Wealth Transfer Strategies

(Legacy Planning)

We are familiar and knowledgeable with all of the major wealth transfer strategies. Working with CPA’s and Estate Planning attorneys, we can assist clients in a number of ways to minimize IRA taxation, estate tax and other potential taxation as your estate transfers. The following is a non-conclusive of possibilities:

Here are the top 5 Wealth Transfer Strategies and how they impact your legacy:

1. Irrevocable Life Insurance Trusts (ILITs)

An ILIT is designed to hold a life insurance policy outside of your estate, ensuring that the death benefit is not subject to estate taxes. This strategy helps preserve wealth for your heirs by providing a tax-efficient way to pass on funds. By removing the life insurance from your estate, you also reduce your taxable estate, maximizing the inheritance passed on to future generations.

A CRT allows you to donate assets to a charity while receiving income from those assets during your lifetime. After your passing, the remaining funds go to the chosen charity. This strategy provides tax benefits during your life (such as income tax deductions) while supporting causes you care about, leaving a meaningful legacy that aligns with your values.

Annual gifting, such as using the annual gift tax exclusion, allows you to transfer wealth to your beneficiaries without incurring gift taxes. By gifting assets regularly, you can reduce your taxable estate while helping family members with educational expenses, home purchases, or retirement savings, leaving a lasting impact on their financial well-being.

FLPs allow you to transfer ownership of family assets, such as real estate or businesses, to your heirs while retaining control over the assets. FLPs can also provide significant estate tax savings through valuation discounts for lack of control and marketability. This strategy helps preserve family wealth across generations while maintaining control and reducing estate taxes.

A revocable living trust allows you to transfer assets to beneficiaries upon your death, bypassing the lengthy and costly probate process. This strategy ensures that your assets are distributed according to your wishes, provides privacy, and can be amended during your lifetime if necessary. It helps your heirs avoid delays and ensures a smooth transfer of wealth, leaving a clear legacy of your intentions.

Each of these strategies can have a profound impact on your legacy, reducing estate taxes, ensuring the proper distribution of assets, and providing for your loved ones and charitable causes, all while preserving wealth across generations.

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