October 2026: Diary of a CFP® Pro — Marguerita Cheng explains why so many families are unprepared for the Great Wealth Transfer — and what you can do about it

A Note from Marguerita Cheng, CFP® Pro, CEO Blue Ocean Global Wealth — Hello, my friends! One of my favorite things to do as a financial planner is to share financial insights, based on what I have learned in my decades as a CFP® Pro.

I have had the privilege of sharing information with dozens of reporters at US News & World Report, Kiplinger, Yahoo Finance, Bloomberg, CNBC, and many more!

I recently had the opportunity to talk with Diane Harris for an article in Kiplinger, entitled, “Why So Many Families Are Unprepared for the Great Wealth Transfer — and What You Can Do About it”

Diane explained: “Passing down the wealth you’ve built over a lifetime, with wisdom and grace, is good. Passing on your values along with the money? Even better, explains reporter  in today’s article on Kiplinger. In the next 20 years or so, U.S. households are expected to pass an estimated $124 trillion in financial assets to heirs and other beneficiaries, according to Cerulli Associates, a financial services research firm. That includes some $85 trillion going to the Gen X and millennial offspring of boomer and Silent Generation parents, with many trillions more headed to surviving spouses and charity.

Experts are calling it the greatest wealth transfer in history, and the drumbeat heralding its arrival grows louder every day. But only four in 10 parents in the Kiplinger–Morning Consult survey say they have a will, just over one-third have designated beneficiaries on retirement accounts or life insurance policies, and a scant 14% have written a letter of instruction outlining their wishes. While wealthier families are far more likely to have the legal paperwork drawn up, but large swaths of them still go without. About one-third of parents with estates worth more than $500,000, for instance, don’t have a will, and nearly half haven’t documented what they want to happen to their personal possessions.

Rita says: I am so honored to participate in the Nasdaq Closing Bell ceremony with @graniteshares

Here are my thoughts on the topic: Once documents are drawn up, you’ll need to communicate that information to your children and other loved ones. Let them know where the papers are stored, whether you place them in a digital file, a physical binder or both. And it’s not a one-and-done exercise; you’ll want to revisit and update, as needed, every few years and after major life milestones.

The plans that worked for you in your fifties may need to be adapted in your sixties, as well as once you retire, when your children get married, or you have grandchildren, and then again in your seventies and eighties. It can be a balancing act regarding how families can navigate the competing, compelling needs of both generations. While parents don’t want to give away too much during their lifetime, the flip side is that if you wait until you’re gone, did your money really have the greatest impact it could have?

Then, put parameters around the financial help you offer now. For instance, you might provide money for a specific purpose rather than ongoing, unrestricted gifts — say, supplying the money for a down payment, paying for a grandchild’s music lessons or sleepaway camp, or contributing to a 529 college-savings plan. Click here to read the entire article.

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Questions? If you want to talk more about how to harness your financial power, please reach out to me by email: mcheng@blueoceanglobalwealth.com I look forward to talking with you soon!

Meet me in Las Vegas this week: Connections Conference 2026, October 5-7, 2026 | ARIA®, Las Vegas: CFP Board Connections Conference 2026 will be in fabulous Las Vegas, October 5-7, uniting leaders from across the entire financial planning ecosystem for a dynamic three-day experience.

Prepare to be inspired by an expanding lineup of influential voices bringing fresh ideas and big-picture perspectives to the stage. See the full agenda and speaker lineup for a closer look at the conversations and experts leading the future of financial planning.

Uniting the Profession: With content spanning emerging technologies, artificial intelligence (AI), behavioral finance and modern planning practice, Connections Conference is where the financial planning profession comes together to advise with purpose and plan with precision. This year’s agenda provides tailored programming for:

Marguerita Cheng: In the News

For curadebt.com: “How Couples Can Talk About Credit Card Debt Before It Becomes a Relationship Crisis.”

Here’s the short answer: “Talking about credit card debt works best when couples choose a calm time, disclose every balance and minimum payment, listen without blame, and agree on a realistic plan. The goal is not to decide who is the financially disciplined partner. It is to understand what caused the debt, protect essential expenses, and choose a repayment or debt relief option the household can sustain.”

