The ‘Great Wealth Transfer’ is a workplace opportunity

The “Great Wealth Transfer” is no longer a distant forecast. It is actively reshaping the financial landscape of American families. Over the next two decades, an estimated $84 trillion will move from baby boomers to younger generations.

Yet even as assets shift, many households remain unprepared for the legal and financial responsibilities that come with inheriting, managing or ultimately passing down wealth, as 68% of Americans still do not have a will or trust in place.

For employers and benefits brokers, this moment presents more than a trend; it presents an opportunity. The workplace is increasingly becoming a front-line channel for financial readiness, particularly around estate planning and wealth preservation.

Estate planning is now a workforce issue

Estate planning has traditionally been viewed as a private, later-in-life concern. But workforce realities are shifting that assumption. Employees today are navigating blended families, multigenerational caregiving responsibilities, digital assets and the growing likelihood of stepping in to manage financial or healthcare decisions for aging parents on short notice.

These pressures create stress, time away from work and financial uncertainty. This is where employers can play an impactful role, making estate planning more accessible and less intimidating.

Some employers may assume estate planning needs are covered through an employee assistance program. In practice, EAPs typically offer only a partial discount on attorneys’ fees, often leaving employees to pay $1,100 or more for wills and $1,300 or more for trusts. That affordability gap can delay action and limit access, particularly for younger or midcareer employees.

Voluntary legal benefits can help close that gap by providing access to attorneys who draft and finalize foundational documents, including:

• Wills
• Living wills and health care directives
• Powers of attorney

Importantly, estate planning is not only a preretirement issue. Although estate planning still skews toward older and higher-income employees, younger generations are engaging earlier, recognizing that planning is relevant at every life stage.

But having documents in place is only one part of the equation.

The largest threat to generational wealth

If the Great Wealth Transfer is about moving assets to the next generation, one of the greatest threats to that transfer is long-term care expenses.

Without planning, extended care needs can quickly erode savings, reduce inheritances and disrupt carefully structured estate plans. Families who intended to pass down wealth may instead find assets consumed by care costs. For employees who are both building wealth and preparing to inherit it, this risk is often underestimated.

That is why estate planning should be viewed through two lenses: control and protection.

• Control ensures that assets are distributed according to an individual’s wishes through proper legal documentation.
• Protection ensures that assets are not depleted before they can be transferred.

Long-term care planning addresses the protection side of the equation.

Employers can support this need by offering group permanent life insurance with a long-term care rider. In employer-sponsored settings, these programs often provide guaranteed-issue underwriting, expanding access to employees who may not qualify in the individual market. Life insurance with a long-term care rider focuses first on providing benefits if care is needed, while also including a guaranteed death benefit for beneficiaries if long-term care is never used.

When paired with voluntary legal plans, this approach creates a more complete estate readiness strategy – one that aligns with real-world financial risks instead of focusing solely on documentation.

Reducing barriers to action

Even when benefits exist, utilization often lags. Employees may assume estate planning is only for the wealthy or elderly. Others delay planning because the process feels complex or emotionally difficult. In some cases, outdated powers of attorney or missing digital asset language can create additional friction.

Providers are responding with artificial intelligence-supported intake tools and digital navigation platforms that guide employees through decisions based on life stage. This reduces the intimidation factor and makes it easier to begin.

For brokers advising employers, the takeaway is clear: offering isolated benefits is not enough. Adoption depends on communication, accessibility and positioning these solutions within a broader wealth and legacy conversation.

What brokers and employers can do next

As wealth transfers accelerate, employers have an opportunity to help employees not only prepare documents but also protect assets from erosion.

Start by evaluating whether existing voluntary legal plans provide access to core estate planning documents. Promote these benefits during high-impact moments such as new-hire onboarding, open enrollment, caregiving initiatives and financial wellness campaigns.

Then expand the conversation to include long-term care protection – particularly life insurance with a long-term care rider – to safeguard the assets employees are building or preparing to inherit.

The organizations that lead in this moment will treat estate planning as more than paperwork. They will connect the legal and financial components of estate readiness, making it easier for employees to transfer wealth intentionally and preserve it for the next generation.

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Susan Elder is senior director of voluntary benefits at Brown & Brown. Contact her at [email protected].