In wealth transfer planning, the focus is on helping both the donor and beneficiaries accomplish their needs. Wealth management can begin immediately or it can wait until death. While tax efficiency is a critical goal in wealth transfer planning, managing wealth wisely for the long-term benefit of family and others is the primary goal of a successful estate design. 

You Will Owe Taxes On;

  1. Estate Taxes (currently estates in excess of $11.4 Mil)

  2. State Death Tax (for many states)

  3. Income Tax (final tax return on curr. year income and tax deferred accts.)

  4. Probate Fees  

Successful Estate Design Requires You To;

  1. Understand the transfer priorities.

  2. Become familiar with legal terms, basic tax rules, and the tools available.

  3. Gather the necessary information and data.

  4. Seek competent counsel.

Understanding the 4 P’s of Estate Design Development

  1. People – The people you want to manage and/or receive what you have.

  2. Property – The property you want to transfer to your loved ones

  3. Plans – The plans that transfer your property to your people

  4. Professionals – The professionals implementing your plans for your people and property

Understanding the 4 D’s of Estate Design Treatment

  1. Disability – Protecting you and your family from wealth loss due to illness or accident.

  2. Death – Protecting you and your family from wealth loss due to death.

  3. Divorce – Protecting your family from wealth loss because of divorce.

  4. Disaster (Financial) – Protecting the next generation from wealth loss due to poor financial management.

Understanding The 6 T’s Required for a Successful Wealth Transfer Plan

  1. Transfer – What you want to transfer and to whom

  2. Treatment – How do you want your beneficiaries to be handled during the transfer of the property?

  3. Timing – Do you want the distributions to be immediate, deferred, or a combination of the two?

  4. Titling – How the property is owned can have significant tax implications. Is your titling appropriate for your Estate Design goals?

  5. Techniques/Tools – What wealth transfer plans and strategies best accomplish your estate design goals? Have you utilized any of the following; Will, Revocable Living Trust, Generation-Skipping Trust, Irrevocable Life Insurance Trust, Dynasty Trust, Charitable Gift Annuity, Charitable Remainder Trust, Donor Advised Funds

  6. The Talk – Have you discussed your estate design goals with your heirs so they can successfully transfer wealth multi-generationally?

We’d be honored to review your Estate Design and its potential estate transfer costs. Contact us for your complimentary consultation and Estate Design analysis.

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We cannot give legal counsel and we’re not Attorneys. Before implementing any of these strategies you should seek counsel from your Attorney. You may also need counsel from a CPA for document preparation, and a financial advisor for asset management solutions.