Over $3.2 trillion is expected be passed down to inheritors in the United States within a generation. Yet, despite benefactors wanting to preserve that wealth for their descendants, it’s commonly observed by those in the industry that family wealth rarely lasts across multiple generations.
At RBC Wealth Management, we surveyed over 1,200 Americans with an average net worth of US$4.3 million to see how prepared families are to give and receive wealth—and we discovered that most people are woefully unprepared for either scenario.