The money of the aging super wealthy will change hands.
The 1% of the aging population that controls much of the wealth, is looking to the future when the money will change hands, according to Private Wealth in "The World's Aging Rich Are Plotting What's Next."
Economic data shows that wealth in the U.S. is rapidly being concentrated into fewer and fewer hands at the top of the socioeconomic scale. The same phenomenon is happening all over the world.
What will happen to all of that concentrated wealth when the current holders pass away, is a burning question as they continue to get older and older and eventually die?
The article provides many examples of what various wealthy people are planning. They naturally wish to keep their wealth away from waiting governments and do not want their families to fight over it.
This has led to various legal methods to avoid estate taxation and other problems.
Some are choosing to transfer the bulk of their assets to family members now. Others are planning to give a large portion of their wealth away to charities, so their families have nothing to fight over.
Much of the world's wealth is in complicated trusts and other entities. It will interesting to see where it goes.
Call (443) 470-3599 today and schedule a consultation with Maryland Attorney Britt L. Stouffer to learn more about Estate or Elder Law and how she can help you.
Reference: Private Wealth (March 3, 2017) "The World's Aging Rich Are Plotting What's Next."
