$41 TRILLION INHERITANCE: are you ready for the largest gift in the history of the world?

Are you ready for the greatest transfer of wealth in human kind?

Baby Boomers and Gens X or Y take note: your parents or grandparents, the WWII generation, are leaving $41 Trillion in wealth to you! And it’s going on right now.

Money and IRA’s? Stocks and bonds? Real estate and valuable jewelry? It’s all there.

The Boston College Center on Wealth and Philanthropy, http://www.bc.edu/research/cwp/ has estimated, and reconfirmed, that $41 Trillion, that’s TRILLION, with a “T” (not “billion”) is going to be transferred and inherited between now and 2052.

You can read more about this massive wealth shift by visiting The Boston College Center on Wealth and Philanthropy’s website, where you are invited to review and download in .pdf their studies and reports. Here is the link for an article which appeared in the January, 2003 issue of the Journal of Gift Planning: http://www.bc.edu/content/bc/research/cwp/publications/az-index/s-indexw.html.

This article considers a prior report of John J.Havens and Paul G. Schervish’s which explains the massive $41 Trillion wealth transfer.

So, Gen X and Gen Y, and Baby Boomers, knowing that $41 Trillion is passing into your hands…….. are you ready ?

Before you start counting your inheritance, remember that some of that money will have to go to Uncle Sam to pay estate tax, if your folks are very wealthy.   Some of that money may need to pay estate attorneys for probate work or estate administration matters.   And, of course, some of that inheritance will go into trust, where you have to ask a trustee for money.

Have you actually spoken to your folks about whether or not you get an inheritance?Some descendants, some sons and daughters, who might be thought of as the obvious or natural beneficiaries of a parent’s wealth mistakenly believe that a family member is entitled to an inheritance. No one is ENTITLED to an inheritance.

Guaranteed inheritance?   Not so unless your folks die without a will and then, it “depends.”

Most heirs, most family members and beneficiaries, are surprised at how much mom or dad are actually worth when they die.  Kids often think dad or mom were worth more; only to be dissapointed.  “Where did all the money go?” they ask.

So what does this mean for adult children who want to inherit?  Well, if you want an inheritance, you should talk to your mom or dad about it.  No harm in asking, right?  But recognize that while some assets pass “easily” at death, life life insurance proceeds and joint accounts, others have to go through the probate process or the estate administration process.  Other money, other family wealth, will be in a trust, with a trustee to oversee and administer that wealth for you and other family members.   A trustee’s role, or a trustee’s job, is to distribute, or NOT distribute, family money to chosen beneficiaries: according to the trust creator’s intent.   What does all this mean?  You may, or may not receive an inheritance, even though there are 41 TRILLION DOLLARS to go around.

Are you ready for this massive wealth shift?