Over the next few years, the Canadian wealth landscape is expected to shift tremendously as an estimated $1 trillion intergenerational transfer changes hands from the Baby Boomers to succeeding generations. But as retirees and near-retirees prepare to pass on their fortunes, they could be headed for a huge pitfall.
“A lot of people have really good intentions and want to do the right thing by their family and loved ones. But a lot of times, those good intentions are squashed by the fact that they live a lot longer than they think they’re going to.” says Mallory McGrath, CEO at Viive Planning. Her company is focused on helping families plan collaboratively for the aging and end-of-life process.