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☆ The great wealth transfer has started — but millennials, Gen Z may not inherit as much as they anticipate
▼ + stars: | 2024-05-07 | by ( Jessica Dickler | ) www.cnbc.com time to read: +2 min

There's a massive wealth transfer underway. "It has started and it's only going to accelerate," said Liz Koehler, head of advisor engagement for BlackRock's wealth advisory business. And yet, some millennials and Generation Z may not be inheriting as much as they think. Recent reports show a growing disconnect between how much the next generation expects to receive in the "great wealth transfer" and how much their aging parents plan on leaving them. However, 55% of baby boomers who plan to leave behind an inheritance said they will pass on less than $250,000, Alliant found.

Persons: Liz Koehler, Gen Zers, Alliant, Isabel Barrow Organizations: Finance, Alliant Credit Union, Federal Reserve Bank of Boston, Edelman, Edelman Financial Locations: millennials

☆ 'Jurassic Park' star Jeff Goldblum says his kids will need to support themselves when they're older: 'You've got to row your own boat'
▼ + stars: | 2024-05-02 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

Jeff Goldblum is the latest celebrity warning his kids not to expect a life bankrolled by their parents. "It's an important thing to teach kids," the 71-year-old said in the interview. Goldblum isn't alone in feeling that it's important to encourage your children to make their own way. Sign up for CNBC's new online course How to Earn Passive Income Online to learn about common passive income streams, tips to get started and real-life success stories. Plus, sign up for CNBC Make It's newsletter to get tips and tricks for success at work, with money and in life.

Persons: Jeff Goldblum, I'm, Goldblum, what's, You've, Goldblum isn't, Anderson Cooper, James Bond, Daniel Craig, Cooper, Gloria Vanderbilt, Craig, you've, Warren Buffett Organizations: CNN, CNBC Locations: inheritances

☆ Klimt portrait missing for nearly a century sold for $32 million
▼ + stars: | 2024-04-24 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +4 min

CNN —A portrait by Gustav Klimt that was unseen for almost a century has sold for $32 million – the bottom end of its pre-auction estimate. The sale price was less than half that fetched by another Klimt painting – “Dame mit Fächer” (Lady with a Fan) – in London last year. The last portrait completed by Klimt became the most expensive artwork ever to sell at a European auction, when it sold for a £85.3 million ($108.4 million). However, new research by the auction house suggests Justus’ wife, Lilly, hired him to paint one of their two daughters. A cape richly decorated with flowers is draped around her shoulders,” the auction house said.

Persons: Gustav Klimt, Fräulein, ”, Klimt, Fächer ”, Lieser ”, Roland Schlager, Getty Images Brothers Adolf, Justus Lieser, Adolf, Margarethe Constance, Justus ’, Lilly, –, “, “ Adolf, Henriette Lieser, Claudia Mörth Organizations: CNN, Austrian, Getty Images Brothers, Washington, Nazi Locations: London, Vienna, Austrian, Austro, Washington, Austria, Central Europe

☆ US soldier at Fort Bragg sentenced for running romance scam
▼ + stars: | 2024-04-21 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

A federal judge sentenced a former Army service member to prison for running a romance scam. Romance scams cost Americans $1.3 billion in 2022. AdvertisementA US soldier will spend more than three years in federal prison for a romance scam in which police say he impersonated military officials. Before his arrest, Frimpong was an active-duty Army service member stationed at Fort Bragg, the department said. "The fact that an Army service member was involved in romance scams while serving as a soldier is appalling."

