Increasing life expectancies have meant that for the first time in history, four generations are alive at the same time. This has important implications for the timing of the transition of family wealth.
There is an ‘inheritance boom’ coming when the Millennial generation inherit the wealth of the Baby Boomer generation, but this is expected to peak in 2035 when the average Millennial has already passed the age of 60!
Some wealth originators shudder at the idea of passing over the reins while they are still alive, having seen other children squander their family’s wealth. While there is always a risk that the next generation will blow it, the previous generation can reasonably argue that they don’t want to be around if/when that happens.
But is it reasonable to make the next generation wait that long? Granted, they will likely have many years to enjoy the wealth (and the control of the wealth), but holding back can create resentment and can be considered condescending and patronising.
The original article was published in Wealth Transition: At What Age Should Someone Inherit Family Assets? - David Werdiger
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A successful family advisor, business strategist, entrepreneur, and thought leader with a proven track record of achievement in driving innovation and growth for entrepreneurial endeavours and not-for-profit organisations.
David's experience includes founding and building multiple businesses from the ground up, and expanding and leading operations into new markets. He is recognised by colleagues as a creative problem-solver and strategist with expertise in coming up with ideas and creating new ways of improving business, strategy, operations, and results.
As a business and family advisor, he provides clients with expert business advice on intergenerational business and wealth transition, advancing entrepreneurial efforts, setting up good governance, improving financial and operational results, and strategic direction. He is also a seasoned program leader with an aptitude for providing governance in corporate and philanthropic pursuits with a strong focus on culturally focused non-profits.