October 22, 2025 • 24 mins
As trillions of dollars shift hands over the next two decades, the question isn’t whether your wealth will transfer — it’s how. In this episode of Retirement Roadmap, Mark and Evan break down The Great Wealth Transfer—the unprecedented movement of assets from today’s retirees to their heirs—and show how to turn this generational shift into a thoughtful, tax-efficient family strategy.
Drawing from decades of real-world advisory experience, Mark and Evan explain why successful wealth transfers require more than a will or a trust. They unpack the key differences between estate distribution and beneficiary coordination, how taxes and timing can dramatically impact what your heirs receive, and the family conversations that prevent conflict before it starts. You’ll learn practical steps for reviewing beneficiary designations, reducing lifetime taxes through Roth conversions, protecting heirs with trust planning, and aligning your estate documents with your broader retirement goals.
The reality is sobering: poor coordination can lead to avoidable taxes, delays, and disputes that undermine decades of careful saving. Mark and Evan share the most common pitfalls they see—out-of-date documents, mismatched beneficiaries, and missed opportunities for tax-smart wealth transfer—along with a clear roadmap for keeping your plan current as laws and life evolve.
The takeaway? Don’t let your legacy be decided by chance. With proactive planning and open communication, you can preserve more of what you’ve built and ensure it’s passed on with purpose.
Visit masterplanretire.com to access our retirement checklists, podcasts, and schedule a complimentary consultation.
Call 770-980-9262 to speak directly with someone about your retirement planning needs.
https://masterplanretire.com/
Catch all episodes of our podcast at https://www.masterplanyourretirement.com/resources/episodes
Listen to Mark Fricks on Saturdays at 12:00 p.m. on XTRA 106.3 FM WFOM.
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Purchase Mark’s book, The Road Less Traveled: Turning Your Retirement Worries Into an Excursion of a Lifetime, on Amazon: https://a.co/d/4fx94Al
Advisory services offered through MasterPlan Retirement Consultants, Inc., a Registered Investment Advisor in the state of Georgia. Insurance, tax and commodities services offered through Fricks and Associates, Inc. dba MasterPlan Retirement Consultants. The aforementioned are affiliated companies.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
SPEAKER_01 (00:09):
Is your family ready for the Great Wealth Transfer?
Hey folks, welcome back toRetirement Roadmap and thank you
for joining us.
My name is Evan, and with me asalways, retirement planner Mark
Fricks.
The Silver Tsunami is here.
During this episode, we're goingto discuss the Great Wealth
Transfer and how you can betterensure your own assets end up
(00:31):
with the people you care about.
Mark, legacy and estate planningis a huge aspect of what we
discuss every day with clients.
SPEAKER_00 (00:38):
It is.
It is such an important part ofwhat we do.
Not only making sure youmaintain control of your stuff
while you're alive, need care,things of that nature, but the
big part is transferring of thewealth.
Not that big of a deal, as youknow, from spouse to spouse.
That's pretty cut and dried.
I don't want to say it's a donedeal, but it's pretty cut and
(00:59):
dried.
But definitely the nextgeneration and generations
beyond.
There's so many things thatcould be done to make that more
effective, avoid cost, avoidtaxes, avoid probate, but more
importantly, just making surewhat you want to happen happens.
Right.
SPEAKER_01 (01:13):
So since around 2011, I believe, the baby
boomers have begun to retire andthey have begun transferring and
pass away.
They've begun transferring someof their wealth to the younger
generation.
So let me give you a numberhere.
The great wealth transfer isunderway with about 84 trillion
expected to move from babyboomers to Gen X and millennials
(01:35):
over the next two decades.
We already know from talking toclients, talking to prospects,
most, if not many, families areunprepared.
The cultural divide, especiallybetween generations, adds
complexity to preservinglegacies.
SPEAKER_00 (01:50):
Yeah, and so there's not enough conversation.
Let's just keep it simple.
So many of our clients, andespecially the ones that are the
the uh early baby boomers andand older, just are very
secretive.
Uh I'm not saying all of them,but many of them are very
secretive about what they have,uh where it's at, things like
that.
Hey, we I got things taken careof, we're good, or whatever.
(02:11):
And many times these folks arein their 80s and 90s and they
think they've got things takencare of, but they don't really
understand the new stuff.
They don't understand the factthat their their trust or will
is 25 years old, language haschanged, or whatever.
And and so I don't I'm not surehow to break through that.
Um some of them may be a trustfactor, and you know, some kids
you might trust more thanothers, others you trust them
(02:33):
all, but there's still there'sjust this a little bit of a gap
there, and I'm not sure how tobreak through that.
It's not something you can justforce somebody to do for sure.
SPEAKER_01 (02:41):
Well, we've got some points to go over today that
will give some folks some ideasbecause you're 100% right.
There is a cultural dividebetween those generations, and
the same financially or evenpolitically.
You know, a lot of po at onepoint when I was a kid, I knew
that talking about politics wasrude, right?
You don't bring up, you don'task about politics or religion,
but now it seems to be a lotmore free-flowing, people are
(03:03):
more willing to discuss that.
There's not as much taboo, andespecially with finances.
Uh so here's uh another studythat shows 70% of families lose
inherited wealth by the secondgeneration, and over 90% by the
third.
This is known as the thirdgeneration curse, apparently.
SPEAKER_00 (03:21):
Yeah, that's that's a big number, but it doesn't
really surprise me becauseagain, it's it's a matter of um
uh you know, the youngergenerations, again, we're we're
not trying to be too generalizeduh generalized here, but the
younger generations tend to havea different uh um view of money.
I mean, I read recently where somany uh younger people really
(03:43):
are just quitting their jobs andjust traveling and things like
that, which is great, but it youknow, they're sacrificing future
retirement, things like that.
Maybe they're trying to use upsome of their parents' money.
I mean, I I wish a lot of theseuh parents or grandparents would
go ahead and give some of theirmoney away while the kids are
still around with the parents sothey can watch them enjoy it.
Teach them and engage them.
And teach them how to spend itas well.
(04:04):
But it's so it's so many layersto this, it's so complex that um
you know, we could probably dofour shows on this, but uh one
thing we love to do, and you mayget into this later, is to try
to have family meetings.
So once we've completed theplanning process with the the
parents, um let's bring the kidsin.
