\n
![\"\"](\"https:\/\/www.wcnc.com\/assets\/shared-images\/icons\/arrow-circle-down.svg\"){kind=icon}
<\/p>\nA $100 Trillion opportunity\u2014or mistake? Why estate planning matters more than ever<\/p>\n
CHARLOTTE, N.C. \u2014 This article involves commercial content.<\/p>\n
The products and services featured appear as paid advertising.<\/p>\n
They call it the greatest wealth transfer in history. Over the next two decades, an estimated $100 trillion is expected to move from one generation to the next. But as families prepare to pass down homes, investments, retirement accounts, and other assets, many are overlooking a critical question: Will future generations be ready to manage and preserve that wealth?<\/p>\n
\n
<\/p>\n
\n This story continues below.
<\/p>\n
Mark Henry, founder of Alloy Wealth Management, says preparations need to start now.<\/p>\n
\u201cThe largest wealth transfer in history is already underway,\u201d said Henry. \u201cMillions of Americans are expected to inherit assets, but many families haven’t had the conversations or put the plans in place to help ensure that wealth stays within the family.\u201d<\/p>\n
One of the biggest concerns, according to Henry, is that many heirs simply don’t have a plan.<\/p>\n
\u201cReceiving an inheritance can be life-changing, but without guidance, beneficiaries can make costly mistakes,\u201d Henry said. \u201cIt’s important to understand what you’re inheriting, what the tax implications are, and how those assets fit into your long-term financial goals.\u201d<\/p>\n
Henry also warns that inherited IRA rules have changed dramatically in recent years.<\/p>\n
\u201cMany people still believe they can stretch inherited IRA distributions over their lifetime, but that’s no longer the case for most beneficiaries,\u201d he explained. \u201cIn many situations, inherited retirement accounts must be emptied within 10 years, creating potential tax consequences if families aren’t prepared.\u201d<\/p>\n
Perhaps most important, Henry says, is communication.<\/p>\n
\u201cEstate planning isn’t just about documents\u2014it’s about conversations,\u201d said Henry. \u201cFamilies should discuss their wishes, review beneficiary designations, and make sure everyone understands the plan. A lack of communication can lead to confusion, conflict, and unnecessary financial losses. Remember superstar Michael Jackson \u00a0had a will, Legendary musician Prince did not.\u201d<\/p>\n
With such a historic transfer of wealth underway, Henry believes preparation is the key to preserving family legacies.<\/p>\n
\u201cThe families that communicate, plan ahead, and seek professional guidance will be in the best position to protect what they’ve built,\u201d Henry said.<\/p>\n