America is preparing to pass an extraordinary amount of wealth from one generation to the next. Cerulli Associates estimates that nearly $124 trillion will transfer through 2048, with most of it expected to go to heirs. That number gets attention.
But I believe the bigger issue is what families are not talking about before the money changes hands. We are preparing to transfer trillions of dollars to the next generation, but many families have not prepared that generation for the responsibility that comes with it. If we continue treating money, inheritance, and estate planning as uncomfortable family subjects, we may leave heirs with assets they do not fully understand and decisions they are not ready to make.
In my experience, children can know that their family is wealthy without knowing much about the wealth itself. They may see the house, the cars or the lifestyle. They may not know where the money is held, how it is invested, which businesses are involved, what debts or obligations exist, or who helps manage everything.
That gap matters because inheritance often arrives at one of the hardest moments in a person’s life. A son or daughter may be grieving while also trying to understand trusts, property, investments, business ownership, taxes, and family expectations. That is a lot to place on someone who has never been included in those conversations before.
Fidelity’s 2025 Family & Finance Study found that many parents remain uncomfortable discussing inheritance amounts, net worth, and estate wishes with their children. To me, that shows the problem is not only about having an estate plan. It is also about whether the people who may one day inherit that estate understand the plan.
I have tried to approach this differently with my own family. I hold a formal annual family meeting because I believe financial education should happen while parents are still here to explain decisions, answer questions, and allow their children to learn from mistakes. That does not mean handing a child a large amount of money and walking away.
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