Let's let's uh especially ifthey're a trustee or something,
(04:24):
but all of them that that areinvolved in in the next
generation and even past that.
And and let's be open, let'salso talk about why we've done
what we've done.
Some uh some of our clients willsay you can say this much, but
don't tell them about that, andthat's fine.
Um but let's let's get an openopen conversation.
I had an advisor I knew severalyears ago.
He would do retreats.
And he would take these familiesaway to like a retreat in North
(04:47):
Georgia or somewhere, and theywould spend the weekend together
and getting to know um the thethe complexities of the family.
He would interact with them andand say, Yeah, I see this
happening.
The kids could be open andhonest, the parents could be
open and honest, but also have agood time too.
And so I that may be somethingwe might want to look at.
I feel like you would need apsychiatrist to come along on
that trip, too.
(05:08):
I thought we were psychiatrists,actually.
SPEAKER_01 (05:10):
So at least counselors.
So I I think that's the overallpoint is to beat the odds,
families need more thanplanning.
They need multi-generationalengagement built on
understanding of thegenerational differences, and
really, like everything elsethat we preach on this channel,
early preparation is key.
Teaching financial literacy tochildren and gradually sharing
wealth planning details as theygrow strengthens the odds of
(05:34):
lasting wealth.
So I want to discuss that.
Um planning on the same page.
A three-part plan is essential,and we've broken it down to
these three parts.
One, a lifetime financial plan,which is what we do every day.
Um, a break the glass emergencyplan.
Something comes up, you neverknow.
Rather than just blowing allyour money incorrectly, you have
(05:54):
a plan on how to handle thosekind of expenses, and then a
legacy plan for futuregenerations.
And it's critical that yourfamilies involve the younger
generations in the process.
Otherwise, 70% of heirs switchadvisors after inheriting
wealth, often due to weakrelationships with the firms.
That speaks to your pointearlier.
If you don't have a relationshipwith your advisor, especially if
(06:16):
um there is a general uhgenerational difference, you see
your parents' generation advisorof this sort of concept of
money, or maybe uptight, or Idon't uh he's old school.
Old style, high I retire.
And if you do something like wedo, we're holistic planning.
We're so much more than justwhere are you keeping your
(06:37):
money.
There's a plan in place.
And if your gener the nextgeneration doesn't know what
that plan is and have not beenlet into this is how this works
and how it's set up, then it'salmost useless.
SPEAKER_00 (06:48):
Well, I mean we're also very family-oriented.
Uh, you know, we we we talk toour clients about being part of
the master plan family.
We want to get to know one ofthe first things our clients
fill out when they becomeclients is information about
their children, theirgrandchildren, uh, their likes,
the family likes, um,activities, clubs they belong
to, things like that.
Even even their favorite foodand favorite holiday and things
(07:11):
like that.
Would that ever come into being?
Maybe not, but maybe so as well.
So as much information as theycan share is great.
Um, you know, I I I hate itwhen, and it does not happen
very often.
Uh, and it's typically clientsthat have not have not been, I
don't know, have been lessconnected to us, um, that I get
(07:32):
a call from one of the kids.
Uh I understand you're my dad'sadvisor.
He passed away three months ago.
I need to talk to you, asopposed to getting a call the
next day, because we are closerto that family, we are closer to
their situation.
We've we've talked about, hey,my son's going through this, my
daughter's going through that.
Um we've spent you know timewith them and and in talking
(07:52):
about that situation.
So it's just it's trying to makethat connection with all of our
clients.
Can we do it with everybody?
No, but it really benefits theclient, is what it really does.
Like you, um just like the statsyou gave, let's let's pull that
together and let's try to havesomething that goes beyond many
generations.
SPEAKER_01 (08:10):
And again, with with maintaining that relationship
with the advisor, generationsare looking for different things
than their parents were.
So the wealth managementindustry is shifting away from
the product-driven models, whichyou know we preach that all all
the time.
It's shifting away fromproduct-driven models towards
holistic fiduciary-basedservices, which is what we do,
but that's what the youngergenerations are increasingly
(08:30):
expecting.
So now 52% of the youngergeneration expect the holistic
fiduciary model.
In 2018, it was only 29%.
So that's a pretty rapidincrease over those years.
SPEAKER_00 (08:40):
And that's amazing, especially when you when you uh
understand what's happening overthe last few years when it comes
to robo advising.
Uh, you know, I think I think alot of the younger folks kind of
tried that, but you know,there's just no connection
there.
You've got a computer sayingthis is where you should be,
this is uh how what happens ifsomebody passes away?
What happens if you have a aproblem, you need extra money?
(09:02):
Do you go to the robo advisorand say, how much money should I
take out?
And when it's just uh, you know,I hope I think the way I'm
saying this is not perfect, butit's just a disconnect.
It's the inhuman effect.
It's almost like saying, I wantto start going to a doctor
that's a robot, or a doctorthat's uh uh just a voice coming
out of a window screen.
I want that doctor saying, bythe way, how was your trip to uh
(09:25):
you know France last last year,or or how are you doing with
this pro whatever.
You went for sodium intake whenyou were in Paris, Mark?
Yeah.
No, actually I didn't.
Um but I don't think my doctorlistens to this podcast.
Uh so anyway, but but reallythat human connection, and I
think as as it kind ofdisconnected, I think people are
(09:45):
wanting it back more.
Yeah.
So I think that's where what wedo and firms like us can really
come into play and can really bea part.
And does everybody want that?
No, we're not for everybody, butI tell you what, that human
touch I think is just gettingmore and more critical.
That's great.
SPEAKER_01 (10:00):
Well, I do want to talk about some actual steps to
take in uh engaging that youngergeneration for your wealth
transfer.
But before we do that, that's aperfect segue to our website,
masterplanretire.com.
There you can schedule yourcomplimentary consultation.
It's a simple schedule now,click, and then you're right
there on our calendar, you finda time that works best for you.
You can also call us at theoffice 770-980-9262.
(10:25):
You know what's great about thatcomplimentary consultation?
SPEAKER_00 (10:28):
What's that?
Is we will actually uh for nocharge, we will run a series of
reports looking into your futureand saying, this is what my
money is, this is what mysavings is gonna be for the next
X number of years until Iretire.
