An important event is coming up in American history; for some people, it has already begun. This event is known as the “Great Wealth Transfer,” and it has been said to be the biggest transfer of wealth from one generation to the next to ever occur in human history. Even if this is a bit hyperbolic, it is certainly the biggest wealth transfer in American history.
What is occurring is that the Baby Boomer generation has amassed around $68 trillion in money and assets. Those assets are currently being passed on to their children, shifting all of this wealth down to the next generation. Where are you in this process, and what do you need to know?
High-asset estate disputes
If you and your siblings are inheriting a significant portion of this wealth transfer, it’s important to note that high-value estates often have more reasons for disputes between the heirs. You want this process to go smoothly, but it certainly may not. There is a lot of money on the line, after all.
For example, maybe all of you and your siblings are thinking of this wealth transfer as a life-changing event that is going to allow you to retire and live the life you’ve always dreamed of. But does this pressure each one of you to try to seek the most financial gain for yourself? You may have questions about whether or not a sibling used undue influence on your parents to get more for themselves in the estate plan, for example.
How do you solve a dispute?
When these types of issues come up, sorting out the details is quite important, so you must know what legal steps to take to protect your interests.