Wealth Transfer Planning

Wealth transfer planning involves the smooth transition and distribution of wealth according to your wishes. With proper estate planning, you decide to whom, how, and when your assets will be distributed, as well as who will manage your estate or business. Special issues you may deal with are providing financial security for others, planning for children of a previous marriage, equalizing inheritances fairly, and retiring from your business. Wealth transfer planning also involves the management of assets during disability or incapacity.

A major goal of wealth transfer and estate planning is to minimize potential taxes without interfering with your other financial goals. If you give away wealth, during life or at death, you may incur federal—and possibly state—taxes. You can help protect the assets you transfer from excessive depletion by understanding these taxes and the various strategies you can use to minimize them.

Life Insurance can be an extremely effective tool in wealth transfer planning. Not only does life insurance safeguard loved ones from unexpected debt and financial hardship, the death and living benefits of permanent life insurance hedge against market volatility and help protect you from future economic downturns. Having the right insurance policies in place makes wealth transfer and estate planning a lot easier. It also can be used to grow your assets and increase the value of your estate in the long run.