Is my money gonna last?
That's kind of a good feeling toknow where you stand.
Do I need to increase savings?
Do I need a better return?
Do I need more guidance?
(10:49):
Yeah.
But also we're going tointroduce some um curveballs.
Okay.
What if taxes go up?
And that what if is actuallyshould say when taxes go up?
What about if I lose my spouse?
What about this?
What about that?
And then you kind of know whatto plan for, and it helps us if
we decide to work together toinclude those pieces into that
(11:09):
plan.
So you know that thatcomplimentary consultation is
powerful.
Um, and even if you just look atthose reports and say, thank you
very much, I I really know whatI need to work on, that's great.
At least we gave you a helpinghand.
That's perfect.
SPEAKER_01 (11:22):
So preparing for a wealth transfer includes nine
critical steps from definingfamily goals, organizing
documents, especially estateplanning documents, minimizing
taxes, educating heirs, andregularly updating plans because
we know that life moves andchanges just like a plan has to
be flexible.
If you're preparing for a wealthtransfer, here are nine key
(11:43):
steps to keep in mind.
Number one, start early, yesindeed, and define your family's
goals and values.
Number two, communicate openlywith family members about your
plans.
This is a hard one, like wementioned earlier.
Um defining goals and values,you know, we do that at our
first meeting basically witheveryone we meet.
That was number one, butcommunicating those can be
(12:06):
difficult even between spouses.
Sometimes we find out in thosefirst meetings their goals and
values are completely different.
And they find out that theirvalues are different.
SPEAKER_00 (12:13):
They look at each other and go, I didn't know you
wanted a like house.
I didn't know you wanted a boat,or whatever it may be.
Yeah, it is kind of interesting.
SPEAKER_01 (12:19):
And then number three is also super simple.
Take inventory of assets andorganize essential documents
from financial statements toyour estate planning documents,
trusts, pour-over wills, powersof attorney, all of that good
stuff, and make sure that theyare aligned as well.
Make sure the beneficibeneficiaries on certain
accounts are uh respect what thetrust is saying because believe
(12:40):
it or not, beneficiaries onaccounts, transfers on death
will override whatever the trustsays.
SPEAKER_00 (12:46):
And and that organization is really
important.
One of the first things we do,as you know, when somebody comes
in to see us, is we create afairly simple financial
statement just to kind of get usstarted.
But as folks begin working withus, we want a detailed, and how
many times can have we seenpeople come in that have
forgotten about this old 401kthey had 20 years ago or that
(13:06):
little account they inheritedfrom uh their aunt or whatever,
and all of a sudden we're seeingstuff materialize that they had
forgotten they even had.
And who knows what would haveended up, you know, with that
account or old 401k or whatever.
So it's uh and we've even had uhhelp people find old 401ks.
30 years ago, I've got a clientright now that uh old 401k from
(13:26):
30 years ago, it's been thecompany's been absorbed,
changed, sold.
401ks have changed, beenabsorbed, whatever.
And it's like uh it's like adetective novel.
I mean, it really is trying tofind some of these old accounts.
So that is important to know,but m more importantly is
pulling them together and havingthem available for the family.
God forbid, you know, thefather, the mother passes away
(13:48):
very quickly, especially if oneof the other is in charge of
their money in a family.
So that's that's a big step.
SPEAKER_01 (13:53):
Uh number four, and this is also part of the
holistic retirement journey andplanning, but create a solid
estate plan, um, wills, trust,powers of attorney.
You'll know what you need whenyou work with your financial
professional and attorneys.
Um, what works for your plan,what do you need in place?
SPEAKER_00 (14:11):
Um quickly before we leave that, but yeah, please, if
you have any kind of an estateat all, don't go the cheap
route.
Don't, I mean, it's you know, ifyou're 25 years old and own very
little, going online to do awheel is fine.
Sure.
But when you start getting thismulti-generational, you start
getting these different umretirement accounts, um, you
start getting into maybe someproperties owned here and there,
(14:34):
you just get over a certainamount of money, you have uh
maybe property in more than onestate, you are talking about uh
documents that have to becorrect.
I know our attorneys, uh part ofour team, they're state planning
attorneys, and their trusts arelike an inch thick.
Not because they're trying tocharge by the page, but because
of the fact they want all thewhat ifs in there.
(14:55):
Because guess what?
Just as soon as you think you'vegot it straightened out two
years later a tax law changes.
Well, you don't want to have togo back and change the trust.
You want, but if this happens,we're gonna go this route or
that's gonna happen.
So don't don't go the cheaproute.
And by the way, I'm I'm notsaying go out there and spend
$8,000 on a trust.
Um our attorneys, because theywork with us every day, much
more value or oriented thanthat, but still they are uh
(15:19):
highly uh trained, they'veworked around probate courts and
around trust, estate planning.
Uh they know what they're doing.
So because we work with them soclosely, do a lot of the
legwork, uh they do give uh uhthey're very, again, um fair
fairly priced.
That'd be a good way to put itin.
SPEAKER_01 (15:36):
It's a team effort, and yeah, absolutely.
It's good to have everyone onthe same page.
It's one of it's a huge value toour firm that we were able to
team with with our attorneys,absolutely.
Um I do want to try to getthrough these because we have a
few more topics, but anotherpoint to making sure that those
trusts are covering, I mean,we've got digital language now
built into trust because of howmany passwords, digital assets
(15:57):
that people own now that has tobe written in the trust,
otherwise you're leaving toomany things on the table there.
Um minimizing taxes, taxstrategy.
There we've had a bunch ofepisodes in the past about tax
strategy.
We won't get too deep into that,but what are the tax strategies
you can employ for your transferof wealth, whether it's through
to strategic gifting, certaintrusts, things like that.
SPEAKER_00 (16:20):
And it's not just about the taxes you're paying,
it's about what tax burdens areyou passing on to the next
generation.
Absolutely.
Um that law has changed, andtherefore we have to treat it
differently.
Absolutely.
SPEAKER_01 (16:30):
Um six, choose the right people and advisors to
carry out your plan.
Absolutely, make sure you'reworking with a holistic
fiduciary advisor, but even downto the um personnel that you
write into your trusts fortrustees or your executors on
your wills, executrixes.
