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October 18th, 2011

How Prudent is Your Wealth-Transfer Strategy?

By Dave

Empowering generations to come with your legacy requires a strategy. It is important to keep your financial wealth alive for generations to come. It is vital to have a plan designed to weather the uncertainties surrounding future transfer-tax laws.

Integrating investment and estate planning with your core values, Empowered Wealth can help put your plan to action. While wealth-transfer planning needs are unique and personal, consider these general guidelines:

• Employ an advisory team to add critical context to key decisions

• Assess your gifting capacity—take a financial assessment of what you can gift without jeopardizing your ideal lifestyle.

• Lifetime gifts allow income and appreciation to grow free of gift and estate tax—a big financial benefit to heirs rather than a transfer at death.

• Using annual exclusion gifts, the lifetime gift-tax exemption, and educational/medical gifts are powerful and can benefit your plan.

• Review your plan often—keep it current as situations change.

In your plan consider a strategy that provides a legacy for not just the first generations, but create a plan that benefits multi-generational wealth. You may or may not have received an inheritance so to speak, but consider how that impacts one’s life. True wealth and empowering generations in the future is much deeper than the financial aspect alone.

Visualize an iceberg and imagine the tip to represent your financial legacy. The majority of the ice rests below the water level and represents everything else to enrich your posterity. That is to say your core values, education, relationships, confidence, etc… Enrich the lives of generations to come with those traits that are most valued in you.

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