What is a Wealth Transfer Strategy?
A wealth transfer strategy positions assets that may not be needed during one’s lifetime for efficient transfer to the next generation. An effective strategy transfers wealth to heirs in a financially sound and, in some cases, tax-advantaged manner.
Who Needs a Wealth Transfer Strategy?
Most anyone should be concerned with wealth transfer on some level. A common misconception is that wealth transfer strategies are only for the wealthy. While the wealthy may require sophisticated estate planning, a wealth transfer strategy is beneficial to everyone who has assets that will be transferred upon death. Depending on a person’s age, family status, and asset mix, the wealth transfer process may be as simple as repositioning assets and establishing a will, or as complex as establishing trusts and involving other tax-reducing strategies.
Life Insurance For Wealth Transfer
Read below about the role of life insurance for wealth transfer. Do not consider this article as tax advice. You should consult with your attorney or tax adviser to ensure that proper estate planning steps are taken with respect to your own financial, personal and tax situations.
Deciding what assets to pass to your children and grandchildren can be complicated. That’s because when it comes to transferring wealth, all assets aren’t equal. Different assets are subject to different costs and problems when they are transferred Read more