Um there have been three atleast three appointments over
(16:52):
the past few weeks, um threedifferent client appointments to
where they were not sure whothey could list as trustees,
whether they just didn't have alot of family or heirs or had
tricky, sticky family situation.
Right.
Um you gotta you that's a reallybig deal that you gotta make
sure that you can cover and do alittle digging if you don't have
anybody.
SPEAKER_00 (17:11):
Yes, a lot of conversations and and you know
there are uh of course corporatetrustees, but you've got to be
careful with corporate trusteesbecause many of them require um
not only will they be yourtrustee, but they also want to
be the money manager.
I think that's a conflict ofinterest.
I think it's gonna cause them tohold back on giving out money
like they should.
It's in the news right now, uhthe Jimmy Buffett estate.
(17:33):
Uh they're saying that thetrustees there, uh again, this
is I'm not saying who's rightand who's wrong, but the the
people that are like his wifethat are trying to make them,
you know, live, um uh or she'saccusing them of holding back on
distributing funds.
Is that true?
I don't know.
I'm not blaming anybody.
I'm just saying that's that'skind of a dangerous combination,
somebody managing the money andcontrolling the money.
(17:55):
Uh so be careful.
We can certainly uh offer upsome references for that.
Absolutely.
SPEAKER_01 (17:59):
Uh just a few more points.
Number seven, educate andprepare your errors.
We're gonna talk a little bitabout how to do that next.
Eight, plan for specialcircumstances, again,
emergencies, healthcare needs,family business, international
issues, even cross straightstate lines if you have property
in another state.
Um, and then nine, review andupdate your plan regularly.
(18:19):
Okay, so we have about five orso minutes left.
I want to go over the five formsof family capital.
True legacy goes beyond money.
Frameworks like the five formsof family capital show that
cultural, human, social, andintellectual capital are just as
important as financial capitaland building multi-generational
(18:40):
wealth.
SPEAKER_00 (18:41):
I love the clients that will sit down and write a
letter to their family as partof their final uh documents and
just saying this is uh mybeliefs, this is why I believe
that way, this is you know,whether it came from my parents,
my grandparents, my lifeexperiences, this is um what
it's like to have you as mychildren, my grandchildren,
these are my favorite uhexperiences I've had with you.
(19:03):
Just kind of sharing their heartthat um I mean, hopefully
they'll share it while they'realive too.
But I mean kind of a kind of afinal, this is this is me.
Um I think they used to callthat an ethical will, which I
thought was kind of a weird namefor it.
SPEAKER_01 (19:17):
Um VHS tapes that they'd film themselves.
SPEAKER_00 (19:20):
Well, that's uh I guess you can do that too.
Put on a little uh USB um orwhatever, little drive.
But yeah, that's you know, uh ifyou've lived a lifetime and
you've got people that love you,let them know you love them, but
also let them know kind of thewhole story around you and them
and us.
SPEAKER_01 (19:37):
Um yeah, well, this is some these are some ways to
do that while you're stillliving.
Uh one, cultural capital definesthe family's shared vision,
purpose, values, and roles.
It can be built through simpleactivities like drafting a
vision during pizza night, ormore formal retreats like you
mentioned before, formalretreats with facilitators like
(19:57):
the advisor Mark knew in thepast, who would have family
retreats to discuss thesethings.
But the cultural capital, and Ithink it's even more important
to get them aligned, get yourfamily aligned while you're
here.
Um there's so much moreinvestment, and they see the
passion and the reasons why.
Um and then there's humancapital that focuses on physical
and mental health.
Families can build this throughactivities like phone-free
(20:20):
walks.
What is that?
Um group fitness classessponsored by elders when
possible.
Um social capital strengthensrelationships and decision
making.
Options range from family bookor movie clubs to virtual game
nights that bring everyonetogether.
What are we playing on so far,Mark, with so with these three
(20:41):
so far?
It's it's about therelationships, the connection,
the trust, all that.
100%.
Um intellectual capital sharesknowledge and wisdom across
generations.
This might be a family memberteaching a skill or recording a
family podcast to preservestories and life lessons.
Um I think that's evenfinancially.
(21:01):
I mean, we know um we're notreally taught too much budgeting
budgeting in school, and a lotof families don't discuss that
either.
You know, depending on thegeneration or or upbringing, um,
intellectual capital can befinancial as well.
Um, but even you know, showingyour grandson how to whittle or
things like that, that buildsthat connection and also builds
(21:22):
a legacy that's worth preservingand that will inevitably carry
over to the overall plan andwishes, and I think that all
that helps.
SPEAKER_00 (21:30):
Again, a greater connection uh connectivity, but
also just um uh I I guess from astandpoint of what was mom or
dad really like.
I'll never forget, and I knowwe're running out of time, but
um, when my grandmother, uh mymy father's mother was in her
90s, um, she was over forThanksgiving or something, and
we just sat in the living room,turned on the VHS recorder,
(21:52):
right?
And just talked to her and askedher questions and what was it
like growing up and what wasthis and what was that, and just
to get it on tape and things Ihad never heard, by the way.
So I wish we'd been maybe moreproactive at that earlier in
life.
But it's you you you the moneyhas nothing to do when it comes
to the memories uh that youdevelop and the things you
remember about.
SPEAKER_01 (22:12):
Well, and I think it also instills um a reason to
honor somebody as well.
If you see a plan that has beenput put in place um for
someone's legacy, um thoseconnections help inspire you to
want to move that forward andhonor and continue that process.
Um and then finally, um thefifth is financial capital.
(22:32):
So of course, traditional assetslike cash, securities, and real
estate, while these areessential, it should be
approached alongside the otherfour forms of capital to again
build a fuller legacy.
SPEAKER_00 (22:44):
Yep.
And uh, you know, I was gonnasay if some if anybody wants a
list of this, I think we cansend it because I know some
people are driving around or orwhatever, maybe more in their
lawn, listening to a podcast orwhatever it may be.
But I think this would be agreat list to have available.
Uh folks just uh contact us, goto the website, um, and and uh
give us a call or or do theemail and say, hey, I want that
(23:04):
list from the from the show.
Um but it's just so many goodpoints that we could again we
could delve into every one ofthese areas and just really dig
into it.
But I hope this show is reallyimportant.
I hope it's uh uh meaningfulbecause I think it's got um it's
a show we don't normally do.
