In just two decades, more than 84 trillion dollars will move from older Americans to GenX and Millennials. What does the future hold? How will the financial markets be impacted? On this edition of THE EXPLORING AGING PODCAST, Ray Sanders, Dr. Bill Pierce and Greg McNeece discuss what to expect with Emory Thomas, a retired financial planner and advisor, with decades of experience, as he shares valuable insights on THE GREAT WEALTH TRANSFER.
00:00:00: Introduction to the episode
00:00:36: The great wealth transfer
00:01:10: Introducing the hosts and today's topic
00:02:22: Emory Thomas's background and expertise
00:03:52: The significance of baby boomers' wealth
00:04:47: Transferring values along with valuables
00:05:12: Are boomers ready to pass their wealth?
00:06:48: Preparing children and grandchildren for inheritance
00:10:02: Ensuring your wealth goes where you want it
00:11:16: Emory's personal testament of faith and stewardship
00:14:52: Managing clients and building relationships
00:15:19: Legal instruments for managing wealth transfer
00:18:28: The need for wills and trusts
00:20:20: Understanding probate and key terms
00:24:03: Revocable vs. irrevocable trusts
00:25:40: Costs of preparing wills and trusts
00:29:01: Estate planning through charitable organizations
00:30:36: Communicating estate plans with family
00:35:37: Tax implications in estate planning
00:37:42: Introduction to key investing principles
00:38:00: Defining financial goals based on age and needs
00:38:48: The importance of diversification
00:39:55: Types of income-producing investments
00:40:57: Advantages of mutual funds
00:42:28: Advice for young investors
00:43:01: Discussion on cryptocurrency
00:44:02: The risks of cryptocurrency
00:44:29: Closing thoughts and upcoming topics
