BPM LLP reposted this
The impact of the generational shift in wealth in the U.S. is going to be substantial in the next 15-20 years. The Baby Boomers (those born between ~1946-1964) have substantially broken the record for most wealth accumulated in a U.S. generation. The Silent Generation previously crested in the high $20 trillions in aggregate wealth around 2005. Baby Boomers topped $76 trillion in 2023 and likely are over $80 trillion this year. With this shift, and the nature of demographics, there is going to be a massive shift in wealth in the next two decades. This shift is being impacted by the pending change in U.S. tax law, where the lifetime exemption is set to cut in half at the end of 2025. Just a year and a half away, this is a major change. If you are a part of this cohort and have not done so yet, right now is a time to take care of the estate planning process. The impact on families, businesses and charitable causes can be substantial. In the big picture, the coming couple of decades are going to reshape investing, asset allocation and the global economy as a whole. We are in front of a substantial sea change that is going to be both an opportunity and a challenge. Understanding how you can optimize your plan in this sea changing environment is critical. There are nuances of this big picture that will impact nearly every individual, family, and business situation.
