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