Wealth Transfer Planning
One of the most important considerations for an individual is the transfer of wealth and estate to your children, grandchildren, loved ones, and important causes.
While the tangible assets are often the first line of thought, individuals often define their true wealth as their causes, their family, and the imprint they leave. That’s why understanding and planning for wealth transfer is so important.
Setting up for a successful transfer
When thinking about wealth transfer, many people automatically think about how to minimize the tax impacts of their estate. While this is important, the family dynamics often have the biggest effect on the successful transfer of wealth, according to your wishes. Studies have shown that families who communicate openly have the highest probability of a successful outcome.
Key considerations for a transfer of wealth
Our experienced Wealth Planners and Trust Officers can help you address key family dynamic considerations head on. A solid wealth transfer plan considers the entire picture for the legacy you are writing for yourself. Questions we will consider with you:
- Have you had a major life event that may change your situation such as a new child, grandchild, marriage, or divorce?
- Have you updated your will or revised your plan or considerations for any reason?
- Have you inherited money yourself and want to preserve previous intents?
- Is retirement of a spouse or the health considerations of a loved one a factor?
- Are all the children or grandchildren receiving similar assets or are there other considerations because the asset type may differ?
- Is there a business succession strategy that needs to be considered?
