A client once told us about her father, who spent his entire life building a successful business. He passed away believing his children would keep it thriving for decades. Within just five years, the business was sold, the money was divided, and most of it was gone. No one had ever talked about what it would take to preserve what he had built. His legacy disappeared far faster than it took to create.
Stories like this are becoming more common during what experts are calling The Great Wealth Transfer. An estimated $84 trillion is already moving from Baby Boomers to their Gen X and Millennial heirs. It is the largest transfer of wealth in history, yet most families are not prepared. The truth? Wealth can vanish faster than it was created if the right planning is not in place.
At Voorhees Law Group, we see this play out all the time. Parents want their hard work to benefit their children and grandchildren, but statistics tell another story: 70% of families lose their inherited wealth by the second generation, and over 90% by the third. Without intentional planning, your family’s future could fall into that overwhelming majority.
Why Wealth Doesn’t Last
Money isn’t just numbers in a bank account. It carries values, habits, and lessons. And every generation views it differently:
- Baby Boomers built wealth during decades of growth and opportunity.
- Gen X and Millennials were shaped by the 2008 financial crash, making them cautious but often skeptical of traditional systems.
- Gen Z has grown up in a pandemic and economic uncertainty, leading many to question whether long-term planning even makes sense.
When families avoid tough conversations about money, these generational differences only grow. Children may not understand the responsibility of what they inherit, and by the time wealth managers or advisors get involved, the damage is often already done.
Building a Legacy That Lasts
The good news? You can beat the odds. A lasting legacy is not just about documents; it’s about engagement. That means teaching financial literacy early, having open conversations about family values, and including your heirs in the planning process.
Here are steps you can take to secure your legacy:
- Define your family’s values and goals
- Communicate your intentions openly
- Organize your assets and essential documents
- Create a strong estate plan with wills, trusts, and powers of attorney
- Minimize taxes through gifting and trusts
- Choose trusted people to carry out your plan
- Prepare your heirs with education and guidance
- Plan for unique assets like a family business
- Review and update your plan regularly
Start the Conversation Today
The Great Wealth Transfer will impact every family differently. The question is whether it will strengthen your legacy or unravel it. By acting now, you can ensure that the people you love are equipped to carry on not just your wealth, but your values.
At Voorhees Law Group, we help families protect what they’ve built and prepare the next generation to receive it wisely. Take the first step toward securing your legacy today. Request a Consultation