Preparing for The Great Wealth Transfer

$84 trillion is set to change hands, and countless families are less prepared than they may think. We talk through the Great Wealth Transfer and a real question behind it: will your family inherit wealth, or inherit problems that cost time, money, and relationships?

We start with why money conversations may feel taboo and how that silence can turn into “deer in the headlights” moments when a parent passes or becomes incapacitated. From there, we break down the estate planning essentials that keep your wishes in control: having a will, deciding when a trust makes sense, and putting powers of attorney and healthcare directives in place before it is too late. We also explain why beneficiary designations on retirement accounts, brokerage accounts, and life insurance can override a will, making outdated forms one of the most potentially expensive mistakes families can make.

Then we get into the tax landmines. Inherited IRAs are not automatically tax free, and the SECURE Act 10-year rule can force big distributions right when you are in your highest earning years. We cover how step-up in basis works for taxable brokerage accounts, why account type matters, and how proactive tax planning like Roth conversions may reduce the burden you pass on to your kids.

If you want a clear, practical checklist for legacy planning, estate planning, and inheritance tax planning, press play. Subscribe, share this with a family member, and leave a review with the one topic you want us to tackle next.

Sources:
https://www.salesglobe.com/the-great-generational-wealth-transfer/

https://www.comerica.com/insights/wealth-management/wealth-preservation/great-wealth-transfer.html

https://s3.us-east-1.amazonaws.com/cerulli-website-assets/documents/White-Papers/2025/Cerulli-White-Paper_Unpacking-the-Great-Wealth-Transfer.pdf

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Disclosure: Information contained in this podcast is for entertainment and informational purposes only, and should not be considered as financial advice. Financial Planning and Advisory Services are offered through Prosperity Capital Advisors (“PCA”), an SEC registered investment adviser.  Registration as an investment adviser does not imply a certain level of skill or training. Keystone Financial Group and PCA are separate, non- affiliated entities. PCA does not provide tax or legal advice. 

Transcript

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Disclaimer And Quick Welcome

Ryan Fleming 0:00

The financial huddle does not provide tax, legal, financial, or other professional advice. Listeners are encouraged to consult with their own advisors in these areas.

Brian Minier 0:06

Alright, everybody, huddle up. Play clubs in. This is the Financial Huddle.

Ed Beemiller 0:12

Ready? Welcome back, huddlers and huddler nation. It's time for the next episode of the Financial Huddle Podcast.

Brian Minier 0:22

Let's do it. Yes, sir.

Ed Beemiller 0:25

As usual, I am joined by my partners in crime, Mr. Brian Minet.

Ryan Fleming 0:30

Hello.

Ed Beemiller 0:31

And Mr. Ryan Fleming.

Ryan Fleming 0:33

Gentlemen, huddlers, it's a pleasure. It is a pleasure. Is it?

Ed Beemiller 0:36

It's a great day for a podcast, fellas.

Ryan Fleming 0:38

I feel like calling us partners in crime is not good.

Ed Beemiller 0:42

Especially as financial plans. It's just a saying. Okay. It's just like we're buddies, man.

Ryan Fleming 0:46

Our huddlers know what we're talking about.

Ed Beemiller 0:48

They know. They know what's going on.

Brian Minier 0:49

They

Defining The Great Wealth Transfer

Brian Minier 0:50

know.

Ed Beemiller 0:50

Well, today we're going to have a very topical discussion.

Brian Minier 0:54

I like topical.

Ed Beemiller 0:55

And this is, you know, we like to hit kind of current events, you know, when we can and just talk about things that people are talking about, right? Yes, sir. So today's topic, the great wealth transfer. Yes. You've probably heard about this, but first and foremost, what is it? Right? So let's just get back, let's define it. So the great wealth transfer is an unprecedented, I love that word, unprecedented.

Brian Minier 1:26

That's a good word.

