According to an Edward Jones report, 48% of Americans plan to leave an inheritance, but over a third intend to refrain from discussing what they’re leaving behind. Edward Jones Head of Wealth Management Advice and Solutions Lena Haas joins Yahoo Finance Wealth! to discuss the stigma surrounding the Great Wealth Transfer.
Haas notes that around $85 trillion will be passed down between now and 2045. She acknowledges that wealth conversations are “an inherently emotional topic” due to negative associations, such as the potential impact on family relationships and the topic of death. Haas emphasizes that it is “critical” to change the narrative surrounding these conversations.
When planning for wealth transfer, Haas stresses the importance of individuals having a transparent conversation with family members. She suggests creating a neutral setting, developing an agenda, and potentially bringing in trusted family members or financial professionals to help explain the situation.
Haas notes that the wealth transfer process goes beyond just “dollars and cents,” as it bleeds into family values and legacies. Families should discuss what they want to be known for, Haas concludes.
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