Lena Haas, Head of Wealth Management Advice and Solutions for Edward Jones, explains the “Great Wealth Transfer” and the impact it will have in the economy.
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00:00So talk to me about the Great Wealth Transfer, what is it and how is it likely to impact the economy?
00:08Great question and Great Wealth Transfer is called that way because over the next 10 years
00:16almost half of Americans said that they are anticipating to receive some sort of inheritance.
00:23In the next two decades 84 trillion of assets are going to pass hands from the silent generation
00:32and baby boomers to the youngest generation. So really givers receivers it affects almost all of
00:39us. And so what are your top tips for those who are going to be investing these trillions of
00:45dollars in this Great Wealth Transfer? Well, so what we saw is that despite the fact that
00:52just about everybody is affected the conversations across family members are not happening. So my
01:00first tip is have the talk. The talk needs to happen before the transfer and it's so important
01:09to share with family members if you're a giver. What are you thinking in terms of family legacy?
01:16What are you thinking in terms of values in life and financial choices that support that?
01:22What is the rationale for how you're living in inheritance? Having that talk is make all
01:28the difference between the legacy of just confusion potentially hurt and the legacy of love and care.
01:39you