Kiplinger: The Trillion Dollar Talk Research Report

For over a century, Kiplinger has been dedicated to empowering our readers to manage their finances in order to better their lives. We're now on the brink of one of our biggest financial challenges yet, as an estimated $124 trillion is expected to be passed to heirs and other beneficiaries over the next 20 years in the U.S.

That's why we've been digging into Americans' feelings and preparedness around estate planning and inheritance. With Morning Consult, we surveyed over 5,000 older parents and adult children as part of our Trillion Dollar Talk campaign and found staggering differences between expectations and reality, as well as a deep reluctance for families to talk about inheritance and estates with each other.

Among the highlights of our research, we found that:

• Roughly two in five families have never discussed inheritance plans – and parents report having shared more than their children recall hearing.
• 60% of adult children would rather talk to their parents about politics than inheritance, while 80% of parents would rather talk to their kids about their physical health than the inheritance plan.
• Nearly twice as many parents expect to leave a meaningful experience (46%) as adult children who expect to receive one (23%)

The top reason parents say they are avoiding the conversation is that there are too many unknowns, including what their estate will be worth after covering healthcare costs and inflation.

It's this uncertainty that Kiplinger wants to conquer, to help our readers feel more confident in their finances and in talking about their finances. If families are not open with each other now, problems are brewing in the future (especially as a third of adult children reported they expect that an inheritance will create conflict with their siblings).