‘Great Wealth Transfer’ fuels new risks for trust and fiduciary services

According to a 2023 report by The New York Times, an estimated $84 trillion in assets is expected to pass from older generations to heirs by 2045, with as much as $16 trillion moving within the next decade alone. This “Great Wealth Transfer” is being driven largely by aging baby boomers, who currently hold roughly half of the nation’s $140 trillion in household wealth.