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A 2023 study by AMG National found that 90 percent of inherited wealth disappears by the third generation.

There may come a time when you need to update and change the beneficiaries in your will.

A generation-skipping trust allows the transfer of assets to grandchildren or great-grandchildren and shields them from taxes.

The gift and estate tax exemption could drop from $13.99 million to around $7 million in 2026.

Many individuals take advantage of legal trusts to shield assets from estate taxes and redistribute them smoothly to their heirs.