New Study Finds America's Largest Wealth Transfer Faces Unexpected Obstacle: The Family Dinner Table
This lack of planning by older generations leaves their Millennial and Gen Z heirs with significant and possibly costly uncertainty as a historic $84 trillion wealth transfer builds momentum expected to carry beyond 2045.
This lack of planning also sets the stage for something most Millennials dread: family conflict.
"The greatest risk to this $84 trillion wealth transfer isn't taxes – it's silence," said Warren Schlichting, LegalShield CEO. "An estate plan is essential, combined with open dialogue. Without planning and conversation, Americans risk trading family fortune for family feuds."
The LegalShield survey of over 1,000 U.S. adults, conducted in June 2025, underscores the high stakes of this transfer, revealing that a clear majority of the next generation—including 63% of Millennials—is already counting on an inheritance.
The Single Biggest Issue? Silence
Even when estate plans exist, the study found a wall of silence can be just as damaging as having no plan at all.
Nearly one in five (19%) Boomers and Gen Xers admit their family doesn't even know if they have a will.
The silence is mutual: 42% of Millennials and Gen Zers expecting an inheritance have not discussed it with the person leaving it to them.
A key result is anxiety: The top inheritance-related fear for Millennials is emotional, not financial. 58% of Millennials fear family conflict more than financial fears such as taxes.
The Compounding Problem: Procrastination
The study reveals a critical failure to plan among the generations holding the most wealth.
41% of Baby Boomers and 45% of Gen Xers—the two generations holding approximately 77% of U.S. private wealth according to the Federal Reserve—do not have a will.
Among those with wills, many are dangerously out of date: 51% of Boomers and 46% of Gen Xers have not updated estate planning documents in more than three years.
Gen X: Caught in the Middle
The pressure is especially high for Gen Xers, who are caught in the unique position of expecting to inherit from their parents while also planning to leave wealth to their children. This "sandwich generation" role fuels their financial anxiety.
One more dimension adds to the unease: 78% of Gen Xers report uncertainty about the economy, making them more concerned about protecting their assets.
'The silence between generations jeopardizes far more than just financial assets,' said Wayne Hassay, a LegalShield provider attorney. 'People think estate planning is only about who gets the house, but it's much more. It protects your kids, directs healthcare decisions, and handles digital assets. An attorney helps ensure no piece is missed, preventing a legal nightmare for your loved ones later on.'
Study Methodology: The LegalShield survey was conducted in June 2025 among 1,018 U.S. adults. The data was segmented by generation (Gen Z, Millennials, Gen Xers, Baby Boomers) to analyze attitudes and behaviors toward estate planning and the generational wealth transfer.
About LegalShield:
For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit LegalShield.com and IDShield.com.
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Unaudited Reconciliation of Gross Profit to Adjusted Gross Profit (Non-GAAP) For the Three Months Ended June 30, 2025, March 31, 2025, and June 30, 2024 For the Three Months Ended ($ in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Revenue, net $ 163,624 $ 165,757 $ 184,356 Cost of goods sold 1 80,368 87,126 89,578 Gross profit $ 83,256 $ 78,631 $ 94,778 Cost of goods sold adjustments for acquisition and other non-core costs (508 ) 3,144 1,881 Adjusted gross profit (Non-GAAP) $ 82,748 $ 81,775 $ 96,659 Adjusted gross profit % (Non-GAAP) 50.6 % 49.3 % 52.4 % 1 Production (cultivation, manufacturing, and processing) costs related to products sold during the period. Expand Cresco Labs Inc. Summarized Consolidated Statements of Financial Position As of June 30, 2025 and December 31, 2024 ($ in thousands) June 30, 2025 December 31, 2024 (unaudited) Cash and cash equivalents $ 146,609 $ 137,564 Other current assets 167,996 156,693 Property and equipment, net 332,600 344,846 Intangible assets, net 289,268 293,994 Goodwill 283,484 283,484 Other non-current assets 127,802 138,774 Total assets $ 1,347,759 $ 1,355,355 Total current liabilities $ 101,324 $ 94,338 Total non-current liabilities 885,523 872,841 Total shareholders' equity 360,912 388,176 Total liabilities and shareholders' equity $ 1,347,759 $ 1,355,355 Expand Cresco Labs Inc. Unaudited Reconciliation of SG&A to Adjusted SG&A (Non-GAAP) For the Three Months Ended June 30, 2025, March 31, 2025, and June 30, 2024 For the Three Months Ended ($ in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Selling, general, and administrative $ 51,398 $ 57,811 $ 54,355 Adjustments for acquisition and other non-core costs 1,864 4,841 1,633 Adjusted SG&A (Non-GAAP) $ 49,534 $ 52,970 $ 52,722 Adjusted SG&A % (Non-GAAP) 30.3 % 32.0 % 28.6 % Expand Cresco Labs Inc. Unaudited Reconciliation of Net Loss to Adjusted EBITDA (Non-GAAP) For the Three Months Ended June 30, 2025, March 31, 2025, and June 30, 2024 For the Three Months Ended ($ in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net loss 1 $ (13,893 ) $ (15,234 ) $ (51,179 ) Depreciation and amortization 12,190 12,906 14,930 Interest expense, net 12,562 14,824 13,813 Income tax expense 16,636 14,316 10,238 EBITDA (Non-GAAP) $ 27,495 $ 26,812 $ (12,198 ) Other expense (income), net 836 (317 ) 59,508 Adjustments for acquisition and other non-core costs 734 7,015 3,129 Impairment loss 9,265 — — Share-based compensation 2,546 2,723 3,471 Adjusted EBITDA (Non-GAAP) $ 40,876 $ 36,233 $ 53,910 Adjusted EBITDA % (Non-GAAP) 25.0 % 21.9 % 29.2 % 1 Net loss includes amounts attributable to non-controlling interests. Expand Cresco Labs Inc. Unaudited Reconciliation of Operating Cash Flow to Free Cash Flow (Non-GAAP) For the Three Months Ended June 30, 2025, March 31, 2025, and June 30, 2024 For the Three Months Ended ($ in thousands) June 30, 2025 March 31, 2025 June 30, 2024 Net cash provided by operating activities $ 8,831 $ 30,463 $ 17,160 Purchases of property and equipment (13,124 ) (5,818 ) (6,434 ) Proceeds from tenant improvement allowances 451 50 106 Free Cash Flow (Non-GAAP) $ (3,842 ) $ 24,695 $ 10,832 Expand
