Much has been written about the ever approaching 'unprecedented' intergenerational wealth transfer, in which between $3.5 trillion and $5.4 trillion in assets is expected to pass from the Baby Boomers to their heirs.
This wealth transfer will encompass, among other things, residential property, superannuation, significant family businesses and more generally, investments assets (such as shares in Australian and foreign companies).
This transfer represents arguably one of the most important – and presently underappreciated – opportunities to pass on more than just wealth.
It is a chance to enable continuity of organisations, culture, values as well as livelihoods painstakingly built.
The focus of this paper is not estate planning, although that is one element, but rather the options that are available for Boomers to seek to address the challenges in embedding/creating a culture that continues to embrace responsible business long after the transition.
