Millennials will become the richest generation in American history as baby boomers transfer over their wealth.
A study shoes that millennials will hold five times as much wealth as they have today and the group is anticipated to inherit over $68 trillion from their baby boomer parents by the year 2030, and this will represent one of the greatest wealth transfers in modern times.
The legacy that you worked so hard to create is very important, and having the correct plan is vital to ensure that you and your heirs receive everything that you have worked so hard for.
There are approximately 618,000 Millennial millionaires, according to WealthEngine data, as part of a study compiled by real estate firm Coldwell Banker. Millennial millionaires make up approximately 2% of the total U.S. millionaire population.
Due to inheritances, trusts and estate planning, there will be a steady flow of Millennials getting very rich soon. Since the Millennial generation is smaller than the Boomers they’re inheriting from, the wealth handed down will be highly concentrated.