According to Citizens Bank (FC6A.SG), Baby Boomers are poised to transfer nearly $84 trillion to millennials in the coming decades. Brahmin Partners co-founder and managing partner Salvatore Buscemi joins “Wealth!” to discuss his outlook on this impending “Great Wealth Transfer.”
Buscemi observes that affluent boomers have strategies in place to ensure their wealth is passed along “in a meaningful way.” However, he notes a lack of preparedness among middle and lower-class millennials for the influx of wealth they will receive, especially considering “the way inflation has been ripping for the past year and a half at least.”
Regarding family discussions about inheritance, Buscemi told Yahoo Finance, “The sooner that you have the details up front with who’s getting what and how much, that will be great. You don’t see that very often until it’s post-mortem in a will, and that causes all sorts of contention.”
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