It's just a little bit differentthan what we normally cover.
So I really hope that this uhbecomes a valuable piece of
(23:25):
information and um share it withyour friends.
SPEAKER_01 (23:27):
Yeah, absolutely.
And uh again, check out thewebsite, masterplanretire.com,
schedule your complimentaryconsultation.
Um, the first conversation thatwe'll have with you is on your
retirement hopes, dreams, fears,goals.
Talk about legacy.
We talk a lot more about thepsychological stuff and
emotional stuff up front.
Um, and then we get into thefinancial discussion and what do
(23:49):
we need your money to do?
How long will it take you?
Again, we'll run a series ofreports, kind of like uh getting
your blood test from the doctorbefore you know what to treat.
You have to see what thesymptoms are and where the
strengths and weaknesses are.
Masterplanretire.com.
SPEAKER_00 (24:02):
Yep.
Um appreciate you joining ustoday.
It's been uh uh hopefully agreat episode.
Just hope you visit theirwebsite, masterplanretire.com.
There's so much good stuffthere.
But until we see each otheragain, remember plan well and
prosper.
Is your family ready for the Great Wealth Transfer?
Hey folks, welcome back toRetirement Roadmap and thank you
for joining us.
My name is Evan, and with me asalways, retirement planner Mark
Fricks.
The Silver Tsunami is here.
During this episode, we're goingto discuss the Great Wealth
Transfer and how you can betterensure your own assets end up
(00:31):
with the people you care about.
Mark, legacy and estate planningis a huge aspect of what we
discuss every day with clients.
SPEAKER_00 (00:38):
It is.
It is such an important part ofwhat we do.
Not only making sure youmaintain control of your stuff
while you're alive, need care,things of that nature, but the
big part is transferring of thewealth.
Not that big of a deal, as youknow, from spouse to spouse.
That's pretty cut and dried.
I don't want to say it's a donedeal, but it's pretty cut and
(00:59):
dried.
But definitely the nextgeneration and generations
beyond.
There's so many things thatcould be done to make that more
effective, avoid cost, avoidtaxes, avoid probate, but more
importantly, just making surewhat you want to happen happens.
Right.
SPEAKER_01 (01:13):
So since around 2011, I believe, the baby
boomers have begun to retire andthey have begun transferring and
pass away.
They've begun transferring someof their wealth to the younger
generation.
So let me give you a numberhere.
The great wealth transfer isunderway with about 84 trillion
expected to move from babyboomers to Gen X and millennials
(01:35):
over the next two decades.
We already know from talking toclients, talking to prospects,
most, if not many, families areunprepared.
The cultural divide, especiallybetween generations, adds
complexity to preservinglegacies.
SPEAKER_00 (01:50):
Yeah, and so there's not enough conversation.
Let's just keep it simple.
So many of our clients, andespecially the ones that are the
the uh early baby boomers andand older, just are very
secretive.
Uh I'm not saying all of them,but many of them are very
secretive about what they have,uh where it's at, things like
that.
Hey, we I got things taken careof, we're good, or whatever.
(02:11):
And many times these folks arein their 80s and 90s and they
think they've got things takencare of, but they don't really
understand the new stuff.
They don't understand the factthat their their trust or will
is 25 years old, language haschanged, or whatever.
And and so I don't I'm not surehow to break through that.
Um some of them may be a trustfactor, and you know, some kids
you might trust more thanothers, others you trust them
(02:33):
all, but there's still there'sjust this a little bit of a gap
there, and I'm not sure how tobreak through that.
It's not something you can justforce somebody to do for sure.
SPEAKER_01 (02:41):
Well, we've got some points to go over today that
will give some folks some ideasbecause you're 100% right.
There is a cultural dividebetween those generations, and
the same financially or evenpolitically.
You know, a lot of po at onepoint when I was a kid, I knew
that talking about politics wasrude, right?
You don't bring up, you don'task about politics or religion,
but now it seems to be a lotmore free-flowing, people are
(03:03):
more willing to discuss that.
There's not as much taboo, andespecially with finances.
Uh so here's uh another studythat shows 70% of families lose
inherited wealth by the secondgeneration, and over 90% by the
third.
This is known as the thirdgeneration curse, apparently.
SPEAKER_00 (03:21):
Yeah, that's that's a big number, but it doesn't
really surprise me becauseagain, it's it's a matter of um
uh you know, the youngergenerations, again, we're we're
not trying to be too generalizeduh generalized here, but the
younger generations tend to havea different uh um view of money.
I mean, I read recently where somany uh younger people really
(03:43):
are just quitting their jobs andjust traveling and things like
that, which is great, but it youknow, they're sacrificing future
retirement, things like that.
Maybe they're trying to use upsome of their parents' money.
I mean, I I wish a lot of theseuh parents or grandparents would
go ahead and give some of theirmoney away while the kids are
still around with the parents sothey can watch them enjoy it.
Teach them and engage them.
And teach them how to spend itas well.
(04:04):
But it's so it's so many layersto this, it's so complex that um
you know, we could probably dofour shows on this, but uh one
thing we love to do, and you mayget into this later, is to try
to have family meetings.
So once we've completed theplanning process with the the
parents, um let's bring the kidsin.
Let's let's uh especially ifthey're a trustee or something,
(04:24):
but all of them that that areinvolved in in the next
generation and even past that.
And and let's be open, let'salso talk about why we've done
what we've done.
Some uh some of our clients willsay you can say this much, but
don't tell them about that, andthat's fine.
Um but let's let's get an openopen conversation.
I had an advisor I knew severalyears ago.
He would do retreats.
And he would take these familiesaway to like a retreat in North
(04:47):
Georgia or somewhere, and theywould spend the weekend together
and getting to know um the thethe complexities of the family.
He would interact with them andand say, Yeah, I see this
happening.
The kids could be open andhonest, the parents could be
open and honest, but also have agood time too.
And so I that may be somethingwe might want to look at.
I feel like you would need apsychiatrist to come along on
that trip, too.
(05:08):
I thought we were psychiatrists,actually.
SPEAKER_01 (05:10):
So at least counselors.
So I I think that's the overallpoint is to beat the odds,
families need more thanplanning.
They need multi-generationalengagement built on
understanding of thegenerational differences, and
really, like everything elsethat we preach on this channel,
early preparation is key.
