The Great Wealth Transfer: Passing on More Than Money
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Over the next two decades, more than $84 trillion is expected to change hands as baby boomers and Gen Xers transfer their wealth to younger generations. Economists have called it The Great Wealth Transfer — a movement unlike any other in history. But for many families, this isn’t just about numbers. It’s about the values, decisions, and relationships that determine whether that wealth becomes a lasting legacy — or a missed opportunity.
At Gilbert & Cook, we believe the most meaningful inheritance is one that empowers future generations to Live a Life of Abundance®.
The Opportunity — and the Challenge
For families who have built substantial wealth, the transfer process brings both excitement and complexity. It’s an opportunity to provide freedom and security for loved ones, but it also raises important questions:
Are our heirs prepared to manage what we’ve built?
Do they understand our values and intentions?
Will our legacy continue to create impact — or unintended conflict?
Studies show that nearly 70% of family wealth is lost by the second generation and 90% by the third. The reason isn’t bad investing — it’s a breakdown in communication, education, and shared purpose.
Defining What “Leaving a Legacy” Really Means
A true legacy extends beyond financial statements. It’s the story your family tells about what matters most — how you worked, gave, invested, and cared for others. Defining that legacy is a deeply personal process, and no two families are the same.
At Gilbert & Cook, we believe that a successful plan begins with understanding what Living a Life of Abundance truly means to you. For some, abundance may mean having time to travel and enjoy family; for others, it’s about achieving financial freedom, giving back to the community, or creating a lasting impact for future generations.
That’s why, at the start of every client relationship, we guide families through an Abundance Exercise — a thoughtful conversation that helps you identify and prioritize what matters most. These priorities often include Time, Retirement, and, importantly, Leaving a Legacy.
Defining what legacy means to you personally is at the heart of generational wealth planning. It’s not just about transferring assets; it’s about transferring purpose, wisdom, and values. Once we’ve helped you define what abundance looks like for your family, we create a plan that aligns your financial strategies with those priorities — and track your progress along the way — ensuring you stay on the right path to living the life of abundance you deserve.
Teaching the Next Generation
Money can be a powerful tool for creating opportunities — when guided by wisdom. Families who successfully transition wealth don’t wait until it’s time to transfer assets; they start by transferring knowledge and perspective.
That might mean involving children in charitable giving decisions, teaching them how investments work, or inviting them to observe financial planning conversations. When younger generations understand both the how and the why behind family wealth, they are far more likely to protect and grow it responsibly.
Bringing the Family Together
Open communication is at the heart of every successful transition. Family meetings — guided by a trusted advisor — create a space to discuss expectations, roles, and shared goals. These conversations can prevent misunderstandings, strengthen relationships, and ensure everyone feels connected to the legacy being built.
For business owners, this might also include succession planning — helping the next generation step confidently into leadership, with a framework that balances fairness, preparedness, and continuity.
At Gilbert & Cook, we often host Family Meetings to foster meaningful conversations that preserve and pass on values, wealth, and family vision across generations.
The Time to Plan Is Now
We are living in a moment of opportunity. Current estate and tax laws remain favorable, and although the pressure of a sunset deadline has passed, it’s still important to act thoughtfully and take advantage of today’s favorable planning environment. You should meet with an estate planning attorney and your Advisor at Gilbert & Cook to ensure your plan reflects both the current laws and your family’s long-term goals.
Families who plan proactively today can take advantage of strategies that will help them for generations — from gifting and trusts to charitable vehicles and family partnerships.
The key is to integrate strategy with purpose. Technical plans alone won’t preserve your legacy; intentional communication and education will.
Creating Abundance That Lasts
At Gilbert & Cook, we believe true abundance isn’t measured by how much wealth you accumulate, but by how that wealth supports the people and causes you care about — generation after generation.
Whether you’re preparing to transfer your business, share your estate, or simply start the conversation, our team is here to help you create a plan that empowers your family to live a life of abundance — today and for years to come.
Live a Life of Abundance®
Sources
Cerulli Associates, U.S. High-Net-Worth and Ultra-High-Net-Worth Markets 2022: Shifting Demographics of Wealth, 2022.
Williams Group, Preparing Heirs: Five Steps to a Successful Transition of Family Wealth and Values, Roy Williams & Vic Preisser, 2002.
U.S. Trust, Insights on Wealth and Worth Survey, Bank of America, 2018.
PwC, Family Business Survey 2023: Transforming for the Future, 2023.
Tax Policy Center, Individual Income Tax Provisions of the Tax Cuts and Jobs Act (TCJA), 2024.