Ed Beemiller 1:27

Intergenerational shift in assets from the baby boomer generation to the younger generations, including Gen X and our millennials. And this is happening over the next two decades. It's already happening. We're in the midst of it. We are. But it's gonna last another two decades. It is considered the largest wealth transition in our country's history.

Ryan Fleming 1:53

In the history.

Ed Beemiller 1:54

That's that's pretty pretty big topic. It's pretty profound and significant. So if this is what's going on currently, doesn't it make sense or or or shouldn't we take a step back and make sure we're informed and understand what should we be doing? What should our huddlers be doing?

Ryan Fleming 2:15

Yeah.

Ed Beemiller 2:16

Could they be doing or should they be doing to prepare for this? Because it it's gonna impact everyone. The scope of it's massive. Um and so that's that's really what we're gonna dive into today.

Ryan Fleming 2:26

And uh

Why Money Talks Feel Taboo

Ryan Fleming 2:27

without further ado, Rye, why don't you uh if if all of this money is gonna be shifting hands, um I don't know about you guys, huddlers, I don't know about you guys, but sometimes the topic of money and conversations amongst your loved ones and your families becomes, let's just say, uh like taboo.

Ed Beemiller 2:47

It's almost like uh having the birds and bees conversation.

Brian Minier 2:51

So what you're saying is don't talk religion, don't talk politics, and don't talk about what you're gonna do. You know what?

Ed Beemiller 2:58

And but some families do.

Ryan Fleming 3:00

But some families don't.

Ed Beemiller 3:01

Yeah, a lot of financial conversations.

Ryan Fleming 3:03

I remember uh one of my best friends growing up um when he found out I got into this industry, he was like, I just, you know, I was like, come on, man, come on in. He's like, I just don't do anything with family and friends when it comes to my money. You know, so no matter where you're out in the spectrum out there, huddlers, listeners, um, you know, this money matter conversation. It sometimes is a little weird, but I remember when I did get into the industry after uh my baseball career, um, I talked to my dad, and I know I said, Hey dad, um, I've learned a lot. I I I just I would love to know if you would have a conversation with me about what you got, because I have no idea.

SPEAKER_01 3:40

Right.

Ryan Fleming 3:41

And uh I he thankfully he did. You know, he had been with an advisor for a long time, actually, uh a family advisor that was helping him, uh, my aunt and uncle, and um my uh uncle, um on my my dad's brother's uncle. So my whole family was involved with this. But my dad opened up to me and I asked him a lot of questions about what's going on, and one of the things I told him was is like I can help you now, but because I have a handle on this, it's gonna actually help me and my brother Todd uh eventually one day when you and mom aren't here. And I think that really struck a chord with him. And we put together some strategies to to help him and my mother now. Um, but also uh when they're gone, it's gonna be uh a little bit more smooth and efficient. Help me help you, Jerry Maguire.

Ed Beemiller 4:34

Jerry Maguire question. Show me the money. Show me the money, show me the money. Show me the money.

Ryan Fleming 4:38

So that yeah, so, anyways, in that, my dad was thankfully open to that, and we put together some strategies, but I guess the question I have for the huddlers out there, and you need to be thinking about this, huddlers, is that will your family uh inherit wealth or will your family inherit problems? And a lot of people think they're just gonna inherit the money, and the and the issue with that is is that there's a lot of subsidiary problems that can come along with this wealth transfer if we can't get the scope and understand what to be doing.

Ed Beemiller 5:08

Yep. And a lot of things that need to be done prior to, while while your parents and grandparents are still alive.

Ryan Fleming 5:16

And that's what this episode's about. Yeah, and that's what we what that's what we want to uh walk away with today, guys.

Ed Beemiller 5:20

So we

The $84 Trillion Reality Check

Ed Beemiller 5:21

we we always like to our our favorite time of the podcast. It is that time, baby.

Ryan Fleming 5:28

Yes, sir.

