Inheritances: By the Numbers
Ever since the sudden death of music icon Prince last year, estate planning seems to be getting more coverage by the media than ever before. With this, there seems to have been renewed emphasis on the importance of having a will and dictating how your estate will be distributed. Consider the following statistics regarding inheritance in the United States.
$69,000
The median inheritance for Americans in 2010.
70 percent
The approximate percentage of families who lose their wealth by the end of the second generation; about 90 percent lose their wealth by the end of the third generation.
33 percent
The approximate percentage of families who lose their wealth by the end of the second generation; about 90 percent lose their wealth by the end of the third generation.
75 percent
Share of inheritances that come from parents. Only about 15 percent comes from grandparents.
20-50 percent
The amount of total household wealth accumulation in the U.S. that can be attributed to inheritances.
80 percent
The relative amount of parents who do not share information regarding their inheritance plans with their children.
$30 trillion
The expected transfer of wealth from baby boomers to Gen X and Millennials over the next 30 years.
Over 50 percent
Amount of 16,000 global respondents said that they expect an inheritance of some sort, according to a 2015 survey from HSBC. Of those who expected a windfall, nearly two-thirds planned on using it to fund their retirement.
Fingerlakes Wealth Management, Inc. is a Registered Investment Adviser. This article is solely for informational purposes. Advisory services are only offered to clients or prospective clients where Fingerlakes Wealth Management, Inc. and its representatives are properly licensed or exempt from licensure. Past performance is no guarantee of future returns. Investing involves risk and possible loss of principal capital. No advice may be rendered by Fingerlakes Wealth Management, Inc. unless a client service agreement is in place.
This article was written by Advicent Solutions, an entity unrelated to Fingerlakes Wealth Management. The information contained in this article is not intended to be tax, investment, or legal advice, and it may not be relied on for the purpose of avoiding any tax penalties. Fingerlakes Wealth Management does not provide tax or legal advice. You are encouraged to consult with your tax advisor or attorney regarding specific tax issues. © 2016 Advicent Solutions. All rights reserved.
