Good morning! The Trump administration wants to reject access to the abortion pill, the end of a tariff escape could affect UPS, and a new UBS report finds that women are confronted with obstacles in the great transfer of wealth.
– Talk it. Women are expected to receive dozens of dollars of dollars in the great transfer of wealth, the transfer of assets already in motion which could see up to 105 billions of dollars of labor in the next two decades. Not only will women inherit the wealth of their parents, but many will become the only decision -makers of the richness of their household after widowhood. The women of Baby-Boomer alone should receive nearly 40 billions of dollars of partners in the coming years, according to UBS.
And although there has been an increasing awareness of the great transfer of wealth in recent years, an underdrawn aspect is whether heirs, in particular women, are prepared – emotionally or logistically – for their inheritance.
To find out, UBS has taken a look at three groups of women: those who have already inherited from their parents, those who expect to inherit their parents and those who are widowed and expect to receive full control of the wealth of their household.
In a report Wednesday, UBS researchers note that 80% of women who inherited their parents and 83% of widows were faced with a “wealth transfer challenge”, whether not knowing how much they should receive or not know if their parents or their spouse had a will. Half has had a surprise, as a larger tax bill or a family tension.
UBS notes that many of these challenges could have been avoided if the parties involved communicated on their inheritance plans. Many do not discuss finances with their parents, spouses or other benefactors before it is too late, leaving them without the information they need to manage their new wealth appropriately. This includes, at a basic level, that they will be told, but also things like what the accounts are and where they are.
Carey Shuffman, head of wealth of women in UBS, says that a way of approaching the subject with parents when money is generally not discussed is to do so by a conversation on vision and values. Future heirs can ask their parents what they want their inheritance to be.
“These conversations alone can be incredibly precious to start the conversation,” she said. Then, it can be easier to move on to what Shuffman calls the fundamentals of the transfer of wealth. “Focus Plus [on] What to do in case of death. For example, where their accounts are and who are their trusted advisers are. “”
And although couples should share the finances with each other, this conversation can be just as difficult for countless reasons – no one wants to think about the death of their partner, but unfortunately, not to do so can make the consequences even more difficult to sail.
“Women can emphasize that this discussion” in case “can benefit the two spouses, giving them each peace of mind,” explains Shuffman. “We all want to know that if something happens to us, the people we are most careful with.”
Inheritance planning is a subject that I cover more regularly because our financial life becomes more complex. Here are some resources if you work on your own plan:
–Why the first step in your inheritance planning process should not be to make a will
–What single and childless people should know about inheritance planning
–Are you planning your field? Decide who get your passwords and burn your newspapers
–Why the inheritance should be a tap – not a tuhosis, says a wealth manager
–If you inherit $ 1 million – or any amount – this is the first thing you should do, says the financial planner
Alicia Adamczyk
Alicia.Adamczyk@ Fortune.com
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