Baby boomers are preparing to transfer trillions of dollars of assets to their heirs and charities over the next 25 years.
Eric Housman, managing director for Fifth Third Private Bank's Mid-Atlantic region, advises business owners to work with a financial team to engage the second and third generations as soon as they start to show an interest in the future of the business.
Some business owners are able to get the process going by gifting teenage children a certain amount — for example, $1,000…
