Are you ready for the Great Wealth Transfer?

Financial analysts estimate that older Americans will pass on as much as $124 trillion of personal wealth to their spouses, heirs, and charities over the next 25 years.

And, unfortunately, much of that wealth won't survive for another transfer. According to one study, 42% of heirs fall back to their pre-inheritance net worth in about 12 months. Meaning that, due to poor planning or poor fiscal discipline, the money is gone.

Whether you're a senior fine-tuning your legacy plan, a potential beneficiary, or a caregiver who might be tasked with settling a loved one's estate, folks have to plan ahead to make sure that wishes are honored and wealth is preserved, potentially for generations to come.

On today's show, we discuss some best practices for managing inheritances at both ends of a family's wealth transfer and taking a generational approach to comprehensive financial planning.

"Tom and Linda" are a married couple. They're both 55-years-old. Tom works as an operations manager for a regional manufacturer, and Linda works in corporate finance. They are both targeting retirement at age 65.

Complicating that 10-year runway is a situation that's becoming more and more common among Tom and Linda's generation: they're "sandwiched" between taking care of Linda's parents, who are in their early 90s, and their 25-year-old son, who is still living at home with them.

On today's show, we explain how comprehensive financial planning can help couples like "Tom and Linda" manage complex, multigenerational family variables while maintaining progress towards their retirement goals.

Feeling happy?

That could be because spring has finally sprung here in the Midwest.

Or, more specifically, it could be because you're part of the Keen Wealth audience right here in Overland Park!

A recent report by WalletHub ranked the 182 "Happiest Cities in America." The researchers evaluated 29 "key indicators of happiness, including depression rates, income growth, and average daily leisure time."

Fremont, California topped the list, and half of the top ten were cities in sunny California and Arizona. But the Midwest had a strong showing, too. Bismarck and Fargo, North Dakota both made the top five. And coming in at number six was ... Overland Park, Kansas!

While it's certainly gratifying to see well-deserved recognition for our city, I've always felt grateful to be living and working here. Yes, the reasonable cost of living, centrality for travel to other parts of the country, and variety of outdoor activities are all wonderful. But the sense of community here is really special. My team at Keen Wealth experienced that firsthand recently when the Keen Wealth Foundation and Charitable Impact Committee, led by my wife Carissa, had the honor of serving as the entertainment sponsor for "Kids Night Out," a massive gala that raised $3.5 million for the Boys and Girls Clubs of Greater Kansas City.

Taking care of each other, in our communities and in our homes, is one of the most direct ways that a financial plan can boost your spirits. On today's show, we answer questions from two listeners who are thinking about how different generations of Americans can help each other enjoy more security and happiness in retirement.