INHERITANCE & LEGACY PLANNING
Whether it’s you or a close friend, colleague or family member, odds are you know a woman who has inherited wealth from a parent or grandparent. We are currently experiencing the greatest wealth transfer in history as the Silent Generation and Baby Boomer populations are expected to transfer an estimated $30 to $68 trillion in wealth to their heirs over the coming years.
It’s vital that women are prepared and informed about strategies to manage their inherited wealth, but research is showing a significant imbalance between the genders when it comes to advance preparation and education for managing their inheritance. Consulting a wealth management advisor will help avoid many of the pitfalls that inherited wealth can present.
COMMON CONCERNS WHEN MANAGING INHERITED WEALTH
While every client is different, we often find that they share similar situations and concerns. Below, we’ve listed the most common questions we are asked and issues our clients have faced when it comes to inheritance and estate planning.
Someone I know lost a large portion of their inheritance to taxes, and I want to be sure I avoid the same outcome.
We’ll help you understand the tax implications of your inheritance and identify strategies to protect your inherited wealth.
How do I ensure I don’t unintentionally disinherit my kids?
It happens more often than it should, and you need to know the steps to take to ensure your wishes are followed and your loved ones are protected.
Can I, and should I, make gifts to my kids? What about gifts to charities?
Strategies for gift giving are important to understand and should be considered within both your financial and estate plans.
My Trust is old, and I want to know if it still functions as it should under current law?
Estate laws have changed in the last several years, and it would be prudent to review the structure of your Trust.
Is my Trust funded correctly?
Should I pay off my house? Should I buy a second or vacation home?
Who should I appoint as my successor trustee?
You need to appoint someone to be your successor trustee; this is an individual who will look after your financial affairs in the event of serious illness and after your passing. We’ll help you and your loved ones understand what this role involves so you know your family is taken care of.
Should my estate attorney and tax advisor collaborate with my financial advisor?
Absolutely. Ensuring your estate plan dovetails with your financial plan is a critical aspect of managing inherited wealth that often goes overlooked. We’ll collaborate with the other members of your team of professional advisors to help you put together a plan for the transfer of your wealth that takes into consideration tax implications and clearly identifies who carries various responsibilities for your affairs down the road. We’ll help guide you through the process and ensure your assets go where you wish.
LEGACY PLANNING: WE DON’T FORGET THE DETAILS
Assets come in many different forms; they could be real estate, investments, insurance policies, and trust funds. Each of these vehicles has various benefits and potential drawbacks to you and your loved ones.
Whether or not you want to leave an inheritance to your children or grandchildren is a relatively simple decision to make; deciding how you’ll leave that inheritance is another matter entirely, one that requires some professional expertise. One poor choice could mean your wealth is greatly diminished, far from the legacy you had intended for your loved ones.
Your wealth is too important to leave to chance. Prepare for the wellbeing of your spouse, your children, and your grandchildren. Leave them an inheritance that has been well planned and protected.
Whether you are facing the challenge of how to best manage a recent or upcoming inheritance or planning for the transfer of your wealth to the next generation, we are here to help. Allow our team of legacy planning experts to help you put together a plan today to protect those you love now and in the future.