As we elapse the quadricentennial of the 21^st century and enter 2026, what is being called the “Great Wealth Transfer” is well underway.

The Baby Boomer generation is noted for post-war perseverance, significant contributions to culture and politics like the counterculture movement, and of course: a workforce boom and economic prosperity. As the Baby Boomers age and phase out of the workforce, many of its members have or are preparing to pass the resources and wealth amassed throughout their lives onto the next generation.  According to Edward Jones, within the next ten years nearly one-third of Americans will receive an inheritance from their Baby Boomer parents. Over the next twenty years, Baby Boomers are expected to transfer approximately $84 trillion in cash, equities, real estate, and other forms of wealth—monetary and otherwise—to their heirs and charities.

What does this mean for the law?

In recent years, law firms around the country have grown and adapted their trust and estate practices as Baby Boomers and their descendants navigate the complications of family and estate planning. Firm Prospects, a legal market analytics platform, reports that the country’s largest law firms have collectively increased their trust and estate attorneys by 40% since 2019. This statistic is marked by the opposite trend that was occurring not long ago. While the Baby Boomers were in the workforce, law firms’ trust and estate practices were often small or were contracting due to low demand. Now, the opposite is occurring with the increasing need for legal assistance to navigate estate planning and the many factors that accompany it, including tax obligations, charitable gifts, special needs trusts, and more. Law firms are also becoming touchstones for Boomers and their families amidst the conflict that can arise out of their relative’s estate plan or lack thereof.

In Washington, the importance and complexities of estate planning and the disputes that can arise have been contemplated by the legislature by way of the Trust and Estate Dispute Resolution Act or “TEDRA.” TEDRA is a body of Washington law specifically regarding estates, nonprobate assets, powers of attorney, assets of incapacitated, missing or deceased persons, and related matters. Washington is part of a growing minority of states that have statutes like TEDRA that address the growing need for trust and estate legislation to guide trust and estate planning and litigation.

What does this mean for you?

Though thinking about the future can be daunting and stressful, the Great Wealth Transfer demonstrates the importance of careful planning and assistance with disputes if they arise. In the age of unlimited but unchecked advice available online plus the unpredictability of economically uncertain times, it can be particularly valuable to seek the assistance of attorneys, tax and financial experts.

The team here at Lasher has observed the effects of the aging Baby Boomer generation and the rollout of the Great Wealth Transfer for the last several years and adapted its practice accordingly. Equipped with estate planners, corporate and business strategists, and trust and estate dispute litigators, Lasher offers a range of expertise for individuals, families, and businesses preparing for the future and those dealing with the complications of estate disputes. Our Estate Planning and Wealth Transfer team assists families and business owners navigating evolving tax laws, market fluctuations, and family business transitions. Our Corporate and Business Law group provides strategic analysis and counsel to businesses at every stage.  Finally, when disputes unfortunately develop, our team of litigators specializing in trust and estate matters resolve disputes involving will contests, inheritance, elder financial abuse, and more through negotiation, mediation, and when necessary, litigation.  If your family is experiencing the effects of the Great Wealth Transfer, and you need help, please reach out to your Lasher lawyer.