Persons: —, Sanda G, Frimpong, Kate Kleinert, Kleinart, Tom Tanner, Michael Easley Organizations: Army, Service, Department of Justice, Federal Trade Commission, Yahoo, Wired, Social Security, Justice Department, Business Locations: Fort, United States, Nigeria

☆ Romance scammers are now building trust with AI-generated deepfakes. Here's how to spot them.
▼ + stars: | 2024-04-20 | by ( Kenneth Niemeyer | ) www.businessinsider.com time to read: +3 min

It might be because he's a romance scammer called a "Yahoo Boy" who wants to steal your life savings. Once gaining the victims' trust, the scammers use a pretense to solicit money, like the need to pay an emergency medical expense. Last year alone, the FBI's Internet Crime Report estimated that Americans lost more than $650 million to romance scams. Kate Kleinert, a 69-year-old widow, previously told BI that she lost $39,000 to an online romance scam. Over the last two years, the Yahoo Boys started experimenting with deepfake video clips and video calls, according to Wired.

Persons: —, Kate Kleinert, Kleinart, David Maimon, Trina Higgins, Higgins, haven't Organizations: Service, Yahoo, Yahoo Boys, Department of Justice, Business, Federal Trade Commission, Social Security, Wired, Georgia State University, CNN, Nigerian, Prosecutors, Justice Department Locations: Nigeria, Hong Kong, Salt Lake City, Utah

☆ My children and I inherited $741,000 from my aunt. I made one mistake with the money that I wish I could take back.
▼ + stars: | 2024-03-26 | by ( Sarah Adams | ) www.businessinsider.com time to read: +6 min

As I've navigated the process of inheriting money, I've concluded this is spot on, but it comes down to how each of those classes teaches (or fails to teach) their children financial competence. I grew up with a "poor" mentality and knew I wanted to make better financial decisions for my future children. I directed the funds to separate savings accounts for my children at the local bank I had used for years. Even if I didn't traditionally invest, online savings accounts now offer up to 5% interest. AdvertisementWhen I inquired about withdrawing funds to invest or even closing the savings accounts in favor of something more financially smart, I was rejected.

Persons: —, I've, Adams, Sarah Adams, Bobbi, inheritances, wasn't Organizations: Service, Business, Toyota Locations: New York, England

☆ My children and I inherited nearly $750,000 from my aunt. I spent some of it wisely, but I made one mistake I can't take back.
▼ + stars: | 2024-03-26 | by ( Sarah Adams | ) www.businessinsider.com time to read: +6 min

She put her children's shares in traditional savings accounts, and she wishes she had invested it. As I've navigated the process of inheriting money, I've concluded this is spot on, but it comes down to how each of those classes teaches (or fails to teach) their children financial competence. I directed the funds to separate savings accounts for my children at the local bank I had used for years. Even if I didn't traditionally invest, online savings accounts now offer up to 5% interest. AdvertisementWhen I inquired about withdrawing funds to invest or even closing the savings accounts in favor of something more financially smart, I was rejected.

Persons: Sarah Adams, —, I've, Adams, Bobbi, inheritances, wasn't Organizations: Service, Toyota Locations: England, New York

☆ A Gustav Klimt painting valued at up to $54 million was rediscovered after being missing for nearly a century
▼ + stars: | 2024-01-26 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Gustav Klimt's painting "Portrait of Fräulein Lieser" was rediscovered after nearly 100 years. The painting is set to be auctioned in April and is valued at up to $54 million. AdvertisementA long-lost painting by the Austrian modernist Gustav Klimt has been rediscovered after nearly a century. Related storiesAfter being exhibited globally, the portrait will be auctioned in Vienna in April, with an estimated value of up to €50 million, or around $54 million, the auction house said. According to the auction house, the painting appears to have been acquired by "a legal predecessor of the consignor in the 1960s and passed to the current owner in three inheritances."

Persons: Gustav Klimt's, —, Gustav Klimt, Klimt, It's, Adolf, Henriette Lieser, Klimt's Organizations: Service, Observer, Washington, Nazi Locations: Austrian, Vienna, Austria, Europe

☆ Klimt portrait missing for nearly a century could sell for $54 million
▼ + stars: | 2024-01-26 | by ( Lianne Kolirin | ) edition.cnn.com time to read: +5 min

CNN —A portrait by Gustav Klimt that was unseen for almost a century is expected to fetch millions when it goes up for auction this spring. However, new research by the auction house suggests Justus’ wife, Lilly, hired him to paint one of their two daughters. A cape richly decorated with flowers is draped around her shoulders,” the auction house said. Its exact fate after 1925 is “unclear,” according to the auction house. The last portrait completed by Klimt became the most expensive artwork ever to sell at a European auction, when it fetched a staggering £85.3 million ($108.4 million) in London last year.

