Demographers and attorneys tell us that something dramatic is happening to the baby-boomer generation, which is now averaging nearly sixty years of age. They will soon inherit more than $10.4 trillion as their parents pass from the scene. It will be the greatest transfer of wealth in the history of the world. The question is, how will they handle thissudden affluence?
And even if their sons and daughters are able to handle a generous inheritance, how will their grandchildren and future generations respond? I know my views on this subject are unconventional. One of the reasons people work hard is so their children and future heirs won’t have to.
They love their kids and want to make things easier for them. Even so, giving a large trust fund to those who don’t earn it should be done only with the greatest care and preparation.
It takes a steady hand to hold a full cup!