The Great Wealth Transfer is Here

by Landon W. Buzzerd

March 2026

The Great Wealth Transfer Is Here

You’ve probably heard the phrase The Great Wealth Transfer. It’s not just a headline. It’s happening right now.

Over the next couple of decades, trillions of dollars will move from Baby Boomers to their children and grandchildren.

However, The Great Wealth Transfer isn’t just about money—it’s about values, legacy, and communication across generations. Families who plan together tend to preserve not only wealth, but relationships.

As a firm working with multi-generation families, these are the conversations our advisors have on a frequent basis. The team at Grant Street Asset Management has spent decades advising families through these exact transitions and creating clarity across generations.

Whether you’re in the position of passing wealth on or preparing to receive it, thoughtful planning now can make a meaningful difference later.

For Baby Boomers: Planning Goes Beyond Account Balances

Many Boomers have done a great job saving and investing but have stopped short of ensuring their wishes are fulfilled. Without a clear plan, even decades of careful financial work can get complicated by taxes, family dynamics, or outdated documents. Here are a few actionable steps as you plan for your own wealth transfer.

1. Get your documents aligned.

A will is important, but it’s only part of the picture. Beneficiary designations, powers of attorney, healthcare directives, and trusts all need to work together. Outdated paperwork is one of the most common (and costly) issues we see. Just as important is choosing the right people to carry out your plan. Selecting a trustee or executor who is organized, trustworthy, and capable of handling both the financial and emotional responsibilities involved will be beneficial to everyone.

2. Think about taxes before, not after.

Estate taxes, income taxes on inherited accounts, and capital gains can significantly reduce what your heirs actually receive. Strategies like Roth conversions, charitable giving, and gifting during your lifetime can help shift tax burdens, preserve more of your wealth, and ensure more of what you’ve built goes to your family or the causes you care about rather than to taxes.

3. Decide what “fair” really means.

Equal isn’t always fair. One child may have special needs, another may have already received significant financial help, while another may be actively involved in a family business. These conversations can be uncomfortable and emotional but addressing them openly and intentionally now can help set expectations, reduce misunderstandings, and prevent long-term family conflict later.

4. Talk to your family.

This might be the hardest step, but it’s also one of the most valuable. These discussions give you a chance to share the “why” behind your decisions; your priorities, what matters most to you, and the legacy you hope to leave, so that the wealth carries meaning, not just dollars. Having open conversations with your heirs can give them clarity and confidence, helping them manage the inheritance responsibly rather than feeling overwhelmed, uncertain, or even conflicted when the time comes.

For the Next Generation: Inheriting with Intention

Preparation isn’t greed, it’s responsibility. Understanding how an inheritance might fit into your financial life allows you to make thoughtful decisions rather than emotional or reactive ones during an already difficult time. Planning ahead can help you honor the legacy behind the money, avoid costly mistakes, and use the inheritance in a way that supports your long-term goals and values rather than letting it become a source of stress or uncertainty.

1. Understand what you’re inheriting.

Is it retirement accounts, real estate, a business, or taxable investments? Each comes with different rules, timelines, and tax consequences, and misunderstanding those rules can be expensive. For example, inherited retirement accounts often must be distributed within a certain number of years, which can create unexpected taxable income if not planned carefully.

2. Don’t rush big decisions.

One of the most common mistakes inheritors make is acting too quickly by selling investments, paying off everything at once, or dramatically changing lifestyle before fully understanding the impact. Giving yourself permission to pause, seek guidance, and create a thoughtful plan can help ensure the inheritance supports your future rather than creating new stress or regret.

3. Be aware of the emotional side.

Money inherited after the loss of a parent or loved one can carry guilt, pressure, or family tension. These emotions can influence financial decisions more than people realize. Some inheritors feel uneasy enjoying the money, while others feel an unspoken responsibility to “do the right thing” for siblings or extended family.

4. Align the inheritance with your goals.

An inheritance can be a powerful tool. That could mean creating long-term financial security, investing for future goals, supporting causes you care deeply about. When approached thoughtfully, it can open doors and create options rather than obligations. The key is being intentional, not reactive, taking the time to align the inheritance with your values, priorities, and overall financial plan.

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Ultimately, successful wealth transfer doesn’t happen by chance, it happens with experienced guidance.

Families who navigate this transition well do so because they engage a trusted advisor who has helped others through the same complex, emotional, and high-stakes decisions.

Whether you are preparing to pass on wealth or preparing to receive it, now is the moment to act. The right guidance makes all the difference.

Who are you relying on to bring your wishes to life and guide your family through the next chapter?

Contact Grant Street if you’d like to have a thoughtful conversation with one of our advisors about transferring your wealth to the next generation.

📞 (412) 257-8060 | ✉️ advisors@gsaminc.com