According to The Williams Group report, 70% of wealthy families lose their fortune by the second generation. With nearly $84 trillion set to change hands in the Great Wealth Transfer, Bank of America's Merrill Center for Family Wealth head Valerie Galinskaya joins Wealth to discuss strategies for preserving family fortunes.

Galinskaya notes that the Great Wealth Transfer brings both excitement for accumulated success and "a tremendous amount of anxiety." She emphasizes that families should define "the purpose for their wealth," as this helps develop strategies for wealth transfer.

"One of the things that we really encourage, both the wealth creator generations but also rising generation members is really to come at it from a sense of curiosity, certainly respecting the financial success that exists and really to try to understand what does success look like five, ten, twenty years from now," Galinskaya tells Yahoo Finance.

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This post was written by Angel Smith