The great wealth transfer: Is your family ready?

Episode length 20:16


Merrill Perspectives

It’s projected that more than $80 trillion will be passed down from today’s older generations to their children and other heirs over the next two decades1. That represents the greatest potential transfer of wealth ever.  But how prepared are most families for what can often be a complex and emotional process?

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The great wealth transfer: Is your family ready?

As our experts in this episode of the Merrill Perspectives podcast explain, it starts with having candid family conversations, which can begin when the kids are young.  That leads to putting a plan in place that works for everyone – and revisiting it in light of changing life circumstances such as a marriage, divorce or the birth of grandchildren. 


The panel also addresses some of the most common questions they hear from clients, such as “What’s the difference between an estate and a trust?” “Are there tax implications for my inheritance?” and “Should we gift some of our estate while we’re living?” The panelists also unpack some of the complicated situations families can encounter and offer ideas for working through them.

Our experts include Chris Hyzy, Chief Investment Officer for Merrill and Bank of America Private Bank; Jen Galvagna, head of Trust Solutions for Bank of America Private Bank; and Rocky Fittizzi, wealth strategies advisor for Bank of America Private Bank.

For more insights, read the Q&A: How can I make the most of my inheritance? and explore the other related articles below.

1. Cerulli Associates, Jan. 2022