Passing Down Assets

One of the key components to a successful estate plan is making sure that the assets, that you have worked your entire life to accumulate, are successfully transferred to your heirs upon your death.

But what if there are unintended negative consequences to those transfers? What if those transfers place your beneficiaries into a higher tax bracket?  What if there are taxes owing that your heirs and your estate cannot afford to pay? What if those transfers give in-laws or divorced spouses access to your beneficiary’s share? What if you have have a minor or disabled child and an outright transfer will impact their benefits or even terminate the benefits that they are receiving upon your demise?

Say for example, that you have a life insurance policy that has accumulated over time and has large sums of available, tax-advantaged money and asset protected cash.  An outright transfer may have far more reaching consequences than just tax liability.

All of the above scenarios must be taken into account when considering asset transfers as part of your estate plan.  How your assets are titled and your beneficiary designations will control the ultimate distribution of your assets.  Our advisors can present solutions to you that not only may minimize the estate taxes that your estate may pay, but also direct your assets to their intended recipients.

Let us help you start your journey!