You’ve worked hard to grow your wealth, but have you planned for what happens with it after you pass? With careful preparations you can seek to ensure your wealth is dispersed according to your wishes with minimal tax impacts for your heirs.

How Does It Work?

Passing on your assets entails more than simply writing up a will. Although wills are one vehicle that allow you to communicate your wishes, you have additional options to explore such as:

• Charitable Giving: You have options around charitable giving such as through qualified charitable distributions or using donor advised funds, which can impact your current and future tax liability
• Beneficiaries: The choices you make regarding your beneficiary designations, qualified and non, will impact your heirs and how much they could pay in taxes
• College Funding: You could provide college funding for children or grandchildren through a 529 plan, which will grow tax deferred and be 100% tax free upon distribution if used for qualified education expenses. There are options for minors such as Roth IRAs and UTMAs
  

Taking steps now gives you the ability to determine how, when, and to whom you want your assets distributed.

We can help you choose options to address your financial goals for yourself and your heirs. Contact us to schedule an appointment and learn more.