<\/p>\n","protected":false},"author":22,"featured_media":22126,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[60,210,130],"tags":[64,770,164,66],"rbcwm_content_owner":[],"rbcwm_need":[462,463],"rbcwm_segment":[460],"rbcwm_solution":[465],"rbcwm_topic":[464],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-22123","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-family-finances","category-legacy","category-wealth-transfer","tag-family-finances","tag-family-legacy","tag-wealth-planning","tag-wealth-transfer","rbcwm_need-live","rbcwm_need-protect","rbcwm_segment-individuals-and-families","rbcwm_solution-wealth-planning","rbcwm_topic-your-wealth"],"acf":{"rbcwm_subtitle":"Insights into giving and inheriting wealth across generations.","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"

Neither RBC Wealth Management, a division of RBC Capital Markets, LLC, nor its affiliates provide legal, accounting or tax advice. All legal, accounting or tax decisions regarding your accounts and any transactions or investments entered into in relation to such accounts, should be made in consultation with your independent advisors. No information, including but not limited to written materials, provided by RBC WM should be construed as legal, accounting or tax advice.<\/p>"},"rbcwm_insight_cta_id":[8484],"rbcwm_pagination":{"next_link":"","next_link_text":"Next article","previous_link":"","previous_link_text":"Previous article"},"rbcwm_video_duration":"","article_time":"","rbcwm_enable_toc":true,"rbcwm_toc_selector":"h2"},"yoast_head":"\nA new era of wealth transfer: Five key takeaways for securing your family legacy<\/title>\n<meta name=\"description\" content=\"Insights into giving and inheriting wealth across generations.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/a-new-era-of-wealth-transfer-five-key-takeaways-for-securing-your-family-legacy\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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