Is the World Ready for the Great Wealth Transfer?

Nearly $124 trillion is expected to transfer hands by 2048. How this wealth is stewarded will shape families, communities, and legacies for generations. The question remains: Will this transfer be managed with wisdom and purpose?
A recent report by Cerulli Associates estimates that approximately $124 trillion in wealth will be transferred by 2048-a phenomenon many are calling the "Great Wealth Transfer" (GWT). This shift presents significant challenges and opportunities for both current and future stewards of wealth. The way this transfer is handled will have lasting impacts on society and family structures.

Guidance for Current Wealth Stewards

It is crucial for spouses-especially those less involved in finances-to become familiar and comfortable with the family's financial responsibilities. Establishing a relationship with trusted financial professionals can help ensure continuity of financial plans in the event of death or incapacity. A detailed list of accounts, values, institutions, and relevant notes (such as "annual RMD" or "$500/month income") is also essential for smooth transitions.

Current stewards are encouraged to be vigilant about manipulative individuals who seek to take advantage of their resources. Maintaining clear boundaries and relying on intuition and trusted advisors can help identify and avoid such financial "leeches."

Additionally, hoarding wealth for the sake of leaving a large inheritance is discouraged. Those with more wealth than they will reasonably need are advised to consider increasing their giving and investing in causes that reflect their core values.

One of the most meaningful actions stewards can take is to transfer values alongside valuables. Children who inherit wealth without understanding the principles behind its creation often squander it. Strategies for value transfer include:

* Family Meetings: Discussing the origin and purpose of wealth, sacrifices made, risks taken, and faith or divine interventions that contributed to financial growth.

* Journey of Generosity (JOG): These events, designed for all participants regardless of faith, offer a non-judgmental environment to explore generosity and financial purpose.

Updating estate plans is also critical. Those without a Last Will and Testament are encouraged to draft one, and those with outdated documents should consult an attorney for updates. Discussing estate plans with heirs before passing ensures transparency and minimizes confusion.

Finally, involving adult children in meetings with financial advisors, accountants, and attorneys can help them understand existing structures and build relationships with key professionals.

Guidance for Future Wealth Stewards

Future recipients of wealth are advised not to wait for wealth to develop good financial habits. Current behaviors with limited resources often reflect how wealth will be managed in the future. Building trustworthiness with little prepares individuals to handle more.

Key steps include:

* Financial Responsibility: Paying bills on time, avoiding consumer debt, living within one's means, and practicing generosity.

* Self-Reliance: Planning as though no inheritance is coming. Circumstances such as long-term care costs or redirection of funds may deplete expected inheritances.

* Purposeful Wealth: Clarifying financial goals and values helps ensure that future wealth aligns with meaningful objectives. Engaging in thoughtful reflection and seeking guidance from trusted individuals or books, such as The Good Steward , can offer valuable insights.

* Guarding the Heart: Wealth can easily become a source of discontent or division in relationships. Regular conversations with spouses and accountability partners can help maintain perspective.

* Contentment and Limits: Setting a financial "finish line" can foster contentment. Establishing a maximum income threshold (adjusted for inflation and life changes) allows any surplus to be directed toward generous giving.

Conclusion

Stewardship calls for intentionality and faithfulness. For those looking to grow as stewards of their financial resources, several tools and resources are available:

* Book: The Good Steward by Tim Russell and Roy Russell Available on Amazon: https://www.amazon.com/dp/B0F234KRY9 and Kharis Publishing: https://kharispublishing.com/kp/product/the-good-steward/

The Good Steward encourages readers to view wealth as a means of worship rather than personal gain. It reframes biblical stewardship and introduces five key financial priorities: giving, saving, responsible spending, generosity, and enjoyment of God's blessings.

Video: https://www.youtube.com/embed/TCGX_CZMt5c

Video Link: https://www.youtube.com/embed/TCGX_CZMt5c

* Podcast: Stewardology Podcast: [https://stewardologypodcast.com/]
* Seminars: Life Institute - Church-Based Stewardship Seminars: [https://www.lifeinstitute.org/]
* Financial Planning: The Life Financial Group - Wealth Management from a Biblical Worldview: https://www.thelifegroup.org/

Securities and advisory services offered through Geneos Wealth Management, Inc. Member FINRA & SIPC.

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