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U.S. Faces $124 Trillion Wealth Transfer as Families Split on Inheritance Plans

Mismatched expectations with weak estate planning raise the risk of bigger tax bills or family disputes.

- -Donnie Van Steenbergh helps Owen Case fill out his Durable Power of Attorney for Health Care Choices and Health Care Choices Directive during a presentation at The Gardens Assisted Living Center.Photos by Earl Russell Drafting a financial power of attorney is an essential part of your estate planning process. The power of attorney may not always function as intended, though, so it helps to backstop it with a fully-funded trust. -_20040820.jpg
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A family walks together to look at the view at sunset over a valley.
Three generations of a family sit together on a couch.

Overview

  • New research highlights the scale of the transfer: Cerulli Associates estimates about $124 trillion will pass from older generations to heirs and charities through 2048.
  • A Morning Consult survey for Kiplinger found large communication gaps and expectation mismatches between parents and adult children, with parents far more likely to expect a meaningful inheritance than their kids.
  • The survey, fielded May 28–June 2 and reported on Sept. 9, 2026, showed nearly one-third of parents have no formal estate plan and many respondents expect inheritance to fuel sibling conflict or have already changed their behavior for financial reasons.
  • Experts and the coverage recommend concrete, tax‑aware steps—keep appreciated assets until death for a step‑up in basis, name beneficiaries on retirement accounts and use the IRS 10‑year withdrawal window, use annual gift exclusions (2026 limit $19,000) and consider irrevocable trusts for large estates—to lower taxes and reduce disputes.
  • The transfer is concentrated among wealthier households so failures to plan could drive more probate litigation, create unequal outcomes within families and push advisers, therapists and courts to play larger roles as assets move to heirs.