This project investigates the heterogeneous changes in families? income and wealth during the Great Recession and its aftermath drawing on newly available national data from the Panel Study of Income Dynamics (PSID). We describe how the Great Recession altered the distribution of net worth and different types of assets and analyze how these changes differ by families? long-term economic position and demographic characteristics. We identify those family characteristics and events that made families vulnerable to wealth losses and those that facilitated the recovery. Finally, we assess intergenerational correlations in wealth trajectories during and following the Great Recession.