Inflation has been a growing concern globally and Wills.com is encouraging Americans to equip future generations with means that will protect them down the line.
Inflation has grown over the last decade as consumers are spending less money, and businesses are finding ways to make up for it by increasing prices. Businesses benefit from inflation as they can increase their profit margins without losing sales. However, high rates of inflation mean that unless income increases at the same rate, people are worse off. This leads to lower levels of consumer spending and a fall in sales for businesses.
Wills.com is responding to inflation by keeping its prices low and its products accessible for low to middle-income Americans that will benefit most from affordable estate planning.
The economy may be doing well overall but the masses are still suffering; while unemployment figures might be going down, wages haven't kept up with inflation so individual buyers need to take steps themselves so as not to lose out on money when they pass away or in case something were to happen unexpectedly during their lifetimes." Specific data on how many American adults have wills (1/3) Sources https://www.caring.com/caregivers/estate-planning/wills-survey/. The point is that if families don't specify how they want their assets distributed when they die then local states could take control of decisions made about your home, children, and everything you spend a lifetime gaining through hard work - "it's shocking but true."
Preparing Your Future Generations On How To Handle Your Estate
The fastest-growing estate planning platform for low-income families across America, Wills.com, has been Preparing Your Future Generations On How To Handle Your Financial Estate.
significant assets acquired by parents are often passed on to their children and grandchildren. and with the rising prices in real estate, an $80,000 real estate investment 20-30 years ago could result in the heirs of a simple 3 bedroom house becoming instant millionaires because inflation would have increased the value of that property significantly because the appreciation of property values keeps pace with inflation. Also, with fewer real estate development projects due to rising labor, material, machinery, and other costs, property supply slumps, leading to more price increases. Second, inflation pushes all prices upward, rents included. In 30 years. The percentage increase would still be modest as compared to when properties were purchased many decades ago. This can be seen in areas like Hollywood where a simple 2-bedroom condo now sells for well over half a million dollars due to a lack of inventory and interest from buyers who want to live close to work and entertainment venues. Although inflation does not affect all households equally by diminishing their income year after year; when it comes down to managing assets vs liabilities within an estate plan, inflation will play its part as time passes by.
Future generations will be more likely to handle inflation thanks to their parents' money,
The mere thought of inflation can make people feel insecure about their future financial stability. However, younger generations may be able to limit the impact of inflation due in large part to generational wealth, according to recent research from Wills.com.
Generational wealth is made up of assets that are of crucial value to a family. These assets are transferable upon death and include things such as money, real estate, investments, cryptocurrencies, stocks, or businesses. When transferred correctly, generational wealth has the potential to drastically improve families' futures by financially empowering them through various means.
While many assume that the effects of inflation will be felt equally across all generations, this is not always true. In fact, research shows that Baby Boomers were more impacted by inflation than Millennials or Generation Zers will be in the future due in large part to generational wealth. A survey conducted by Wills.com found that more than 70 percent of Americans believe that it is likely their families will leave them with at least some level of generational wealth when they pass away — meaning there is a good chance that young people today have a better shot at surviving inflation compared to previous generations who did not have access to this type of wealth.