Brian Minier 5:29

Yes, sir. All right. So uh the first thing that I want to uh give some information on because we gotta understand the significance of what is actually gonna be transferred, as you said, to millennials, to Gen Xers. So the great wealth transfer represents an estimated, get this, eighty-four trillion dollars from baby boomers to the younger generation. That's a lot of dough. That's not billions, that's trillions. That's a lot of dough. That that's more than our national debt. It's a lot of zeros. That's a lot of zeros. I don't think I can count that. That's like double. That's more than double our national debt. It is. So this is going to be very significant, and like you said, over a couple decades, twenty next 20 years. Right. So some information from the Advisor Research Collaborative. Let's first start talking about Generation X. So over the next eight to ten years, Gen X households are expected to receive, get this number, nearly $1.4 trillion on an annual basis. That's just to Gen Xers that's going to receive that. So that's something when you consider the 43 to 58 year olds, which would represent the three of us, that are going to be inheriting this money.

Ed Beemiller 6:40

So I'll be 59 next, you know, here pretty soon.

Brian Minier 6:47

You're you're still in it as of right now. All right, right now I'm in it. I'm all in. Yeah, you're all in. Let's let's talk about the uh the millennials, and this is for those that are ages 27 to 42. So the amount of households that are in the mix for potential inheritance is over 35 million households. That's significant. Expected transfers within that generation is over $45 trillion for the for the millennials. So for those millennials out there that, you know, right now maybe you're not making a lot of money at whatever job you have, there's hope for you. It's called legacy. It's called legacy planning. Inflation, not very friendly, but hopefully you get some help on the back end. Um how about the estimated average transfer for millennials? Check this out $1.295 million. That's the average. That's the average. The median is $234,000. But still, when you look at those numbers, those are significant. So, you know, as as we get into this conversation, we talk about conversations to have and and the right type of planning, you're gonna want to have these conversations because if you're gonna have that much money that you're going to inherit, you're gonna want to have a plan for that.

Ryan Fleming 8:05

And I might add to that, they they may want to consider getting a relationship with a financial professional now. Yeah.

Ed Beemiller 8:11

Oh, yeah. It's not it's talking to your family and a financial professional. Yes. Because there's things that really need to be done to prepare.

Ryan Fleming 8:19

Yeah, whether it's with us or somebody, like get a trusted advisor.

Brian Minier 8:22

Right. Yeah. So so what we want to do when we run these stats is just get an understanding of the significance of what's coming, coming over. So understanding that, understand, hey, this isn't just a a little bit of money coming. This is going to be very significant. And I would say for some families, this could be life-changing depending upon what you're what you're going to inherit.

Ryan Fleming 8:43

And we've seen some of that already amongst our uh current clients, where you know, their parents have passed, or they've inherited money, or you know, a tragedy's happened, and that money's come down, and a lot of them are just like a deer in a headlights. Like, what do I do?

Brian Minier 8:57

I want to reiterate what you said earlier when you had that conversation with your dad. I had a conversation with my mother-in-law years ago when I first got into this, and she got very quiet, very squirrely about sharing her information. Now my wife's an only child, so I she's dependent now on us. Now now we oversee everything in with within her situation, but that's really tough when you're trying to plan and people don't want to talk about it. And when you don't know what you don't know, that's when you get into that's when you get into problems.

Ryan Fleming 9:27

Yeah. There and there's a little bit of pride and a little bit of, you know, I you don't need to know this, you don't need to worry about me, I'll be fine. And and you know, it makes it it does make it tough. Yeah.

Ed Beemiller 9:37

And it and it's also a product of you know generational and how you were brought up. You know, the previous generation was much more quiet about things, and even the generation, like my grandparents, I mean, you just didn't know their finances. And even my parents, I never worked with my parents at all until my my father passed, now about seven years ago. And then that's when I stepped in, because obviously my mom was left, and we she had a 73-year-old advisor from from where we lived up outside of Cleveland, who you know, who had her in a hundred percent stock portfolio. Yes, yeah, right. And it's just like, all right, this so that's really my only family member that I truly manage.

