There are few things more important to successfully transferring wealth than solid financial planning. The failure to plan a tax-efficient wealth transfer can greatly diminish the amount of wealth that ultimately reaches the next generation. With so much focus on building an effective retirement plan, creating an equally effective plan for transferring hard-earned assets can unfortunately be an afterthought.
For those with the goal of leaving a lasting legacy, developing a tax-efficient wealth transfer strategy is a decision that can impact generations to come as well as to foster harmonious relations in the family.
Here are some key points to consider when planning a tax-efficient wealth transfer:
With sufficient time and planning, you, your family and your advisors can design a wealth transfer plan that is both tax-efficient and fair to all. Proper planning for wealth transfer is an area of specialization for Heritage Wealth Management and we welcome the opportunity to help you craft a plan that you and your family can be proud of.