For AOL.com, I talked with reporter Chris Adams on August 2 about the “Hidden Expenses: Owning 2 Cars in Retirement Costs More Than You Think”

I believe you should consider where you plan to live for retirement when you’re thinking about having more than one car. As retirees rightsize and move to continuing care retirement communities, they may also incur additional monthly fees for two parking spaces. Alternatively, if they decide to move to an apartment or condo, they may incur either additional monthly fees or fees to purchase a parking space. I am super mindful of ensuring that the advice is appropriate for their age and stage of life.

On September 15, Chris and I discussed what it means for your tax payments when it comes to your entrepreneurial flair in an article entitled: “Your Side Hustle May Be Bigger Than You Think — And the IRS Could Agree”

Chris wrote, “You’re crushing it with your side gig — deposits flowing in, bank account looking healthy. But the IRS sees your thriving side hustle very differently. While those earnings feel like pure profit, Uncle Sam is calculating something far less appealing.”

I said: If you’re running a side hustle that’s actually generating income, here’s the reality check. “Congratulations on generating positive cash flow from your side hustle. If you find yourself having to pay penalties for underpayment of taxes, your side hustle is becoming profitable.” Click here to find out what I told him about the bottom line.

And on September 3, I spoke with reporter Samuel Taube at NerdWallet about whether the Fed will raise rates on the 16th. “The bond market is flipping out about it,” he said, pointing to Federal Reserve Chair Kevin Warsh’s Aug. 28 speech at the Jackson Hole Economic Symposium. “Markets have shifted toward thinking we’re getting an interest rate hike at the Fed’s next meeting on Sept. 16. Inflation is running above our 2 percent target. So the Fed’s predominant focus right now should be on prices.”

Samuel wrote that the Chicago Mercantile Exchange’s FedWatch tool, which uses futures market data to forecast interest rate changes, currently gives more than 50-50 odds that the Fed will raise rates by 0.25 percentage points in a couple of weeks in an effort to tackle stubborn inflation. He noted that bond yields have spiked ahead of time. So is now a good time to take advantage of high yields?

And click here for more tips and ideas in the News section of this website!

Cheers! Margaritas with Marguerita, photo by AnnaGibbs.com

Here’s more: Enjoy Margaritas with Marguerita on our Podcast and Video show

MargueritaCheng.tv — Above, find the “Professional Perspective” video by the American College of Financial Services that I was honored to record. In it, you’ll discover why I am certain that building client trust is essential for wealth planners and their clients. Check out more thoughts and ideas on our YouTube channel.

MargueritaChengRadio.com — Listen to this month’s featured podcast “The importance of financial wellness,” with Bonnie Yam, whose professional accreditations include CFA, CFP, CLU, ChFC, RICP, EA, CVA, CEPA. She has extensive experience in investment management, investment fiduciary, and investment education. Bonnie is also a member of ASPPA, NATP, CFA Institute, and NYSSA, and she is also a Chartered Financial Analyst and Enrolled Agent. Before starting her Qualified Plan business , she was a Financial Manager for Time magazine, New York, and a Hedge Fund Research Analyst for Cheetah Investments, Hong Kong. A graduate of Smith College with a BA in Mathematics and Economics, Bonnie received her MBA in Finance from the University of Chicago. Don’t miss our interview on Margaritas with Marguerita!

The “Top 100 Money Expert List is live!” Congratulations to Marguerita Cheng! — Marguerita Cheng CFP® Pro is one of Money’s choices for the top 30 women planners this year. The editors explain: “All highly qualified, customer-centric financial advisors who serve clients of all backgrounds. Whether you need comprehensive financial planning or niche expertise for a life transition, these financial experts are well-equipped to help you live a richer life. This list of the best financial planners is a collaboration between Money and the Financial Planning Association (FPA), a trade association and membership organization that represents more than 17,000 financial planners across the United States.” Click here to see the other CFPs who made the list.

Investment News named Marguerita Cheng one of its 2025 “Best Certified Financial Planners in the USA | 5-Star Financial Planners,”The news outlet reports “Americans are facing a growing need for guidance and support in their financial affairs and that trend doesn’t look like it’s going to end anytime soon. Not only are people wealthier, but their financial situations are more complex relative to previous generations due to more retirees relying on savings, an increase in the range of products available, and the explosion in alternative investments.

Click here to see who else is a top CFP