Ryan Fleming 10:20

Yeah, yeah.

Ed Beemiller 10:20

That was my mother.

Ryan Fleming 10:22

There's people that survived the Great Depression, right? And and and onward after that. Uh that it is a generational thing. That's a real thing.

Brian Minier 10:29

They're very, very tight-lipped about things. So we we felt it would be helpful for you, the huddlers, the audience, to understand some of the takeaways as you as you dive into this. So Ed, as we get into this, what what are some of the things that we need to to be aware of?

Estate Planning Basics That Matter

Ed Beemiller 10:45

Yeah, so kind of one of the one of the first things that we felt in kind of the list of what things should I be doing or need to be doing to prepare for this, is you know, a lot of people you you hear the term estate planning, and um often people are like, well, that's just for the uber wealthy. You know, I I don't yeah, I don't need estate planning, I don't have a whole lot. Well, a hundred, two, three, four, whatever you have, that's a big chunk of money that that you're gonna be leaving to someone. So estate planning is not just for the very wealthy, and this is something that we have conversations with every one of our clients when we meet with them. It's amazing. Estate planning starts with just a simple will. What a simple will, and and I would say the majority of our clients and the majority of people out there listening probably don't have a will.

Ryan Fleming 11:35

And well, yeah, member Dirk said that. Right.

Brian Minier 11:39

Yeah, previous episode. So go back and listen to it. Because even with the will, there's confines of that and understanding what that entails.

Ed Beemiller 11:46

Yeah, and that's just the basic first starter point is having a will. Now, as you accumulate assets, or if you want a little more control over the directive of where things go, when they go, you know, all these different things, because sometimes you have children or grandchildren, you don't want them getting a big lump sum of money. So if you want to pair it out, you know, or divide it out over a period of decades or once they reach certain ages, then you get into you know trust. And trust is a whole nother animal. I mean, you can have um a revocable trust, an irrevocable trust, a living trust. All these different things cover different needs and objectives of that client. But once again, it's getting those parents or grandparents who are going to be transferring that wealth to sit down and have this conversation and and share it with their children so that the children understand what's going on because there's steps that they need to take. Well, if not, it's it's up to the state. So, you know, we're we're domiciled here in the state of Ohio. So who do you want controlling where your money goes and how it goes and when it goes?

Ryan Fleming 12:54

Not probate.

Ed Beemiller 12:55

Do you want government involved, or do you do you want your own directions?

Brian Minier 12:59

And even how you protect certain assets, depending on the specific situation you're in.

Ed Beemiller 13:03

And and as you're, you know, here's something that that that I've had to deal with. Brian, I know you've had to deal with. I'm not sure whether you've had to deal with it yet, but it's probably coming.

Ryan Fleming 13:13

Yeah.

Ed Beemiller 13:13

Is our parents age, right? We we have not found the the the pill to basically eliminate aging. So as they get older, they may uh, you know, memory loss, just you know, mentally, uh you know, they digress or digress. So a power of attorney. Because if they're in, you know, a state of capacity in which they're not able to make decisions, you need to appoint someone that can act on your behalf.

Brian Minier 13:41

We've talked about this on prior episodes, is I'll have that conversation when the time is right. It's too late.

Ed Beemiller 13:48

Right. Well, yeah. Once they get sick or once the their faculty start diminishing, it's too late. And going along with that power attorney is a health care directive. Like, so my mother-in-law lives with us and has lived with us for six years since about six months into COVID. So my my wife has a power attorney has health care directives. Like she has what's called a DNR, do not resuscitate, which means all right, if I need life-saving measures, I don't want them. Like, I don't want to be in that state. And now that's her directive. All right. If you don't have any of that, guess what? They're gonna do everything in their capabilities to save you, you know, it's right regardless of whether it's a massive stroke, you know, all these different things. So having that that healthcare directive is is very important. Beneficiary designations. A lot of people just open an account, they elect a beneficiary, and that's it. They never change it, they never look at it. It could be 10 years later, 20 years, 30 years later. Well, a lot of things happen in 10, 20, 30 years.

