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Over the next decade, one of the largest economic events in U.S. history will quietly unfold: the Great Wealth Transfer. Nationally, trillions of dollars will move from Baby Boomers to the next generations of Generation X and Millennials. But in Idaho, the impact may be particularly significant.

A large share of household wealth here is concentrated in:

• real estate
• family businesses
• agricultural land
• closely held companies

As owners retire and estates settle, these assets will move to heirs—many of whom may have different goals than the generation that built them. For families and advisors, the key question isn’t whether wealth will transfer. It’s whether it will transfer with a plan.

Idaho’s Hidden Wealth:  Real Estate

One of the most overlooked aspects of the Great Wealth Transfer in Idaho is where the wealth actually sits. In many states it’s largely financial assets.  In Idaho, much of it is real estate.

Over the past decade, property values in places like Boise and surrounding communities have risen dramatically.  That appreciation has created a new planning challenge: Families who purchased property years ago may now be sitting on multi-million-dollar assets without realizing the estate planning implications.

Common questions are emerging:

• Should the property stay in the family?
• How do you divide it among multiple heirs?
• What happens if one beneficiary wants to sell and another doesn’t?

Real estate often carries emotional value alongside financial value. That combination can make planning much more complicated—and much more important.

Business Succession Wil Define the Next Decade

A less significant but still considerate portion of Idaho’s wealth is tied to closely held businesses. For example:

• Construction companies (ESI)
• Agricultural operations (Simplot)
• Professional practices
• Regional manufacturers

Many of these businesses were founded or expanded in the 1980s and 1990s, which means their founders are now approaching retirement.

Accordingly, over the next decade we’ll likely see a wave of:

• Business sales
• Management buyouts
• Family successions
• Transitions to professional or “corporate” management

The biggest risk may not be tax, but rather timing.  Too often succession planning begins when the owner is already stepping away.  Families and businesses that start the conversation early tend to have far more options. 

The Next Generation of Beneficiaries

The next generation inheriting wealth will largely be Generation X and Millennials. They often approach wealth very differently from their parents. Many expect:

• Greater transparency from trustees
• Digital access to information
• Flexible investment strategies
• More involvement in decision-making

In other words, wealth transfer isn’t just about assets. It’s about expectations.

For families, one of the most valuable planning tools may simply be communication, including family meetings, clear governance structures, and well-defined roles for trustees and advisors. Those conversations can prevent many of the conflicts that arise later.

Why Advisors Matter More During the Wealth Transfer

One observation about the Great Wealth Transfer - wealth rarely creates conflict on its own:

• Uncertainty does.
• Unclear roles.
• Different expectations.
• Lack of communication.

As wealth transitions from one generation to the next, families often need guidance not just on technical issues—but on process. That’s where thoughtful advisors can make a real difference. Estate attorneys, CPAs, financial advisors, and fiduciaries often serve as the steady voice helping families navigate:

• Complex assets
• Shared decision-making
• Long-term stewardship

Over the next decade, the advisors who focus on education and collaboration will likely be the most valuable.

The wealth transfer may be inevitable. How smoothly it happens is not.

Important Disclosure: This article is provided for general informational purposes only and does not constitute tax, legal, accounting, or investment advice. Tax treatment depends on the specific facts, legal structure, and current law applicable to each situation. Readers should consult their attorney, CPA, or other qualified professional advisor before taking any action based on this information.

Investment and Fiduciary Services Disclosure: Investment products, including stocks, bonds, and mutual funds, are: Not FDIC Insured | Not Bank Guaranteed | May Lose Value. Past performance is no guarantee of future results.  Trust and fiduciary services are offered through Idaho Trust Company. Banking products and services are offered through Idaho Trust Bank (Member FDIC, Equal Housing Lender). Idaho Trust Bank and Idaho Trust Company are affiliates.  Nothing in this article should be construed as a recommendation to buy, sell, or hold any security or to engage in any specific planning strategy without first considering your own objectives, risk tolerance, and circumstances.