Latest news with #estateplanning
National Post
2 days ago
- Business
- National Post
New Study Finds America's Largest Wealth Transfer Faces Unexpected Obstacle: The Family Dinner Table
LegalShield study reveals core problem: Older generations are unprepared to leave an inheritance, and their children are unprepared to receive it The largest wealth transfer in history is underway, with an estimated $84 trillion on the line LegalShield Provider Attorney: 'The silence between generations jeopardizes far more than just financial assets.' Article content Article content ADA, Okla. — The largest private asset transfer in history is facing a significant hurdle, as a new LegalShield study reveals nearly half of Baby Boomers (41%) and Gen Xers (45%) do not have basic estate planning documents like a will. Article content Article content 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. Article content This lack of planning also sets the stage for something most Millennials dread: family conflict. Article content '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.' Article content 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. Article content The Single Biggest Issue? Silence Article content Even when estate plans exist, the study found a wall of silence can be just as damaging as having no plan at all. Article content 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. Article content The Compounding Problem: Procrastination Article content The study reveals a critical failure to plan among the generations holding the most wealth. Article content 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. Article content Gen X: Caught in the Middle Article content 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. Article content One more dimension adds to the unease: 78% of Gen Xers report uncertainty about the economy, making them more concerned about protecting their assets. Article content Article content '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.' Article content Study Methodology: Article content 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. Article content About LegalShield: Article content 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 and Article content Article content Article content Media Contact: Article content Article content
Yahoo
2 days ago
- Business
- Yahoo
4 Wealth Transfer Strategies Most People Learn About Too Late
Many Americans hope to leave a financial legacy, but without the right estate planning strategies, much of that wealth could be lost to taxes, probate or family conflict. A robust estate plan includes thoughtful transfer strategies that ensure heirs get to hold on to as much wealth as possible — and these strategies should be put in place as early as possible for a smooth transition of assets. For You: Check Out: Here are four commonly overlooked estate planning moves that can help protect your wealth and preserve it for your loved ones. 1. Use Lifetime Gifting To Reduce Estate Taxes Gifting assets during your lifetime — either directly or through vehicles like a family limited partnership — not only reduces your taxable estate but allows you to witness the impact of your generosity. Yet, many high-net-worth individuals don't take full advantage of the annual or lifetime gift tax exemption until it's too late, said Michelle Taylor, a financial advisor at GFG Solutions and the founder of the Women and Wealth Initiative. 'There's a saying that I like to remind clients to think about: Would you rather give with a cold hand or a warm one?' she said. 'This helps people think through what matters most when it comes to gifting.' Explore More: 2. Set Up a Trust To Control and Protect Wealth Trusts are another powerful tool that are often underutilized. 'Whether it's a revocable living trust to avoid probate, or more advanced strategies like a spousal lifetime access trust (SLAT) or irrevocable life insurance trust (ILIT), these can help control how and when wealth is distributed, protect assets from creditors and preserve family harmony,' Taylor said. These can be especially helpful in cases where there are blended families or complex business interests. 3. Use Life Insurance To Create Tax-Free Inheritance Life insurance can play a key role in wealth transfer planning, especially when structured properly. 'Life insurance can be a smart way to create liquidity to pay estate taxes or equalize inheritances among heirs, but the structure matters,' Taylor said. 'Policies held inside a properly designed trust — like an ILIT — keep the death benefit out of your estate and in your family's hands.' 4. Plan Early To Minimize Estate Taxes Estate tax minimization strategies — such as freezing the value of appreciating assets or leveraging valuation discounts — can dramatically reduce what's owed. But timing is everything. 'These are highly time-sensitive and must be planned for years in advance,' Taylor said. How To Implement Wealth Transfer Strategies Wealth transfer strategies should be implemented in your overall financial plan as early as possible, and should be continually updated as policies or personal circumstances change. 'Personal financial situations can shift unexpectedly, especially in today's rapidly evolving legislative landscape,' said Brian Tullio, CFP, wealth manager at Fairway Wealth Management. 'To avoid unintended estate tax exposure, stay proactive and integrate estate planning into your ongoing financial planning discussions,' he said. 'As your circumstances change or new laws are enacted, regularly reviewing and updating your estate plan will serve as a critical part of your overall comprehensive wealth planning.' It's also crucial to communicate your plans clearly with loved ones. 