Brian Minier 14:53

And you guys have probably heard this. You meet with someone, they're like, I'm good, I got a will.

Ed Beemiller 14:56

Yeah.

Brian Minier 14:56

Well, do you know that the beneficiaries listed on that account supersede pressing your will?

Ed Beemiller 15:01

And, you know, when you did it, maybe it was just your children, but now your children have children, right? Now you got grandchildren. So maybe you want to change it so that the grandchildren get some money or that they're set up.

Brian Minier 15:11

Or what we see a lot of times you're in second marriages, yeah, blended families. That changes the game because they're like, you haven't updated those beneficiaries.

Ed Beemiller 15:20

Correct. And how much goes to their actual biological children versus stepchildren? And they're like, well, I don't want that this money to go to the stepchildren.

Brian Minier 15:30

That can get and get messy.

Ed Beemiller 15:31

Right. It can get believe me, i I I've gone through a couple family events where we were all related. There was no step in anything. And because there was not a will, it it just it it's chaos. And it it causes long-term hurt feelings and drama.

Ryan Fleming 15:48

And the people that are passing the money down, they would they wouldn't want that.

Ed Beemiller 15:52

No.

Ryan Fleming 15:52

I mean, it it it's they they just don't want that at all. Right. Right. And so, out of respect for them passing you something, do your due diligence.

Ed Beemiller 16:01

And so, you know, once again, we we talk about this whole podcast being financial literacy, educating, informing yourselves. Well, uh that's cannot be more important than in this topic, is having that discussion where the family, not just even if the parents did this and then the kids had no idea what was going on. Well, the kids do need to know what's going on because there's certain steps that they can take, yeah, and that they will need to take. So it's it's important to have that open communication, which once again we talked about can be very difficult.

Ryan Fleming 16:35

Yeah,

Tax Landmines Inherited Assets Trigger

Ryan Fleming 16:36

and that lead that leads into what I want to talk about. Uh, again, so if this wealth is getting transferred down to us, uh what I wanted to put together uh was what I call tax landmines. Um tax implications of this money transferring from one generation to the other. Um so what I want to do is I want to list them real quick, and um I wrote down some things that I think will be important for the listeners to understand. Um you may get wealth passed down to you through an inherited IRA. And you know, one of the biggest misconceptions I think in this country is that if if you inherit money that you don't owe taxes, and and that's just not true. That's just not true. So now it could, you know, if you inherit a Roth IRA, you know, you don't pay any tax upon the distribution, but if you inherit a traditional IRA, that family member quite possibly passed you a tax bomb. I mean, so you have to drain that account and you have to pay ordinary income tax on that. Um, sometimes if you inherit an annuity, um, they may have some taxable gains that you have to pay. Um, brokerage accounts, they have something called a step up and basis, which I'll talk about here in a minute. So a lot of people are going to get these things called inherited IRAs, and depending on if you're the spouse or if you're the non-spouse and how it's labeled underneath the IRS tax code, there could be significant tax implications. Um, you know, for example, if I inherited a million dollars from my dad in a traditional IRA, that's not all my money.

SPEAKER_01 18:03

No.

Ryan Fleming 18:04

Uh I have a silent partner in that game, uh that you could say that ends up being very loud over the next 10 years because Uncle Sammy.

Brian Minier 18:11

Uncle Sammy's and most people in this generation that are passing money, I would argue most of that money's pre-tax. A lot of it. They went to they got hired, they invested in a 401k, they maybe didn't have the Roth option at the time. Yeah. So most of that money is pre-tax. Yeah. Well, guess what happens, as you said, when that gets passed on.