Teaching financial literacy tochildren and gradually sharing
wealth planning details as theygrow strengthens the odds of
(05:34):
lasting wealth.
So I want to discuss that.
Um planning on the same page.
A three-part plan is essential,and we've broken it down to
these three parts.
One, a lifetime financial plan,which is what we do every day.
Um, a break the glass emergencyplan.
Something comes up, you neverknow.
Rather than just blowing allyour money incorrectly, you have
(05:54):
a plan on how to handle thosekind of expenses, and then a
legacy plan for futuregenerations.
And it's critical that yourfamilies involve the younger
generations in the process.
Otherwise, 70% of heirs switchadvisors after inheriting
wealth, often due to weakrelationships with the firms.
That speaks to your pointearlier.
If you don't have a relationshipwith your advisor, especially if
(06:16):
um there is a general uhgenerational difference, you see
your parents' generation advisorof this sort of concept of
money, or maybe uptight, or Idon't uh he's old school.
Old style, high I retire.
And if you do something like wedo, we're holistic planning.
We're so much more than justwhere are you keeping your
(06:37):
money.
There's a plan in place.
And if your gener the nextgeneration doesn't know what
that plan is and have not beenlet into this is how this works
and how it's set up, then it'salmost useless.
SPEAKER_00 (06:48):
Well, I mean we're also very family-oriented.
Uh, you know, we we we talk toour clients about being part of
the master plan family.
We want to get to know one ofthe first things our clients
fill out when they becomeclients is information about
their children, theirgrandchildren, uh, their likes,
the family likes, um,activities, clubs they belong
to, things like that.
Even even their favorite foodand favorite holiday and things
(07:11):
like that.
Would that ever come into being?
Maybe not, but maybe so as well.
So as much information as theycan share is great.
Um, you know, I I I hate itwhen, and it does not happen
very often.
Uh, and it's typically clientsthat have not have not been, I
don't know, have been lessconnected to us, um, that I get
(07:32):
a call from one of the kids.
Uh I understand you're my dad'sadvisor.
He passed away three months ago.
I need to talk to you, asopposed to getting a call the
next day, because we are closerto that family, we are closer to
their situation.
We've we've talked about, hey,my son's going through this, my
daughter's going through that.
Um we've spent you know timewith them and and in talking
(07:52):
about that situation.
So it's just it's trying to makethat connection with all of our
clients.
Can we do it with everybody?
No, but it really benefits theclient, is what it really does.
Like you, um just like the statsyou gave, let's let's pull that
together and let's try to havesomething that goes beyond many
generations.
SPEAKER_01 (08:10):
And again, with with maintaining that relationship
with the advisor, generationsare looking for different things
than their parents were.
So the wealth managementindustry is shifting away from
the product-driven models, whichyou know we preach that all all
the time.
It's shifting away fromproduct-driven models towards
holistic fiduciary-basedservices, which is what we do,
but that's what the youngergenerations are increasingly
(08:30):
expecting.
So now 52% of the youngergeneration expect the holistic
fiduciary model.
In 2018, it was only 29%.
So that's a pretty rapidincrease over those years.
SPEAKER_00 (08:40):
And that's amazing, especially when you when you uh
understand what's happening overthe last few years when it comes
to robo advising.
Uh, you know, I think I think alot of the younger folks kind of
tried that, but you know,there's just no connection
there.
You've got a computer sayingthis is where you should be,
this is uh how what happens ifsomebody passes away?
What happens if you have a aproblem, you need extra money?
(09:02):
Do you go to the robo advisorand say, how much money should I
take out?
And when it's just uh, you know,I hope I think the way I'm
saying this is not perfect, butit's just a disconnect.
It's the inhuman effect.
It's almost like saying, I wantto start going to a doctor
that's a robot, or a doctorthat's uh uh just a voice coming
out of a window screen.
I want that doctor saying, bythe way, how was your trip to uh
(09:25):
you know France last last year,or or how are you doing with
this pro whatever.
You went for sodium intake whenyou were in Paris, Mark?
Yeah.
No, actually I didn't.
Um but I don't think my doctorlistens to this podcast.
Uh so anyway, but but reallythat human connection, and I
think as as it kind ofdisconnected, I think people are
(09:45):
wanting it back more.
Yeah.
So I think that's where what wedo and firms like us can really
come into play and can really bea part.
And does everybody want that?
No, we're not for everybody, butI tell you what, that human
touch I think is just gettingmore and more critical.
That's great.
SPEAKER_01 (10:00):
Well, I do want to talk about some actual steps to
take in uh engaging that youngergeneration for your wealth
transfer.
But before we do that, that's aperfect segue to our website,
masterplanretire.com.
There you can schedule yourcomplimentary consultation.
It's a simple schedule now,click, and then you're right
there on our calendar, you finda time that works best for you.
You can also call us at theoffice 770-980-9262.
(10:25):
You know what's great about thatcomplimentary consultation?
SPEAKER_00 (10:28):
What's that?
Is we will actually uh for nocharge, we will run a series of
reports looking into your futureand saying, this is what my
money is, this is what mysavings is gonna be for the next
X number of years until Iretire.
Is my money gonna last?
That's kind of a good feeling toknow where you stand.
Do I need to increase savings?
Do I need a better return?
Do I need more guidance?
(10:49):
Yeah.
But also we're going tointroduce some um curveballs.
Okay.
What if taxes go up?
And that what if is actuallyshould say when taxes go up?
What about if I lose my spouse?
What about this?
What about that?
And then you kind of know whatto plan for, and it helps us if
we decide to work together toinclude those pieces into that
(11:09):
plan.
So you know that thatcomplimentary consultation is
powerful.
Um, and even if you just look atthose reports and say, thank you
very much, I I really know whatI need to work on, that's great.
At least we gave you a helpinghand.
That's perfect.
SPEAKER_01 (11:22):
So preparing for a wealth transfer includes nine
critical steps from definingfamily goals, organizing
documents, especially estateplanning documents, minimizing
taxes, educating heirs, andregularly updating plans because
we know that life moves andchanges just like a plan has to
be flexible.
If you're preparing for a wealthtransfer, here are nine key
(11:43):
steps to keep in mind.
Number one, start early, yesindeed, and define your family's
goals and values.
