Meaning of Great Wealth Transfer | Babel Free

Definitions

The gradual movement of money from baby boomers (people born in the mid-1940s to mid-1960s) to younger generations, either given as gifts or passed on through inheritance.

US

Examples

“In a paper titled “Planning For The Great Wealth Transfer⟳,” David L. Babson & Co. Inc. points out the transfer⟳ may not go as smoothly as expected unless those passing the money down prove⟳ to be as adept at unloading money as they were at making and saving it.”

“The Great Wealth Transfer⟳ – as it is breathlessly called by financial advisers, estate lawyers, tax collectors, philanthropy directors and assorted “wealth counselors” – will be a steady, soaking rain⟳ for decades. A 1999 report⟳ by the Social Welfare Research⟳ Institute at Boston College estimated that at least $41 trillion, and quite possibly double⟳ or triple that amount, will change⟳ hands by 2052.”

“John Havens and Paul Schervish note⟳ that over the next 55 years America will experience⟳ a “great wealth transfer⟳” where $41 trillion will likely be passed on from one generation to the next—through bequest, philanthropy, and taxes.”

“Whether you are the direct⟳ recipient in the Great Wealth Transfer⟳, or not, this shifting of assets has the potential to impact you, your business and those around you.”

CEFR level