Persons: Gustav Klimt, Fräulein, ”, Roland Schlager, Klimt, Adolf, Justus Lieser, Margarethe Constance, Justus ’, Lilly, “, “ Adolf, Henriette Lieser, Claudia Mörth, Fächer ”, Paul G, Allen Organizations: CNN, Austrian, Getty, Washington, Nazi, Microsoft Locations: Vienna, Austrian, Austro, Washington, Austria, Central Europe, Switzerland, Germany, Britain, Hong Kong, London, Birch, ”

☆ It's getting harder than ever to become a self-made billionaire. But inheritances are still going strong.
▼ + stars: | 2024-01-14 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +5 min

Billionaires minted through inheritance outpaced self-made billionaires last year for the first time in a decade. Related storiesIn recent years, rates of economic opportunity have begun to fall again. Rates of economic opportunity have declined steadily since 1940, Opportunity Insights data shows. He says that's why there are fewer self-made billionaires today than there were in the past. "I think there's much work to be done to try to restore rates of economic opportunity to those observed several decades ago," he said.

Persons: —, Max Kunkel, Matthew Staiger, Staiger, Forbes, heiresses, Kunkel Organizations: Service, UBS, Harvard, Insights, Business, Economic

☆ My mother gave me my $100,000 inheritance early. I struggled to pay my bills before — now I'm set up for life.
▼ + stars: | 2023-11-29 | by ( Jillian Pretzel | ) www.businessinsider.com time to read: +6 min

She plans to sell the condo and give her daughters an early inheritance when they get older. When my apartment complex raised my rent from $1,600 to $1,800 a month in early 2016, I cried. "Think of it as your early inheritance," she told me. Part of me thought that with the inheritance money and my own home, my financial woes would soon be over. I hope to help my own kids in the same wayMy early inheritance has meant so much to me.

Persons: Jillian Pretzel, —, I'd, It's Organizations: Service Locations: Southern California

☆ I inherited my dad's house at 33 after he died unexpectedly. The guilt and embarrassment of suddenly having money was painful.
▼ + stars: | 2023-10-28 | by ( Gary Nunn | ) www.businessinsider.com time to read: +7 min

My sister and I inherited his house and sold it to put deposits down on our own apartments. We knew we'd inherit the house and his possessions; he'd told us we were the only people in his will. We had two weeks to put our dad's house on the market, clear out 40 years of memories, and decide what to do with all his possessions. AdvertisementAdvertisementIt took me a long time to accept the inheritanceI was almost embarrassed by suddenly having money. AdvertisementAdvertisementThe money didn't feel like mine and neither, to a certain extent, did the flat.

Persons: —, Dad, he'd, everything's, We'd, We've, hadn't, should've, I'd, I'm, sharer, I've, wouldn't, didn't Organizations: Service Locations: Australia

You may think the term "net worth" only applies to celebrities and CEOs, but it's something we all have — and we all should know it. Here's a breakdown of both median and average American net worth by age, according to the Federal Reserve's Survey of Consumer Finances published in October 2023. Knowing your net worth can help you assess whether your next financial move is a good one. Empower (formerly Personal Capital) and Mint are two platforms that make tracking your net worth easy. Empower has its own net worth calculator and Mint has a net worth-specific dashboard that calls out your progress each month.

