The Great Wealth Transfer is set to be the largest intergenerational wealth transfer in history. Over the next two decades, $68 trillion is expected to move from Baby Boomers to their Gen X and Millennial children and grandchildren.

Boomers now hold more than half of all wealth in the U.S., compared to just 3% held by Millennials. It’s easy to see that this shift may create a major impact on Gen X and Millennial lives—and that a transfer of knowledge may also be required to help the inheriting generations manage their new-found wealth.

When you consider how to transfer wealth to family, the steps you take may depend to some extent on individual heirs and their financial skills, comfort with wealth, and other traits. After all, you aren’t simply transferring a large amount of money. You’re transferring an obligation and responsibility to shepherd that wealth so future generations can also benefit from it.

Your wealth team can help organize and moderate regular inter-generational family financial meetings to build the skills necessary to manage wealth confidently.

We can help you create a family mission statement that defines your principles, beliefs, and core ideals, particularly around how you intend to use your family’s wealth in the future.

Your Hancock Whitney team can help you with every aspect of your generational wealth transfer, including discussing strategies to help you achieve your family financial goals and legacy vision.