Cerulli Associates estimated in late 2024 that about $124 trillion in wealth will change hands in the United States through 2048, with most of it passing to heirs and a smaller share going to charity. Estimates like this are projections and they move with markets, but the direction is not in doubt. A generation that built or inherited substantial assets is aging, and the people who will receive those assets are already adults.
Transfers fail more often through silence than through tax
Tax drives much of the planning conversation, and good planning reduces it. In practice, many family transitions run into trouble for simpler reasons. Heirs do not know what exists, where the documents are or who the advisers are. Parents avoid the conversation because it feels like a conversation about death. A plan that is legally sound and unknown to the people who need it fails at the moment it is needed.
What a prepared family has
A current will and, where appropriate, trusts that match the family's present circumstances. Beneficiary designations that agree with the estate plan. Powers of attorney and health care proxies. A written list of accounts, policies, entities and advisers. For business owners, a plan for the company itself, since an operating business is hard to divide equally among heirs who want different things.
Families with assets in more than one country
Many New York families hold property, accounts or businesses abroad, or have heirs who live in another country. Different legal systems treat inheritance, trusts and taxation differently, and reporting obligations can apply on both sides. These families need counsel in each relevant jurisdiction working from one shared plan.
The role of the adviser
Advisers who serve only the older generation often lose the relationship when the assets pass. A better practice is to meet the next generation early, explain the plan in plain language and be clear about how the adviser is paid. For insurance recommendations in New York, the best-interest standard of Regulation 187 applies to life insurance and annuity transactions.
This article is general information, not tax, legal or investment advice. The figures cited are third-party estimates and may change.
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