Transferring wealth to your family can be a complex process, and it is important to be aware of the risks and challenges involved. A significant number of wealthy families lose their wealth by the third generation, and therefore, it is essential to know the risks that affect wealthy retirees and have strategies in place to [...]
Planning for after your death can be difficult. However, deciding how to distribute your assets is critical for your family and your legacy. If you neglect to plan for your succession, your assets may end up in legal battles with your loved ones, and you don’t want that. Therefore, it is critical to get started [...]
According to recent studies, the “great wealth transfer” will have baby boomers transferring as much as $72.6 trillion to their heirs by 2045.[1] Estate planning is defined as the preparation of tasks that serve to manage an individual’s asset base in the event of their incapacitation or death. Whereas legacy planning is defined as a [...]
After you pass, your debts, just like your assets, are left to your estate. It is important that you make sure that the assets you set to leave behind do not get eliminated entirely by your debts. Understanding debt and how each kind differs is important when developing your estate plan. One of the first [...]
When estate planning, don’t forget to consider the tax considerations. Do not transfer assets with gains from an older generation to a younger generation without tax and step-up basis considerations. These rules vary from state to state and can be very complex to decipher. This is yet another reason why working with an advisor who [...]
