Women take the reins as family wealth changes hands
Key points:
- • An estimated $54 trillion of the generational wealth transfer will pass first to surviving spouses, not directly to younger heirs.
- • Women are increasingly making decisions about inherited assets, real estate, businesses, and retirement as family wealth changes hands.
- • In Jacksonville, women-owned businesses and entrepreneur-support programs are expanding the local stakes of succession and wealth planning.
October 2026 — Family wealth will pass from older Americans to heirs in coming decades, but it will not always go directly to the next generation. In Jacksonville, widows may first assume responsibility for investments, businesses, and real estate after a spouse dies.
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For Ann Covington, founder of Jacksonville-based CovingtonAlsina, that often-overlooked transition is a growing consideration in wealth management. “Wealth is expected to pass to Generation X, but what is missed is that women often outlive their husbands. The money does not necessarily go directly to Generation X; it first goes to widows,” she told Invest:.
Widows receive wealth first
The generational wealth transfer is expected to reshape household finances across the country and in Florida. Nationally, Cerulli Associates projects that $124 trillion will transfer to heirs and charities through 2048. Of that total, an estimated $54 trillion is expected to pass first to surviving spouses, rather than directly to adult children.
Florida’s projected transfer is similarly substantial, though estimates vary by methodology and time frame. A 2026 LendingTree analysis estimated that homeowners age 65 and older could transfer about $1.7 trillion between 2026 and 2045. A separate 2022 Locus Impact Investing study, which modeled household-wealth transfers over a longer period, estimated that $11.3 trillion could change hands in Florida over 50 years.
For many families, that transfer may not move directly from an older generation to adult children. Women continue to outnumber men at older ages, according to the U.S. Census Bureau. By 2050, women are projected to account for 55.2% of Floridians age 65 and older. As a result, a surviving spouse may take responsibility for financial assets and play a central role in decisions about inherited assets before they pass to the next generation.
“Over the past five to 10 years, I have also seen families become more interested in sharing wealth while they are alive,” Covington told Invest:. “More families now want to fund their children’s IRAs, help with a down payment, or pay for their grandchildren’s school, college, or activities. They want to see their families enjoy the money when it can help them while they are raising children and holding down jobs, rather than leaving them a large amount after they have already retired.”
Beyond investment portfolios, the transfer will involve homes and privately held businesses. Florida has about 2.5 million homeowners age 65 and older, with a mean home value of $503,699. Those properties can become a substantial part of an estate, whether a surviving spouse retains, sells, or transfers them.
Business ownership presents a different set of decisions. Just over half of U.S. employer businesses are owned by people 55 or older, and 74% of employer-business owners say they plan to sell or transfer ownership when they step away. “Interest rates have had a significant effect on sellers because either they provide owner financing or someone else has to finance the acquisition,” Covington told Invest:.
Confidence and financial decision-making
Sixty-six percent of women said they were somewhat or very confident in their ability to achieve financial goals, compared with 74% of men, according to the FINRA Foundation’s 2024 National Financial Capability Study. “We also see women who feel they know less about finances than they actually do,” Covington told Invest:.
A surviving spouse may be reviewing accounts and beneficiary designations; a business owner may be weighing a sale or succession plan; and someone divorcing later in life may be separating assets while revisiting retirement income. Those circumstances shape the kind of information and advice a person needs.
Among the 1,602 U.S. investors surveyed for Vanguard’s 2026 Women & Wealth Study, 36% of women said they preferred clear recommendations from an adviser while making financial decisions, compared with 15% who preferred emotional reassurance. The finding points to a preference for direct information and participation in the decision-making process.
“Women are also more concerned about what money does for them,” Covington told Invest:. “They ask what it can accomplish for their family, business, employees, church or the nonprofits they support rather than using money simply to keep score.”
During a period of heightened market volatility in 2026, 11% of female Vanguard investors traded, compared with 16% of male investors. Among those who traded, women were more likely to be net buyers, with four buyers for every seller, compared with three buyers for every seller among men. Similarly, 71% of women surveyed owned stock-market investments, according to Fidelity’s 2024 Women & Investing Study. Building generational wealth, supporting family needs and funding retirement were among their leading reasons for investing.
Jacksonville’s women entrepreneurs
The wealth transfer will unfold alongside a growing base of women who own or are building businesses in Jacksonville. Women-owned businesses in Jacksonville grew 33.3%, while employment at those businesses rose 45.1% over the five years ending in 2024, according to a Wells Fargo analysis.
In September, the Jacksonville Women’s Business Center recognized 38 graduates of its 2026 Entrepreneur Certificate Program, the largest class in the program’s 22-year history. A $25,000 grant from the Community Foundation for Northeast Florida allowed 15 participants to complete the program.
Training covers finance, legal issues, marketing, leadership, and customer development. The center’s Athena Powerlink program also connects women business owners with panels of professional advisers for one year. JWBC says it has served more than 600 business owners and aspiring entrepreneurs and helped connect women entrepreneurs with a combined $500,000 in capital.
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