Ryan Fleming 18:28

And and and landmine number two is the uh is the Secure Act uh changed it all. Uh the Secure Act literally changed the game when it comes to this because prior uh to 2020, if you did inherit that million dollars, uh, you could stretch that. It's called a stretch IRA. That you could you could stretch out the proceeds being spent out over the rest of your lifetime pretty much. I think to age 85 was the actual number. But now you have to, you're mandated to spin it down to 10 years, huddlers, like literally to the penny. And um that that could be a potential problem because you might be in the highest earning years of your life. And as we've talked about many times on this podcast, we're in a very, very strong likelihood of a rising tax environment in the future at a point in time where taxes could be significantly higher than what they are today, and you're making uh peak income. So inherited IRAs, uh, the Secure Act and the 10-year distribution rule change the game up. Uh, another landmine is not uh is um Roth IRAs, like we had talked about too, but the the step up and basis. And I think a lot of people don't fully understand the step up and basis. So, for example, let's say uh my mom and dad uh bought a brokerage account and they invested uh $100,000 into it. That was their cost basis. They pass away, the account is now $500,000. They got a $400,000 gain to that account. When they pass away, um, I get that step up and basis, which is fantastic because I assume the current value of that brokerage account, and therefore those those taxes on that $400,000 go away. And it would be interesting to know. Yeah, gone. Poof, poof, it's gone and it's gone and it's gone. So for you out, so for the huddlers out there that might be passing this money on, make sure you ask your kids or make sure you educate your kids about the things called step-up basis, uh a step up and basis. Make sure that they understand when they inherit your IRA or when they inherit your Roth IRA, how that's going to be taxed or not taxed.

Ed Beemiller 20:28

And if the huddlers in Hudler Nation out there are children of parents, adult children of parents, have this conversation with your parents. That's that's just part of that communication process and understand the assets that they aren't spending. Where are they? Are they in pre-tax vehicles or are they in tax advantage plans like ROFs? Yes. And because I guarantee you, in many cases, those parents don't understand. They're just like, yeah, we're passing this money on. Well, if there was a more efficient way to do it where you can eliminate you know that the taxation and the burden upon your kids or grandkids, wouldn't you like to have that conversation?

Ryan Fleming 21:05

Yeah, and the last landmine that I would talk about right now, there could be others, but is I could argue that a lack of beneficiary-updated forms trumps having a will. Because you can spend thousands of dollars on estate planning, but if your beneficiary form is not labeled correctly or you don't update it and it your ex-spouse is on there, or you know, a deceased beneficiary is still on there, or there's unequal distributions. Um, the most expensive paperwork uh mistake in America is maybe an outdated beneficiary form. And so and so, you know, we as financial professionals and fiduciaries, we're on that all the time. And and that be that can become a nightmare for people, right? So those are a few things I wanted to point out. Um, since so much money's passing down, there's tax landmines that we have to address. As well as estate planning.

Brian Minier 22:01

Yep,

Preventing Surprises And Family Conflict

Brian Minier 22:02

that's exactly right. And I think the the last point that we want to make is family conversations matter as much as the documents. And it and it's hard. And especially some families, they they do not want to talk about money, whether they're embarrassed or it's just uncomfortable. But they absolutely need to happen. Um who gets what? Right? I mean, having that conversation and laying out expectations because you may not want to have that, but even at your passing, and the families finally understand, or or it's it's that information is given, someone still may be upset. Yeah.

Ed Beemiller 22:37

So it's who gets what and why? Like one may get real estate, the other one gets stock, and the parents have a reason for it, but explain it to the kids. Don't leave it where, like you said, the one kid that got the house or or got real estate is like, well, I'd rather have the brokerage account or the money. How come I didn't get it? Yeah. You know, they need to understand.

