For the last 5 years there have been numerous articles written about the “Great Wealth Transfer” that is currently underway. In summary, this tag line refers to the $84 Trillion dollars that will be transferring from (largely) the Baby Boomer generation (those born between 1946 and 1964) to their heirs, but did you know that it’s expected to continue for the next 20 years? This is the largest US generation to its point in history and the largest transfer of generational wealth as well, which translates into a large opportunity for financial advisors and insurance agents to provide necessary advice and assistance to help the transfer go as planned.
There are many planning techniques out there to help these clients successfully accomplish this transfer, including:
- Using Life Insurance to help cover taxes on the transfer of IRA/Qualified funds
- Using Annuities to bypass probate and direct funds to named beneficiaries
- Funding Tax-Qualified Long-Term Care Insurance policies for the next generation
The experts at Wholehan Marketing have the knowledge and expertise to help you walk you through many planning concepts and then help pick the best product to fit the plan. Give us a call today and let us provide you with the tools necessary to help your clients plan properly for this Great Wealth Transfer!