The nation’s wealthiest are reaching retirement age, and while they probably have been planning their finances for retirement for years, they should also be planning for the inheritance of their fortunes. The average age of an ultra-high net worth (UHNW) individual is 59 for men and 57 for women. Within the next 10 years, nearly 16,000 ultra-high net worth individuals with a combined net worth of over $4.1 trillion will pass on their wealth to the next generation.

As many of these individuals approach retirement and think about their legacies and wealth succession plans, a huge amount of wealth is set to change hands in the coming decades. This era of familial wealth transfers and giving is unprecedented. Over the next 30 years, $16 trillion of UHNW wealth is expected to be transferred to the next generation, and the United States accounts for 40% of wealth transfers, according to findings from a recent NFP-sponsored Wealth-X study, Family Wealth Transfers Report, creating a new generation of UHNW individuals. The latest Wealth-X report examines data and trends associated with wealth succession globally, providing an in-depth analysis on the worlds liquid and illiquid wealth transfer to reveal its relevance for succession planning, and further efficient protection of assets through insurance.

"It is important that the insurance portfolio be structured properly to not only fit the client’s needs and goals, but to also be in accordance with all the applicable jurisdictional guidelines. Therefore, the insurance advisor should be well versed in the global marketplace and understand how to properly structure each client’s unique insurance portfolio,” says Celeste Moya, vice president of international insurance and product management for National Financial Partners Corp., an insurance advisory and brokerage services provider to high-net worth individuals, and also a provider of benefits, P&C and life insurance.