By being very selective about who receives which type of money—whether Traditional or Roth IRAs, after-tax brokerage accounts, life insurance, etc.—you can dramatically cut the share that goes to the IRS and increase the amount going to your family.
While direct giving has an immediate impact, some individuals may be considering charitable planning strategies that will have a larger and longer-lasting impact not only on charities, but on their own lives or that of their families.
To ensure a lasting legacy, you need to get your documents in order and have a clear plan for how your wealth will transfer, avoiding taxes and inheritor pitfalls along the way.
Second (or third or fourth) marriages often require careful balancing between the needs of the surviving spouse and the needs of the children from a previous marriage.
Why wait? A variety of trusts—from SLATs to BDITs, GRATs and more—can help you be proactive in protecting your wealth.
Having an estate plan can ensure that fiduciaries are identified to oversee and distribute your assets in the way you would have wanted. As a business owner, your ownership assets in your estate may require a more sophisticated level of planning.
The most well-known ‘death’ tax is the Federal Estate and Gift Tax. However, the reality is that few people really have to worry about the cost of federal estate taxes.
How do you plan to pass the gift of your good financial fortune on? Defining your goals and creating a giving strategy is key to beginning the process.
Charitable giving comes in many forms. Some people donate annually to their favorite charities, while others may volunteer their time or professional services.
Giving appreciated stock shares, donating your RMDs and using charitable remainder trusts are just a few of the options you may not be aware of to help charities and your heirs at the same time.
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