Number two, communicate openlywith family members about your
plans.
This is a hard one, like wementioned earlier.
Um defining goals and values,you know, we do that at our
first meeting basically witheveryone we meet.
That was number one, butcommunicating those can be
(12:06):
difficult even between spouses.
Sometimes we find out in thosefirst meetings their goals and
values are completely different.
And they find out that theirvalues are different.
SPEAKER_00 (12:13):
They look at each other and go, I didn't know you
wanted a like house.
I didn't know you wanted a boat,or whatever it may be.
Yeah, it is kind of interesting.
SPEAKER_01 (12:19):
And then number three is also super simple.
Take inventory of assets andorganize essential documents
from financial statements toyour estate planning documents,
trusts, pour-over wills, powersof attorney, all of that good
stuff, and make sure that theyare aligned as well.
Make sure the beneficibeneficiaries on certain
accounts are uh respect what thetrust is saying because believe
(12:40):
it or not, beneficiaries onaccounts, transfers on death
will override whatever the trustsays.
SPEAKER_00 (12:46):
And and that organization is really
important.
One of the first things we do,as you know, when somebody comes
in to see us, is we create afairly simple financial
statement just to kind of get usstarted.
But as folks begin working withus, we want a detailed, and how
many times can have we seenpeople come in that have
forgotten about this old 401kthey had 20 years ago or that
(13:06):
little account they inheritedfrom uh their aunt or whatever,
and all of a sudden we're seeingstuff materialize that they had
forgotten they even had.
And who knows what would haveended up, you know, with that
account or old 401k or whatever.
So it's uh and we've even had uhhelp people find old 401ks.
30 years ago, I've got a clientright now that uh old 401k from
(13:26):
30 years ago, it's been thecompany's been absorbed,
changed, sold.
401ks have changed, beenabsorbed, whatever.
And it's like uh it's like adetective novel.
I mean, it really is trying tofind some of these old accounts.
So that is important to know,but m more importantly is
pulling them together and havingthem available for the family.
God forbid, you know, thefather, the mother passes away
(13:48):
very quickly, especially if oneof the other is in charge of
their money in a family.
So that's that's a big step.
SPEAKER_01 (13:53):
Uh number four, and this is also part of the
holistic retirement journey andplanning, but create a solid
estate plan, um, wills, trust,powers of attorney.
You'll know what you need whenyou work with your financial
professional and attorneys.
Um, what works for your plan,what do you need in place?
SPEAKER_00 (14:11):
Um quickly before we leave that, but yeah, please, if
you have any kind of an estateat all, don't go the cheap
route.
Don't, I mean, it's you know, ifyou're 25 years old and own very
little, going online to do awheel is fine.
Sure.
But when you start getting thismulti-generational, you start
getting these different umretirement accounts, um, you
start getting into maybe someproperties owned here and there,
(14:34):
you just get over a certainamount of money, you have uh
maybe property in more than onestate, you are talking about uh
documents that have to becorrect.
I know our attorneys, uh part ofour team, they're state planning
attorneys, and their trusts arelike an inch thick.
Not because they're trying tocharge by the page, but because
of the fact they want all thewhat ifs in there.
(14:55):
Because guess what?
Just as soon as you think you'vegot it straightened out two
years later a tax law changes.
Well, you don't want to have togo back and change the trust.
You want, but if this happens,we're gonna go this route or
that's gonna happen.
So don't don't go the cheaproute.
And by the way, I'm I'm notsaying go out there and spend
$8,000 on a trust.
Um our attorneys, because theywork with us every day, much
more value or oriented thanthat, but still they are uh
(15:19):
highly uh trained, they'veworked around probate courts and
around trust, estate planning.
Uh they know what they're doing.
So because we work with them soclosely, do a lot of the
legwork, uh they do give uh uhthey're very, again, um fair
fairly priced.
That'd be a good way to put itin.
SPEAKER_01 (15:36):
It's a team effort, and yeah, absolutely.
It's good to have everyone onthe same page.
It's one of it's a huge value toour firm that we were able to
team with with our attorneys,absolutely.
Um I do want to try to getthrough these because we have a
few more topics, but anotherpoint to making sure that those
trusts are covering, I mean,we've got digital language now
built into trust because of howmany passwords, digital assets
(15:57):
that people own now that has tobe written in the trust,
otherwise you're leaving toomany things on the table there.
Um minimizing taxes, taxstrategy.
There we've had a bunch ofepisodes in the past about tax
strategy.
We won't get too deep into that,but what are the tax strategies
you can employ for your transferof wealth, whether it's through
to strategic gifting, certaintrusts, things like that.
SPEAKER_00 (16:20):
And it's not just about the taxes you're paying,
it's about what tax burdens areyou passing on to the next
generation.
Absolutely.
Um that law has changed, andtherefore we have to treat it
differently.
Absolutely.
SPEAKER_01 (16:30):
Um six, choose the right people and advisors to
carry out your plan.
Absolutely, make sure you'reworking with a holistic
fiduciary advisor, but even downto the um personnel that you
write into your trusts fortrustees or your executors on
your wills, executrixes.
Um there have been three atleast three appointments over
(16:52):
the past few weeks, um threedifferent client appointments to
where they were not sure whothey could list as trustees,
whether they just didn't have alot of family or heirs or had
tricky, sticky family situation.
Right.
Um you gotta you that's a reallybig deal that you gotta make
sure that you can cover and do alittle digging if you don't have
anybody.
SPEAKER_00 (17:11):
Yes, a lot of conversations and and you know
there are uh of course corporatetrustees, but you've got to be
careful with corporate trusteesbecause many of them require um
not only will they be yourtrustee, but they also want to
be the money manager.
I think that's a conflict ofinterest.
I think it's gonna cause them tohold back on giving out money
like they should.
It's in the news right now, uhthe Jimmy Buffett estate.
(17:33):
Uh they're saying that thetrustees there, uh again, this
is I'm not saying who's rightand who's wrong, but the the
people that are like his wifethat are trying to make them,
you know, live, um uh or she'saccusing them of holding back on
distributing funds.
Is that true?
I don't know.
I'm not blaming anybody.
I'm just saying that's that'skind of a dangerous combination,
somebody managing the money andcontrolling the money.
