Estate Planning for
Future Generations

There are few things more important to successfully transferring wealth in a tax-advantaged manner 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.

Efficient Wealth

Here are some key points to consider when planning a tax-efficient wealth transfer:

  • Be proactive and start planning early. Planning needs to start many months, if not years, before the ultimate transfer.
  • Involve family members in the process. The passing of a loved one is challenging enough without having to sort through the complex problems of a poorly planned estate.
  • Find an experienced and trusted advisor.
  • Explore the various options available and decide what is best for you and your heirs.
  • Develop a charitable giving plan and an estate plan.

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 Simon & Simon Financial and we welcome the opportunity to work with your estate attorney or one of the estate attorneys we partner with to help you craft a plan that you and your family can be proud of.