Organizations: Federal Reserve's Survey, Consumer, Federal Reserve Survey, Consumer Finances, Google, Android, CNBC, CNBC Select's, Facebook, Twitter Locations: U.S

☆ Is a Financial Advisor Worth It?
▼ + stars: | 2023-10-24 | by ( Bernice Napach | ) www.wsj.com time to read: +12 min

The right financial advisor can help you find the right answers to your life’s biggest, most difficult financial decisions. A one-time feeIf all you need is a comprehensive financial plan—a look at how your current savings, including your 401(k) and investments stack up—you don’t need to retain a financial advisor. When a financial advisor may be worth the costA financial advisor is worth paying for if they provide help you need, whether because you don’t have the time or financial acumen or you simply don’t want to deal with your finances. You want reassurancePlenty of investors work with a financial advisor for less tangible reasons too. ”It’s important that you get quality fiduciary advice on all those subjects because they’re irrevocable.”When a financial advisor probably isn’t worth the costThere are several financial areas where paying for a financial advisor may not be worth the cost, especially if you are willing to do a little basic research and have the discipline to stick to your goals.

Persons: Bernice Napach, ”, Rick Ferri, Read, it’s, that’s, won’t, Fee, Micah Hauptman, Peter Palion, —, “ They’re, ” Sheryl Garrett, Eric Amzalag Organizations: Vanguard, Ferri Investment Solutions, Investment, Consumer, Consumer Federation of America, IRS, Advisors, Garrett Planning Network, Peak Financial Locations: Georgetown , Texas, East Norwich, N.Y, Los Angeles

☆ Millennials, Gen Z Mistakenly Bet on Inheritance From Boomer Parents
▼ + stars: | 2023-10-18 | by ( Ann C. Logue | ) www.businessinsider.com time to read: +14 min

When she died, Grandma Sue left the most common form of inheritance, called an accidental bequest, which is simply the money left over when someone dies. The New York Times reported on a coming inheritance wealth boom in 2023, 2019, 2014, 2008, and 1999. Even for families with incomes in the 51% to 90% range of earners, the average inheritance was $46,000 — hardly life-changing money. Researchers have been talking about the coming Great Wealth Transfer for at least a quarter of a century. But the reality is that all the wealth boomers are sitting on probably won't end up fixing our collective financial problems.

Persons: Grandma Sue, Grandma Sue's, —, Xers, Gen Zers, Xer, shouldn't, Edward Wolff of, Maury Gittleman, Wolff, Gittleman, Michael Bloomberg, Warren Buffett, Larry Ellison, Bill Gates, Isabel Sawhill, It's, Penn, there's, they're, Bank of America cardholders, Joseph Smith, haven't, boomer, Ann Logue Organizations: Social Security, Medicaid, Boomers, Federal Reserve, New York Times, Edward Wolff of New York University, US Bureau of Labor Statistics, Federal, Brookings Institution, University of Pennsylvania, Penn, Medicare, Family Foundation, Bank of America, Consumer, Department of, Northwestern Mutual, IRS Locations: Northwestern, Chicago

☆ Receiving an inheritance? Here's how experts say to handle any windfall
▼ + stars: | 2023-10-16 | by ( Ryan Ermey | ) www.cnbc.com time to read: +5 min

Inheritances come in three primary forms: cash, real estate and investments. How to handle a cash inheritanceCash is the easiest asset to handle, as long as you're not receiving a boatload of it. How to handle inheriting real estateUnless your parents lived in a palace, you're unlikely to run into the inheritance tax limit on a real estate inheritance either. But remember: Real estate often comes with upkeep costs, says Patel. "People underestimate the expense in real estate, so you should be aware of that prior to making the decision."

