Tips to Efficiently Keep Wealth in the Family

Smart families thoughtfully plan how to pass the assets to the next generations

Over the next 30 years, the U.S. will experience a great wealth transfer 

It’s estimated that over $30 trillion will be passed from baby boomers, to Gen-Xers, and then to millennial's... Keeping it all in the family is key!

Being aware of Opportunities

Many people miss out on their chance to transfer wealth more efficiently. One of the largest missed opportunities has to do with the way that assets are titled. Many married couples title their assets as joint tenants with rights of survivorship. Jointly held assets will count toward both of their individual estate-tax exemptions. Changes in the tax laws for estate and succession planning happen frequently so it’s recommended to have your financial plan reviewed and updated every 3-5 years. This will help reduce the likelihood of a substantial amount of money going to taxes rather than family or other desired heirs.

Communicating with Family Members

If you know that there is a likelihood that you will be able to leave a substantial inheritance to family members, it is important to discuss your wishes with the family and to have them aware of your intentions. It is also important to receive feedback from family members in regard to what they expect so there is a lesser chance of family disagreements occurring. In an earlier post, Inter-generational Wealth Transfer – Assets, Heirs, and harmony, I discussed why there are so many wealth transfer failures and the majority of it stems to the fear of discussing life after death with family members. It is vital to create a family mission and strategy to circumvent an unsuccessful transfer of wealth from taking place.

Choosing the Right Executor for the Estate

As with many other factors regarding estate planning, it is important to designate the correct executor for the estate. The person that you choose is ultimately the decision maker and has to act as you would have acted to make financial decisions such as selling property, distributing assets, and paying debts. Responsibility and reliability are key traits that an executor must have, otherwise, they may act in their best interests and not the interest of the heirs.


Davis, J. A. (n.d.). Growing Family Wealth from Generation to Generation. Retrieved from Cambridge Family Enterprise Group:

How to ensure your wealth lasts for generations into the future. (n.d.). Retrieved from Regions:

Keeping Wealth in the Family. (2014, February 3). Retrieved from

Timins, D. (2017, August 8). 7 Tips for Choosing the Right Executor. Retrieved from Kiplinger:

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