'A lot of financial damage happens not because the documents were wrong, but because the family wasn't prepared,' said Dr. Stephan Shipe, CFP, founder of Scholar Financial Advising. 'I always tell clients, if you don't make these decisions clearly and intentionally, your kids will have to. And they'll be doing it without you in the room.' That's why he emphasizes the importance of both documentation and dialogue. 'A trust or estate plan can help protect assets, but it won't prevent conflict if no one understands how or why the plan was created,' he said. 'That's when even a so-called simple estate becomes complicated.'More From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth I'm a Financial Advisor: My Clients Who Retire Early All Do These 3 Things 4 Things You Should Do if You Want To Retire Early Dave Ramsey: The 3 Worst Mistakes People Make When Trying To Build Wealth This article originally appeared on 4 Wealth Transfer Strategies Most People Learn About Too Late Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
4 Wealth Transfer Strategies Most People Learn About Too Late
Many Americans hope to leave a financial legacy, but without the right estate planning strategies, much of that wealth could be lost to taxes, probate or family conflict. A robust estate plan includes thoughtful transfer strategies that ensure heirs get to hold on to as much wealth as possible — and these strategies should be put in place as early as possible for a smooth transition of assets. For You: Check Out: Here are four commonly overlooked estate planning moves that can help protect your wealth and preserve it for your loved ones. 1. Use Lifetime Gifting To Reduce Estate Taxes Gifting assets during your lifetime — either directly or through vehicles like a family limited partnership — not only reduces your taxable estate but allows you to witness the impact of your generosity. Yet, many high-net-worth individuals don't take full advantage of the annual or lifetime gift tax exemption until it's too late, said Michelle Taylor, a financial advisor at GFG Solutions and the founder of the Women and Wealth Initiative. 'There's a saying that I like to remind clients to think about: Would you rather give with a cold hand or a warm one?' she said. 'This helps people think through what matters most when it comes to gifting.' Explore More: 2. Set Up a Trust To Control and Protect Wealth Trusts are another powerful tool that are often underutilized. 'Whether it's a revocable living trust to avoid probate, or more advanced strategies like a spousal lifetime access trust (SLAT) or irrevocable life insurance trust (ILIT), these can help control how and when wealth is distributed, protect assets from creditors and preserve family harmony,' Taylor said. These can be especially helpful in cases where there are blended families or complex business interests. 3. Use Life Insurance To Create Tax-Free Inheritance Life insurance can play a key role in wealth transfer planning, especially when structured properly. 'Life insurance can be a smart way to create liquidity to pay estate taxes or equalize inheritances among heirs, but the structure matters,' Taylor said. 'Policies held inside a properly designed trust — like an ILIT — keep the death benefit out of your estate and in your family's hands.' 4. Plan Early To Minimize Estate Taxes Estate tax minimization strategies — such as freezing the value of appreciating assets or leveraging valuation discounts — can dramatically reduce what's owed. But timing is everything. 'These are highly time-sensitive and must be planned for years in advance,' Taylor said. How To Implement Wealth Transfer Strategies Wealth transfer strategies should be implemented in your overall financial plan as early as possible, and should be continually updated as policies or personal circumstances change. 'Personal financial situations can shift unexpectedly, especially in today's rapidly evolving legislative landscape,' said Brian Tullio, CFP, wealth manager at Fairway Wealth Management. 'To avoid unintended estate tax exposure, stay proactive and integrate estate planning into your ongoing financial planning discussions,' he said. 'As your circumstances change or new laws are enacted, regularly reviewing and updating your estate plan will serve as a critical part of your overall comprehensive wealth planning.' It's also crucial to communicate your plans clearly with loved ones. 'A lot of financial damage happens not because the documents were wrong, but because the family wasn't prepared,' said Dr. Stephan Shipe, CFP, founder of Scholar Financial Advising. 'I always tell clients, if you don't make these decisions clearly and intentionally, your kids will have to. And they'll be doing it without you in the room.' That's why he emphasizes the importance of both documentation and dialogue. 'A trust or estate plan can help protect assets, but it won't prevent conflict if no one understands how or why the plan was created,' he said. 'That's when even a so-called simple estate becomes complicated.'More From GOBankingRates 5 Steps to Take if You Want To Create Generational Wealth I'm a Financial Advisor: My Clients Who Retire Early All Do These 3 Things 4 Things You Should Do if You Want To Retire Early Dave Ramsey: The 3 Worst Mistakes People Make When Trying To Build Wealth This article originally appeared on 4 Wealth Transfer Strategies Most People Learn About Too Late Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
$9 Billion Exit by Satoshi-Era BTC Whale Sparks Debate: Are Bitcoin OGs Losing Faith?