Persons: it's, windfalls, Grandpa Winston's, Inheritances, Clay Ernst, Cash, Pratik Patel, We're, Patel, you'll, —, Ernst Organizations: University of Pennsylvania, Federal Reserve's Survey, Consumer Finances, Edelman, BMO Family Office Locations: United States

The logo for Morgan Stanley is seen on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S., August 3, 2021. REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Sept 7 (Reuters) - Wealthy clients going to a Morgan Stanley banker to discuss their investments may soon have a different sort of experience: having a chatbot listen to their conversation. They signed a deal last summer in which Morgan Stanley has preferred access in product development for wealth management. WEALTH RACEThe AI initiative is part of Morgan Stanley's strategy to drive its wealth division, where net revenue surged 16% to a record in the second quarter and new client assets grew $90 billion. Morgan Stanley is not alone in its AI efforts.

Persons: Morgan Stanley, Andrew Kelly, Sal Cucchiara, Morgan Stanley's, Cucchiara, Andy Saperstein, Sam Altman, Boris Power, OpenAI, they'll, Morgan, James Gorman, JPMorgan Chase, Teresa Heitsenrether, Erica, Nick Reed, Michael Abbott, Abbott, Tatiana Bautzer, Lananh Nguyen, Megan Davies, Nick Zieminski Organizations: New York Stock Exchange, REUTERS, Bankers, Saperstein, Wall, JPMorgan, Rival Bank of America's, OpenAI, Microsoft, Accenture, Thomson Locations: Manhattan , New York City, U.S, California, New York

As a financial planner, there's certain tough advice my clients never want to hear. Advice like, buy less house — and don't expect your home to be a good investment. As a financial advisor, I'm constantly giving people good advice they don't want. I know no one wants to hear this kind of money advice. No one wants to imagine a worst-case scenario, but if something actually went sideways in your financial life, you'll be glad you had multiple levels of safety net built into your overall plan.

Persons: I'm, it's, We'd, doesn't, Get, you'll, It's Organizations: Service Locations: Wall, Silicon

☆ Morgan Stanley's training course to work with super-rich clients has a 40% first-time failure rate. Execs shared an example of a case study that caps the program off.
▼ + stars: | 2023-08-16 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Each year, some 100 Morgan Stanley advisors take a course to earn the family wealth director title. Morgan Stanley executives Alex Chester and David Bokman share what trips up advisors the most. Every year, about 100 advisors at Morgan Stanley take an exam in order to work with high-net-worth families. "We don't have a requisite number that we're looking to put through the program," Alex Chester, who runs the bank's family wealth director program, told Insider. David Bokman, Morgan Stanley's head of family office resources, and his team, pretend to be a high-net-worth client and their accountant or attorney.

Persons: Morgan Stanley, Alex Chester, David Bokman, Chester, Morgan Stanley's, Bokman Organizations: Advisors

☆ Preparing for the 'great wealth transfer'? 4 steps for managing an inheritance, from a CFP: 'It's not as simple as it might seem'
▼ + stars: | 2023-08-15 | by ( Isabel Engel | In Isabel--Engel | ) www.cnbc.com time to read: +2 min

The so-called "great wealth transfer" is already underway, with over $68 trillion set to be passed down by baby boomers to their children. As a CFP, Miura helps her clients grapple with their own inheritances and transfers of wealth. Adults who expect to receive an inheritance anticipate getting an average of $738,724, according to a recent New York Life Wealth Watch Survey. The newly inherited wealth will take many forms: 58% of those expecting an inheritance anticipate receiving cash, 43% expect property and 28% expect investments. If you're among the many Americans unsure how to manage a windfall, here are four tips to help you be financially smart about your inherited wealth.

Persons: Danielle Miura, Miura, I've Organizations: New York, CNBC, Wealth Watch Survey Locations: New

☆ 40% of millennials and Gen Zers think marriage is outdated—but 'it's important to be realistic' about the financial benefits, says CFP
▼ + stars: | 2023-08-11 | by ( Ryan Ermey | ) www.cnbc.com time to read: +7 min

