The wealth transfer is happening now - here's how to prepare.

• Stacy Francis, president and CEO of Francis Financial, advises families to prepare for the great wealth transfer that is currently taking place.
• By 2045, an estimated $84 trillion of wealth will be inherited by Gen X and millennial heirs, according to Cerulli Associates.
• At CNBC's Your Money event on Thursday, Francis stated that most families are not discussing money.

Stacy Francis, president and CEO of Francis Financial in New York City, advises families to prepare for the great wealth transfer that is currently taking place.

By 2045, an estimated $84 trillion of wealth will be inherited by Gen X and millennial heirs, according to Cerulli Associates.

At CNBC's Your Money event on Thursday, Francis stated that most families are not discussing money.

It's crucial to manage expectations for adult children who may not inherit as much as they believe, according to Francis, a member of CNBC's Financial Advisor Council.

Why you need professional guidance

Experts say that some Americans prefer not to pay an attorney to create crucial estate planning documents, such as a will, trusts, or a health-care proxy, despite their importance in outlining their wishes.

An effective estate plan can significantly impact the financial legacy you wish to leave for your children, as stated by Francis.

"While online tools are helpful, they cannot replace the guidance of a highly intelligent advisor in planning," she stated.

Francis advised updating beneficiary designations on all financial accounts, which specifies where assets are distributed after death.

Change to 'an incredibly high exemption'

The Tax Cuts and Jobs Act, enacted by former President Donald Trump, raised the lifetime estate and gift tax exemption, allowing for tax-free wealth transfers during life and at death.

The IRS announced this week that starting in 2025, the exemption for individuals will increase to $13.99 million, while the exemption for married couples filing jointly will rise to $27.98 million.

Unless Congress extends the TCJA provision, these thresholds could drop significantly after 2025.

Samantha Pahlow, wealth management chair of Ferguson Wellman Capital Management in Portland, Oregon, stated that clients frequently inquire about the expiration of the incredibly high exemption that the firm has now. The company ranked No. 10 on CNBC's 2024 Financial Advisor 100 list.

Despite some advisors' efforts, it's challenging to predict the future of the exemption due to Congress and the White House's uncertain control.