Brian Minier 22:57

And it gets complicated, especially if you're a business owner and you have one of your kids that's involved in the business and the other ones aren't. Or we know this when when parents are aging and they need help. Well, most of the time it's not all of the kids that equally help out the parents. Usually, and we see this, it's mostly one person or one uh couple that is doing the majority of the work to take care of that.

Ed Beemiller 23:22

You're experiencing and and and and we are living through with my wife and I with my mother-in-law.

Brian Minier 23:27

That's right. You know, it falls on one sibling typically important to that. Yep. Um who's the executor? Let's say you talk about uh estate planning and you have you either want to do a will or you want to do a trust. And we've had this conversation with our parents of hey, you have this lake house, and we don't want that going into probate. And maybe you, as the owner of that house, don't have the means to pay thousands of dollars to do a revocable trust. Well, you want to have that conversation because maybe the kids can say, hey, we'll all pitch in. Why would you want to do that? Well, if you let that go through probate, it's gonna take a long time for probate to work its process, and it's gonna cost you as much, if not more. So having that conversation of, hey, this asset that we can't list a beneficiary on should probably go through some sort of a trust. We don't have the money to do that. Do you guys want to step up and do it? That's just a that's a good conversation to have so that everybody is aware of what is going on. Yep. What are the important documents? You had mentioned this earlier as far as power of attorney, medical power, healthcare power of attorney. Those things you want to make sure that that you have those. Um what other documents? You talked about beneficiaries listed on investment accounts. What about life insurance? How much how many times have we seen where a life insurance policy was implemented 10, 20, 25 years ago, and now the beneficiary is completely outdated and someone just lost sight of it. It's a problem, huge problem. So we want to make sure that those continual conversations are continually to be had. And it's uncomfortable, it's hard, but here's the thing the goal isn't perfect agreement, it's eliminating surprises. And that's why these conversations are so important. So with that, Ed, maybe take us through some of the things, some of the takeaways that our listeners can.

Ed Beemiller 25:23

Here's a good

Practical To Do List And Closing

Ed Beemiller 25:24

to-do list for to do list. Oh, practical list. Practical. Here we go, Hubblast. How we're gonna end it. So, what what should you be doing? Well, make sure you review the beneficiaries on all your account statements. Obviously, you have the conversations with your parents. That may be a little more difficult conversations, but you do need to understand where the money's going. Update your will and trust, uh, or create a will or trust if you don't have one, which a lot of people don't. Very important. You know, who do you want in control, you or the government? Verify your powers of attorney. You know, you have to be proactive, not reactive in that, because by the time they they get to an event where maybe your parents incapacitated, whatever else, there's no time to review. You know, it needs to be in place. Create a net worth statement, you know, have that within your document so people understand what do you have, where is it? You know, that's very important from that stand. Organize account information, you know, following up on that net worth statement. We've had a lot of conversations. Discuss wishes with your family. That all gets into the whole. Have meaningful conversations with your parents and with family members. Uh, discuss tax ramifications of the assets that are being transferred. We've covered that. Um, consider Roth conversions as a more efficient and tax advantage means by which depends on the government. That's a big one.

Ryan Fleming 26:43

That's a big one, Huddlers. Big one. Really, really need to consider that.

Ed Beemiller 26:46

Tax planning. You know, there's more than just financial planning. Tax planning should be included in that. And even if you're not gonna use the money in your lifetime, there's a reason.

Ryan Fleming 26:56

Don't pass tax bombs if you can help it. Yep.

Ed Beemiller 26:59

And then where we come in, meet with financial, legal, meaning attorneys, and tax professionals, CPAs, because there's a lot of different tax consequences. There's better ways to pass assets on. There's, you know, there's so many things that really need to be discussed. So, you know, really in closing, we we we hope this was a good either refresher or just kind of a uh a reminder or a notice of hey, here's things that you should be doing. So, once again, we appreciate the time. We appreciate you tuning in. Thank you, Huddlers. Huddlers, until next time. Take care now. Thanks for stopping by. Bye now. Bye bye.