After all, 85% of respondents in the same survey say you don't need marriage to have a fulfilled and committed relationship. "Marriage brings about 1,200 rules, tweaks and changes to how people are treated compared to unmarried people," he says. Getting married comes with tax benefits that unmarried couples don't enjoy. In the case of death or incapacitation, unmarried couples (especially those in the LGBTQ community) could have the legitimacy of their relationship questioned by family members. CHECK OUT: The ‘most successful’ relationships follow these 8 rules, say psychology experts who studied couples for 50 years

Persons: Frank Summers, Gen Zers, Summers, you'll, Couples, Kendall Meade, haven't, you've, you'd, Warren Buffett Organizations: Cetera Advisors, Psychology, SoFi, Social Security

Considering contributing to a 529 plan for their college education, or making them your life insurance beneficiary. But when that generosity comes at the cost of depleting your own retirement savings, the prospect becomes a lot less compelling. At current levels, most American families will have absolutely zero interaction with federal estate taxes. Amorello explained: "Gifting money actually can help grandparents lessen their own net worth to lower estate taxes. Because if you're leaving behind an inheritance, but half of it is going to the estate taxes, that can be a daunting realization."

Persons: Kathryn Amorello, Don, It's, Amorello, you've, they're, we've, — Organizations: Service, Financial, Internal Revenue Service Locations: Wall, Silicon, Amorello

☆ This Is The Best Debit Card for Teens Who Want to Try Their Hand at Investing
▼ + stars: | 2023-08-05 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +5 min

With Fidelity’s Youth Account, teens can experience firsthand the risks and rewards of investing. There are other debit card accounts available to under 18-year-olds that also offer investing services, but most charge a subscription or other fee to take advantage. Greenlight, our pick for best overall debit card for kids, for example, costs $9.98 a month if you want access to its investing platform. Chase’s First Banking debit card, our pick for best free debit card for younger children, also offers a range of spending controls. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, Roth Organizations: Fidelity, Learning, Fidelity ZERO

☆ The Best Debit Cards for Kids and Teens
▼ + stars: | 2023-07-02 | by ( Kerri Anne Renzulli | ) www.wsj.com time to read: +15 min

Banks, credit unions, financial technology companies and even investment firms all offer debit cards geared toward under 18-year-olds. With Greenlight, children receive a physical debit card with their name on it. In addition to its abundance of customizable features, Greenlight also rises above other kids debit cards thanks to the educational tools and games included in its app. This is possible because the Step Visa Card is not technically a debit card, though it functions very similarly. How we pickedTo pick Buy Side from WSJ’s Best Debit Cards for Kids and Teens, we looked at card options available to those under the age of 18, including prepaid debit cards, checking account-linked debit cards, secured credit cards and brokerage account-linked debit cards.

Persons: Kerri Anne Renzulli, they’ve, Banks, we’ve, Greenlight, Chase, it’s, Side’s, —, Equifax, Roth Organizations: Community Federal Savings Bank, Capital, Teens, Chase, Teen, Fidelity, Learning, Kids

☆ This safety net for the elderly and disabled comes with strict rules on savings. That may change
▼ + stars: | 2023-06-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Today, those thresholds are just one-sixth of their 1972 value, the Center on Budget and Policy Priorities notes, and their worth declines further each year with inflation. How SSI's asset limits may be raisedIn new research, the Center on Budget and Policy Priorities considers the effects of raising or eliminating the asset limits SSI has for beneficiaries. That $100,000 threshold would be in line with the amount eligible SSI beneficiaries are currently allowed to hold penalty-free in ABLE accounts, tax advantaged savings programs for people with disabilities. Another change — excluding the consideration of retirement accounts — could also help bolster SSI program eligibility. Eliminating the asset test entirely would raise participation in the program by 6%, the nonpartisan research and policy institute found.

Persons: Tom Grill, Kathleen Romig, Romig, Sen, Sherrod Brown, Rob Portman, Portman, Brown, —, Kristen Dama Organizations: Center, Budget, Finance, GOP, Social Security, Sherrod Brown Democratic, Democrat, Republican, Community Legal Services of Philadelphia, Social Security Administration Locations: Ohio, Dama

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