Family Wealth Office - What does legacy mean to you?
How can you prepare your beneficiaries to be ready to be good stewards of their inheritance? You may think that estate planning is all about reducing estate taxes. But really it’s making sure that the wealth you have worked so hard to accumulate goes where you want it to go and that those people or organizations understand and are prepared to receive sizable assets. In addition, much of the transfer of wealth may need to take place prior to death. With the never ending changes in tax laws, careful estate planning is more important than ever.
Here are just a few of the issues you may need to address:
Legacy should go well beyond traditional estate planning. We feel that there needs to be more than just assets being transferred while minimizing taxes. You have the opportunity to effectively share your life’s work, both in dollars and in substance.
Here are just a few of the issues you may need to address:
- How can you educate and prepare recipients to utilize your estate for their betterment, not their destruction.
- How can you minimize gift, estate, and generation skipping transfer taxes?
- How do your state’s tax laws affect your estate planning?
- How will the ownership of various assets affect your estate?
- If you own assets indirectly through partnerships, LLC’s or S-Corporations, how will your estate be affected?
- Do you want to share your wealth with one or more charities?
- In what ways would you like to include children and grandchildren as beneficiaries?
Legacy should go well beyond traditional estate planning. We feel that there needs to be more than just assets being transferred while minimizing taxes. You have the opportunity to effectively share your life’s work, both in dollars and in substance.
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