As the largest wealth transfer in history approaches, families must start talking openly about inheritance now.
The Great Wealth Transfer is coming, a monumental shift in which trillions of dollars in assets will change hands across generations. But while the numbers are staggering, the real question is whether American families are ready for it. The answer, as revealed by the 2025 “Family Wealth in America” survey conducted by Catalyst Advisory, is deeply concerning.
Despite the impending transfer of wealth, most families are not talking about inheritance. With only 14% of Americans having had detailed discussions with family members about inheritance, and nearly 1 in 4 people expecting an inheritance having never even raised the topic, it’s clear that many families are unprepared. Worse still, generational divides and uncomfortable truths about wealth transfer reveal that these conversations, critical for preserving both assets and family relationships, are long overdue.
In the face of this growing communication gap, families must recognize the urgency to discuss inheritance openly. These conversations are not just about money, they are about ensuring that wealth, family values, and legacy are passed on in a way that brings families closer, rather than causing conflict. This article will explore why inheritance discussions are essential, the generational and gender divides that exist, and how families can begin to bridge the gap before it’s too late.
The Hidden Crisis: A Nation Avoiding the Inheritance Conversation
The United States is experiencing the largest intergenerational wealth transfer in modern history. Trillions of dollars are set to pass from Baby Boomers to younger generations. Yet, while the financial implications are clear, the lack of discussion surrounding inheritance is both alarming and disheartening.
According to the Catalyst Advisory survey, 36% of Americans have never discussed inheritance with their family. Even among those who are comfortable talking about money, 26% have still never had an open conversation about it. It’s a profound communication gap that threatens not just the wealth being passed down, but also the very relationships that wealth is intended to preserve.
Steven Bowles, CLU®, founder of Catalyst Advisory, explains it bluntly: “What families don’t discuss often causes the most damage. Silence about inheritance can fracture relationships long after the assets change hands.”
For many families, the idea of discussing money, especially inheritance, is uncomfortable. It’s seen as a taboo subject, often tied to sensitive topics like mortality, family dynamics, and long-held traditions. But avoiding these conversations doesn’t make them easier, it simply postpones the inevitable. Families that fail to address inheritance head-on risk misunderstandings, feelings of entitlement, and long-term resentment when the wealth eventually passes down.
Generational Divides: Millennials Expect, but Don’t Plan
One of the most interesting findings from the study is the disparity between generational expectations and plans regarding inheritance. Millennials (28-43 years old) are the most likely generation to expect an inheritance. Thirty-three percent of Millennials anticipate receiving assets from their parents, making them the most expectant generation in the survey. However, despite these high expectations, Millennials are also the least likely to plan on leaving an inheritance of their own. Only 39% of Millennials say they plan to leave money or assets behind for their own children, which is tied for the lowest of any generation.
On the other hand, Gen Z (ages 18-27) shows a striking contrast. While only 21% expect to inherit wealth, 41% plan to leave an inheritance, which is significantly higher than Millennials. This generational divide highlights an important truth: while Millennials are more likely to receive, they are less inclined to pass on wealth. This could be due to a variety of factors, including financial instability, student loan debt, and shifting cultural attitudes towards wealth.
Bowles offers insight: “Inheritance planning is about more than money. It’s about preparing the next generation to handle responsibility with confidence rather than anxiety.” Millennials may expect support, but they might also feel a lack of preparedness or confidence when it comes to passing wealth down to their own children.
The Gender Divide: Why Women Are Less Comfortable Discussing Wealth
Gender plays a significant role in inheritance expectations and communication. The survey found that men are more likely than women to expect an inheritance and are also more likely to plan to leave one. 32% of men expect to inherit wealth, compared to 28% of women, and 45% of men plan to leave an inheritance, while only 36% of women do the same.
However, the study also revealed that women are significantly more likely to feel uncomfortable discussing money and inheritance with their families. 17% of women reported being “very uncomfortable” talking about family finances, compared to 12% of men. This discomfort may be due to cultural norms, societal pressures, or simply a lack of preparation when it comes to having these important conversations.
As the wealth transfer progresses, women may be left to handle wealth management and family decisions without having been fully involved in the process. By addressing these conversations now, families can ensure that everyone feels comfortable and confident about the responsibilities that come with inheriting wealth.
Education and Inheritance: A Key to Building Legacy
One of the more striking revelations from the study is the correlation between education levels and the likelihood of planning for inheritance. Those with higher levels of education are more likely to plan for and leave an inheritance. The survey found that college graduates are 58% more likely to plan to leave an inheritance than those with lower levels of education.
Among those with advanced degrees, 61.3% of individuals with a PhD plan to pass on wealth, compared to only 31.1% of those with a high school diploma. This disparity underscores the role that knowledge and financial literacy play in inheritance planning. The more educated individuals are about wealth transfer, the more likely they are to engage in meaningful planning and communication with their families.
Bowles notes, “Legacy planning is not just about leaving behind assets; it’s about preparing the next generation to manage those assets responsibly. The more informed a person is, the better equipped they’ll be to handle wealth transfer with clarity and confidence.”
Starting the Conversation: How Families Can Begin to Plan
The road ahead is clear: families need to start discussing inheritance now. These conversations are not easy, but they are necessary. Here are a few practical steps families can take to start the conversation:
- Begin Early: It’s never too soon to start talking about wealth transfer. While discussing inheritance may seem uncomfortable at first, the earlier these conversations begin, the easier they will be. Start with basic questions about values, priorities, and what each family member wants for the future.
- Focus on Education: Take the time to educate everyone in the family about financial matters. This includes understanding the basics of inheritance, wealth management, and tax implications. The more knowledgeable everyone is, the more confident they will feel about participating in inheritance discussions.
- Be Transparent: Honesty is key. Be open about financial realities, expectations, and plans. Transparency will help build trust among family members and ensure that everyone is on the same page.
- Seek Professional Guidance: Sometimes, it’s helpful to bring in a financial advisor or estate planner to guide the conversation and ensure that everyone’s interests are considered.
A Legacy Built on Communication
As the largest wealth transfer in American history looms on the horizon, the need for honest, open discussions about inheritance has never been more urgent. Families who start talking today will not only protect their assets, but also preserve their relationships and strengthen the legacy they leave behind.
Don’t wait for the wealth transfer to take its course. Start the conversation today, and ensure that the wealth you’ve worked hard to build will continue to benefit future generations for years to come.
