In just two decades, more than 84 trillion dollars will move from older Americans to GenX and Millennials. What does the future hold? How will the financial markets be impacted? On this edition of THE EXPLORING AGING PODCAST, Ray Sanders, Dr. Bill Pierce and Greg McNeece discuss what to expect with Emory Thomas, a retired financial planner and advisor, with decades of experience, as he shares valuable insights on THE GREAT WEALTH TRANSFER.

00:00:00: Introduction to the episode

00:00:36: The great wealth transfer

00:01:10: Introducing the hosts and today's topic

00:02:22: Emory Thomas's background and expertise

00:03:52: The significance of baby boomers' wealth

00:04:47: Transferring values along with valuables

00:05:12: Are boomers ready to pass their wealth?

00:06:48: Preparing children and grandchildren for inheritance

00:10:02: Ensuring your wealth goes where you want it

00:11:16: Emory's personal testament of faith and stewardship

00:14:52: Managing clients and building relationships

00:15:19: Legal instruments for managing wealth transfer

00:18:28: The need for wills and trusts

00:20:20: Understanding probate and key terms

00:24:03: Revocable vs. irrevocable trusts

00:25:40: Costs of preparing wills and trusts

00:29:01: Estate planning through charitable organizations

00:30:36: Communicating estate plans with family

00:35:37: Tax implications in estate planning

00:37:42: Introduction to key investing principles

00:38:00: Defining financial goals based on age and needs

00:38:48: The importance of diversification

00:39:55: Types of income-producing investments

00:40:57: Advantages of mutual funds

00:42:28: Advice for young investors

00:43:01: Discussion on cryptocurrency

00:44:02: The risks of cryptocurrency

00:44:29: Closing thoughts and upcoming topics