It’s a nice problem to have, surely, but when it concerns the $80 trillion Great Wealth Transfer the indecision could have major ramifications for both heirs and the rest of the U.S. economy. One study found that for many Boomers, the question has already been decided: Hurry up and wait, kids.

Nearly half of high-net-worth Baby Boomers—people between the ages of 60 and 79 with more than $1 million in investable assets—say they plan to hold onto their wealth during their lifetime, according to a recent survey from Charles Schwab. Between rising healthcare costs and living longer, Boomer respondents say they plan to hold onto their wealth for longer.

That’s in stark contrast to the nearly 97% of Gen Xers and Millennials who say they will share their wealth while they’re still alive. 

One reason for Boomers’ view on their wealth has to do with innovative financial advice, says Susan Hirshman, director of wealth management for Schwab Wealth Advisory and Schwab Center for Financial Research. With an emphasis on goal-based financial planning, she says, young generations know if they will have a wealth surplus—and then can consider what to do with it earlier.

“A financial plan is a living, breathing tool,” Hirshamn says. “It needs to be evaluated on a consistent basis, and as life changes, your plan may have to change and adapt to those changing needs.”

U.S. generational cohorts have wealth on their minds

Younger generations stand to benefit the most from the Great Wealth Transfer, but the latest Schwab High Net Worth Investor Survey indicates that high-net-worth Millennials and Gen Xers are more than twice as likely to share their wealth with the next generation during their lifetime as compared to Boomers.

This could be tied to the fact that younger generations are more cognizant of the wealth disparities in the U.S. and around the world. At age 35, the wealthiest millennials tend to have more money than their baby boomer counterparts, and the poorest have less, according to a study from the American Journal of Sociology.

The total billionaire wealth increased by $2 trillion in 2024 alone—and each billionaire’s wealth grew about $2 million per day on average, according to Oxfam. The year also brought 204 newly minted billionaires, equating to about four new per week. In the next decade, the organization predicts there will be five trillionaires.

Even members of the ultra-rich agree that wealth issues are out of hand. Bill Gates, one of the wealthiest individuals on Earth, called for increased taxes on the rich—so far as to say he would support a tax that would reduce his wealth by over $100 billion. Gates, along with dozens of other ultra-rich individuals, pledged to donate a majority of their wealth to charitable causes.

How you should think about transferring your wealth

Schwab’s data suggests that the Great Wealth Transfer will go slower than anticipated, but most wealthy Americans believe that sharing some wealth while they are alive is important so they can financially support their families, share in their joy, and make memories together. 

However, a majority are planning to only distribute about 40% of their assets while living—leaving the rest to pass on after their passing. Only about a quarter of Americans with children have had discussions about generational wealth, and even those who do, communication is often limited and inconclusive, according to research from Edward Jones.

Hirshman says being open about estate planning sooner rather than later will lead to less headache for families during a time that should be dedicated to grieving and remembrance.

“By having those conversations early, explaining what's going to happen, who to call, where the documents are, right, what the resources are, what the plan is, how we thought about everything,” says Hirshman. “It allows for calmer, controlled execution of the estate plan.”

The good news is that the younger generations are already listening. Sixty-three percent of wealthy individuals are starting to plan before they turn 45 years old. To transfer wealth appropriately, Hirshman says, it starts with playing the ‘what if’ game. Before over-transferring, one should consider questions like: What if your healthcare costs are extreme? What if you live to 100?

Above all, she encourages individuals to engage in effective communication, consistent reviews of financial plans—both in terms of taxes and family dynamics—and honest conversations about responsibilities. For example, who is the executor or trustee, or does outside help need to be brought in?

Younger generations also plan to attach more strings to their wealth. While 97% of millennials plan to have some kind of stipulation to their money transfer, only 34% of Boomers care. Overall, Hirshman says conversations about wealth transfer are not about only keeping or only giving—it’s about doing both, responsibly.