Bitcoin's identity crisis came roaring back into focus this weekend after Galaxy Digital (GLXY) announced that it had facilitated a $9 billion sale of more than 80,000 bitcoin for a Satoshi-era investor. The firm said the sale — one of the largest notional BTC transactions ever — was part of the seller's estate planning strategy. The transaction was immediately seen as symbolic. For some, it marked a practical rebalancing. For others, it was a worrying sign that even Bitcoin's earliest believers are cashing out. Crypto analyst and commentator Scott Melker fanned the flames with a sharply worded post on X. 'Bitcoin is amazing,' he wrote on July 26. 'But it's obviously been co-opted to some degree by the very people that it was created as a hedge against. Many of the most ardent early whales have seen their faith shaken and have been selling at these prices.' The comment kicked off a fierce debate that spanned crypto influencers, traders, and ideologues — many of whom disagreed over what the whale's exit meant, and whether Melker's framing was accurate. Some Dismiss the Concern Critics of Melker's interpretation argued that one transaction — egardless of size — doesn't signify ideological abandonment. They noted the sale was explicitly tied to estate planning, not a loss of conviction. Others pointed out that wallet movements can be misleading, and selling doesn't automatically mean an investor has given up on the asset long term. Some community members even called the remark speculative, pointing to OGs like Adam Back and others who continue to accumulate. Melker later clarified that he was 'just pointing out what I've been hearing,' not declaring his own view. Others See a Pattern Supporters of Melker's take saw the whale's exit as emblematic of a broader shift. With Bitcoin increasingly absorbed into traditional finance — via ETFs, corporate treasuries, and custody solutions — some worry that the asset has drifted from its cypherpunk roots. To this group, Bitcoin's transformation into a tradable, regulated, and largely off-chain instrument is a distortion of its founding vision. If early believers are losing interest, they argue, it may be a symptom of Bitcoin becoming less about individual sovereignty and more about financial engineering. Bitcoin's Open-Access Design Defended Another group pushed back against the premise that institutional involvement amounts to ideological failure. In their view, Bitcoin's value lies in its neutrality — its rules apply to everyone, whether it's retail users or Wall Street funds. Censorship resistance, not exclusion, is the foundation. These commentators argued that the rise of ETFs and custodial adoption was inevitable, and even necessary, if Bitcoin is to achieve broad monetary relevance. From this perspective, whale exits are simply a part of maturing capital flows — not a sign of philosophical surrender. Questions About Security and Use The debate also triggered deeper concerns about Bitcoin's function. If most BTC is held as a passive store of value and rarely transacted, how will the network continue to be secured post-halving? With mining rewards falling and on-chain usage declining, some worry that transaction fees alone may not sustain network integrity in the long run. A Telling Moment While Melker's post didn't move markets, it did spotlight a critical question: What does it mean when early believers sell? Is it a warning signal, or a natural redistribution? A loss of faith — or a sign of progress? Galaxy's $9 billion transaction offered no definitive answers. But the reactions that followed revealed just how unsettled Bitcoin's evolving role remains. Between the vision it was born from and the institutions now shaping it, the ideological rift is no longer theoretical — it's playing out in real time. Sign in to access your portfolio
News.com.au
4 days ago
- Business
- News.com.au
Ugly battle for Hulk Hogan's $37m fortune ensues as new wife Sky set to cash in
