Generational Wealth Transfer

Being able to share your wealth—whether with loved ones or charitable organizations—can be one of the most fulfilling aspects of your financial journey. It’s not only a chance to leave a legacy, but also an opportunity to provide financial security to those you care about and make a positive impact on causes that matter to you.

When it comes to wealth transfer, it's important to have a well-thought-out plan that maximizes the benefit to your beneficiaries while minimizing taxes and ensuring your estate is handled according to your wishes.

Here’s how you can approach wealth transfer to both loved ones and charities in a way that aligns with your financial goals.

 

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Passing Wealth to Loved Ones

By making lifetime gifts to your heirs, you can reduce your estate's value and reduce the amount that may be subject to estate taxes.

Trusts let you control how and when your wealth is distributed, with potential tax advantages.

Life insurance can be a tax-efficient way to transfer wealth, as the death benefit is generally paid out tax-free to beneficiaries.

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Integrating Estate Planning into Wealth Transfer

A will is essential to ensuring that your assets are distributed according to your wishes after your death while helping to avoid probate issues.

A living trust allows you to transfer assets without going through probate, offering privacy and speedier distribution of assets.

Include a power of attorney and healthcare directive so trusted individuals can act if you're unable.

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Charitable Giving & Maximizing Impact

A Donor Advised Fund (DAF) lets you donate assets, get an immediate tax deduction, and give to charities over time.

If you're 70½ or older, Qualified Charitable Distributions (QCDs) let you donate from your IRA, possibly covering your RMD without adding taxable income.

Charitable giving is most effective when aligned with your tax and financial goals. Our advisors help you give strategically using tools like appreciated assets and gifting limits.

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