Don't make these mistakes when planning your family's inheritance

"In the next 25 years, an intergenerational wealth transfer of $74 trillion is expected, according to a June report by UBS. Among the ultrawealthy, this transfer is accelerating: By 2040, the world's billionaires are expected to pass down $5.9 trillion to their children, UBS estimated in a December report, which focused on billionaires. That amounts to the greatest wealth transfer in history - and plenty of familial expectations."

"While more money can mean more complex problems - Legacy Capitals families are worth between $20 million and $3.5 billion - everyone can learn from a thoughtful approach to these topics, he said. "Any family who's more intentional about transferring values, educating, and preparing the next generation for stewardship, whether that's $2 million going to the kids or $200 million," sees better results, he told Business Insider."

An estimated $74 trillion will transfer across generations over the next 25 years, with billionaires expected to pass down $5.9 trillion by 2040. Wealthy families express strong hopes that heirs will develop independent skills and be comfortable managing family wealth. Legacy Capitals advises families and family offices on succession, investing, giving, and inheritance to smooth transitions. Families with net worths from $20 million to $3.5 billion face complex challenges that benefit from intentional value transfer, education, and stewardship preparation. Thoughtful planning and heir preparation improve outcomes regardless of transfer size.

Read at Business Insider