Hulk Hogan's wife is set to inherit nearly a third of his vast fortune at least in the wake of his death, possibly creating a major rift with his ex-wives and estranged daughter. Hogan and his third wife, Sky Daily, 49, have only been married for two years, but Florida law guarantees her 30% of his estate, whether or not he updated his will or trust before his sudden death on Thursday at 71, The Sun reports. Watch the biggest Aussie sports & the best from overseas LIVE on Kayo Sports | New to Kayo? Join now and get your first month for just $1. In addition to investments and cash accounts, Hogan owned an $18 million mansion in Clearwater, Florida and multiple businesses, and he set up a revocable trust and a personal trust before he died, The U.S. Sun has learned. Florida estate expert and paralegal, June Frederiksen, at the Schofner Law Firm, explained that the WWE wrestler, movie star, and local business owner likely had 'very in-depth estate planning.' 'You set up a trust to protect your assets, so you run everything through the trust,' the expert explained. The trust is meant to avoid his estate ending up in court, having to figure out where assets need to go and if creditors can collect from it. But whether or not his new wife, Sky, was included in his trusts, she still stands to inherit a large portion of his wealth. 'He married Sky two years ago, so he probably updated the trust so she would get a spousal elective share,' Fredricksen said. 'Even if Sky was left out of his estate and he didn't update his trust since they married, she would still get a spousal elective share, which she is entitled to 30% in Florida.' June said someone in the trusts will be named the trustee and they will do whatever the trusts direct for the distribution of Hulk's assets. Things can get dicey, however, if his trusts weren't fully up to date. For example, if there were assets that were not rolled into his trusts, or importantly, if someone contests what is directed in the trusts, there may not be a way to avoid estate court. What's more, Fredricksen said, if his estate battle does end up in court, then the assets become 'susceptible to creditors, and I'm sure he had some creditors.' Hulk had notoriously fallen out with his daughter Brooke Hogan. The two have been estranged for several years, and the WWE star never met his twin grandchildren, Oliver and Molly Gene, who were born in January of this year. 'If Brooke is left out of the will, she can contest it,' and the battle would wind up in probate court, the legal expert explained. Inside Hulk Hogan's $37m fortune Hulk's estimated net worth is $37 million, according to Celebrity Networth. As The U.S. Sun exclusively revealed, Hulk owns a massive Clearwater property worth about $18 million. He owned several businesses in Florida, with Hogan's Beach Shop in 2013 which is still going strong, as well as the restaurant Hogan's Hangout, which is also still open, in Clearwater Beach. The wrestler also owned Real American Beer, which launched last year. Hulk has also appeared in a slew of movies beyond his legendary run with the WWE. Sky's heartbreaking tribute Sky Hogan shared an emotional statement following the sudden passing of her husband on Thursday. In her Instagram post, she expressed her devastation and reflected on his health struggles. 'My heart is in pieces,' she began. 'I wasn't ready for this. He had been dealing with some health issues, but I truly believed we would overcome them. I had so much faith in his strength. I thought we still had more time.' She continued, 'This loss is sudden and impossible to process. To the world, he was a legend … but to me, he was my Terry. The man I loved. My partner. My heart.' Hulk Hogan's final days Hogan had been battling significant health challenges in the months leading up to his death. He underwent neck surgery in May, which required a return to the hospital in June after complications. By mid-year, reports surfaced claiming Hogan was unable to feel his legs or walk without the aid of a cane, with some rumours suggesting he was on his deathbed. However, these claims were denied or downplayed by those close to him. On Thursday morning, Hogan suffered cardiac arrest at his $18 million mansion in Clearwater, Florida. Paramedics arrived following a frantic 911 call and spent 30 minutes attempting to revive him. He was transported to the hospital, where he was pronounced dead. Hulk Hogan's family Hogan was married twice before meeting Sky. His first marriage was to Linda Claridge, with whom he shared two children: Brooke, 35, and Nick, 32. The family starred in the reality series Hogan Knows Best, which aired from 2005 to 2007. Hogan and Claridge were married for 26 years before divorcing in 2009. The following year, he married makeup artist Jennifer McDaniel, though their marriage ended in divorce in 2021. Hogan later married Sky in an intimate ceremony in Clearwater, Florida.
