The ballot reveals that Millennials predict to obtain an inheritance averaging $309,000, however Boomers point out that they are going to be passing down a median $940,000 or a couple of million {dollars} amongst those that work with a monetary advisor.
Nevertheless, the analysis additionally highlighted some critical gaps in monetary planning, particularly given the numerous sums which can be concerned.
Of the 44% of Boomers who mentioned they intend to go away an inheritance, lower than half (47%) have an property plan in place and simply 26% have mentioned their intentions with their heirs.
Placing wealth to work
Extra thought has gone into the matter by these set to inherit, with 57% of Millennials who anticipate to obtain a monetary legacy planning so as to add it to their retirement financial savings, whereas 55% plan to make use of it to offset housing prices, and 36% will use it to pay down debt.
“Receiving an inheritance presents an enormous alternative for Millennials whose era has confronted immense financial stress together with risky rates of interest and exorbitant housing prices,” mentioned Brian Burlacoff, Advisor, Solar Life. “It is vital for Boomers and Millennials alike to have clear conversations about property planning and it pays to start out early. Working with a trusted skilled who can provide holistic recommendation and options will likely be significantly useful to Canadians who’re involved about preserving their wealth, defending their heirs from surprising tax burdens, and having sufficient cash in retirement to dwell a full and wholesome life.”
