The amount of wealth millennials and Gen Xers stand to inherit from their parents and grandparents almost defies comprehension: According to Cerulli...
The amount of wealth millennials and Gen Xers stand to inherit from their parents and grandparents almost defies comprehension: According to Cerulli Associates, a Boston-based research and consulting firm, $84.4 trillion in wealth will be transferred between 2021 and 2045, primarily from baby boomer households to younger generations.
As a result of that magnitude, inheritance recipients might not know what to do with one, and whether to count on the windfall before it arrives. Mitch Mitchell, products counsel with Trust & Will, an online estate planning company, says it can be helpful to tell your parents that you are trying to plan for something that is going to be hard for you. He suggests saying something like, “It would be a gift if you can map this out.”Some cultures and generations are less comfortable talking openly about money than others, says Leo Chubinishvili, a wealth advisor at Access Wealth in East Hanover, New Jersey.
“You can start cleaning up your financial house if you’ve paid off debt and build yourself a good emergency fund with six to 24 months of living expenses,” Barrow says. After that, she suggests thinking about funding your intermediate and longer-term goals around housing, cars, education and retirement. She adds that using part of an inheritance to celebrate your loved one’s life in some way, whether it’s a trip or nice dinner, can also be a way to honor them.
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