(17:55):
Uh so be careful.
We can certainly uh offer upsome references for that.
Absolutely.
SPEAKER_01 (17:59):
Uh just a few more points.
Number seven, educate andprepare your errors.
We're gonna talk a little bitabout how to do that next.
Eight, plan for specialcircumstances, again,
emergencies, healthcare needs,family business, international
issues, even cross straightstate lines if you have property
in another state.
Um, and then nine, review andupdate your plan regularly.
(18:19):
Okay, so we have about five orso minutes left.
I want to go over the five formsof family capital.
True legacy goes beyond money.
Frameworks like the five formsof family capital show that
cultural, human, social, andintellectual capital are just as
important as financial capitaland building multi-generational
(18:40):
wealth.
SPEAKER_00 (18:41):
I love the clients that will sit down and write a
letter to their family as partof their final uh documents and
just saying this is uh mybeliefs, this is why I believe
that way, this is you know,whether it came from my parents,
my grandparents, my lifeexperiences, this is um what
it's like to have you as mychildren, my grandchildren,
these are my favorite uhexperiences I've had with you.
(19:03):
Just kind of sharing their heartthat um I mean, hopefully
they'll share it while they'realive too.
But I mean kind of a kind of afinal, this is this is me.
Um I think they used to callthat an ethical will, which I
thought was kind of a weird namefor it.
SPEAKER_01 (19:17):
Um VHS tapes that they'd film themselves.
SPEAKER_00 (19:20):
Well, that's uh I guess you can do that too.
Put on a little uh USB um orwhatever, little drive.
But yeah, that's you know, uh ifyou've lived a lifetime and
you've got people that love you,let them know you love them, but
also let them know kind of thewhole story around you and them
and us.
SPEAKER_01 (19:37):
Um yeah, well, this is some these are some ways to
do that while you're stillliving.
Uh one, cultural capital definesthe family's shared vision,
purpose, values, and roles.
It can be built through simpleactivities like drafting a
vision during pizza night, ormore formal retreats like you
mentioned before, formalretreats with facilitators like
(19:57):
the advisor Mark knew in thepast, who would have family
retreats to discuss thesethings.
But the cultural capital, and Ithink it's even more important
to get them aligned, get yourfamily aligned while you're
here.
Um there's so much moreinvestment, and they see the
passion and the reasons why.
Um and then there's humancapital that focuses on physical
and mental health.
Families can build this throughactivities like phone-free
(20:20):
walks.
What is that?
Um group fitness classessponsored by elders when
possible.
Um social capital strengthensrelationships and decision
making.
Options range from family bookor movie clubs to virtual game
nights that bring everyonetogether.
What are we playing on so far,Mark, with so with these three
(20:41):
so far?
It's it's about therelationships, the connection,
the trust, all that.
100%.
Um intellectual capital sharesknowledge and wisdom across
generations.
This might be a family memberteaching a skill or recording a
family podcast to preservestories and life lessons.
Um I think that's evenfinancially.
(21:01):
I mean, we know um we're notreally taught too much budgeting
budgeting in school, and a lotof families don't discuss that
either.
You know, depending on thegeneration or or upbringing, um,
intellectual capital can befinancial as well.
Um, but even you know, showingyour grandson how to whittle or
things like that, that buildsthat connection and also builds
(21:22):
a legacy that's worth preservingand that will inevitably carry
over to the overall plan andwishes, and I think that all
that helps.
SPEAKER_00 (21:30):
Again, a greater connection uh connectivity, but
also just um uh I I guess from astandpoint of what was mom or
dad really like.
I'll never forget, and I knowwe're running out of time, but
um, when my grandmother, uh mymy father's mother was in her
90s, um, she was over forThanksgiving or something, and
we just sat in the living room,turned on the VHS recorder,
(21:52):
right?
And just talked to her and askedher questions and what was it
like growing up and what wasthis and what was that, and just
to get it on tape and things Ihad never heard, by the way.
So I wish we'd been maybe moreproactive at that earlier in
life.
But it's you you you the moneyhas nothing to do when it comes
to the memories uh that youdevelop and the things you
remember about.
SPEAKER_01 (22:12):
Well, and I think it also instills um a reason to
honor somebody as well.
If you see a plan that has beenput put in place um for
someone's legacy, um thoseconnections help inspire you to
want to move that forward andhonor and continue that process.
Um and then finally, um thefifth is financial capital.
(22:32):
So of course, traditional assetslike cash, securities, and real
estate, while these areessential, it should be
approached alongside the otherfour forms of capital to again
build a fuller legacy.
SPEAKER_00 (22:44):
Yep.
And uh, you know, I was gonnasay if some if anybody wants a
list of this, I think we cansend it because I know some
people are driving around or orwhatever, maybe more in their
lawn, listening to a podcast orwhatever it may be.
But I think this would be agreat list to have available.
Uh folks just uh contact us, goto the website, um, and and uh
give us a call or or do theemail and say, hey, I want that
(23:04):
list from the from the show.
Um but it's just so many goodpoints that we could again we
could delve into every one ofthese areas and just really dig
into it.
But I hope this show is reallyimportant.
I hope it's uh uh meaningfulbecause I think it's got um it's
a show we don't normally do.
It's just a little bit differentthan what we normally cover.
So I really hope that this uhbecomes a valuable piece of
(23:25):
information and um share it withyour friends.
SPEAKER_01 (23:27):
Yeah, absolutely.
And uh again, check out thewebsite, masterplanretire.com,
schedule your complimentaryconsultation.
Um, the first conversation thatwe'll have with you is on your
retirement hopes, dreams, fears,goals.
Talk about legacy.
We talk a lot more about thepsychological stuff and
emotional stuff up front.
Um, and then we get into thefinancial discussion and what do
(23:49):
we need your money to do?
How long will it take you?
Again, we'll run a series ofreports, kind of like uh getting
your blood test from the doctorbefore you know what to treat.
You have to see what thesymptoms are and where the
strengths and weaknesses are.
Masterplanretire.com.
SPEAKER_00 (24:02):
Yep.
Um appreciate you joining ustoday.
It's been uh uh hopefully agreat episode.
Just hope you visit theirwebsite, masterplanretire.com.
There's so much good stuffthere.
But until we see each otheragain, remember plan well and
prosper.
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