What should you know?
When is the right time to pass wealth on to your children?
The average age at which people receive an inheritance today is around 60 years old. That’s because most people wait until death to pass on wealth to their loved ones.
By this age, the opportunity to use that inheritance to meaningfully shape their lives has often passed. By the time your children reach 60, they will likely have already built their own financial wealth, they’ll be nearing retirement, and have grown up children of their own.
Whatever your views on when to pass on wealth, it’s hard to argue that waiting until your children are in their 60s represents the most impactful choice.
Why should you care?
With less than 20% of wealth transfers occurring during lifetime, few people give themselves the opportunity to witness, or share in, the joy and impact it can create.
Giving at the right time transforms your wealth into something far greater than a financial legacy, it becomes a living legacy. One you can see improve the lives of those you love and create shared memories that last.
It also allows you to experience the satisfaction of knowing you’ve helped your loved ones at the moments it mattered most.
It’s important to retain enough wealth for your own needs. But beyond that, thoughtfully gifting some of your wealth at key moments during your lifetime can be hugely rewarding— and may also save a substantial amount in future estate taxes.
If your goal is to get the most out of life, it stands to reason that you’d want your children and grandchildren to do the same, and gifting can be a big part of achieving that.
