Using effective inheritance planning strategies will minimize taxes and help keep your money where it belongs – with your family. Updating beneficiary designations is very easy to do and something that you can take care of on your own. Yet when it comes to ensuring that you have the strategies in place that will allow you to transfer wealth with tax-efficiency, it’s best to work with a professional. At Alloy Wealth, we help people create comprehensive estate plans every day. 

Estate plans are always customized and involve various legal documents that are drafted then filed so that an individual can manage their affairs now and when they are gone. We often recommend trusts to allow for complete control over the distribution of assets while minimizing the impact of taxes and avoiding probate. Most people assume that only wealthy people need trusts. That is not at all true. If you want to have total say in who gets what, avoid legal issues, prevent infighting, and reduce taxes, then you need a trust and we can help you create one.

People often say, “you can’t take it with you” and yet cling to their money with the intention of making their kids when they die. Why wait. Give your money away to your friends and family while you’re alive to watch them spend it. It’s called a living inheritance and it’s a fun way to transfer wealth and reduce the impact of taxes on an estate. You can control where your money goes while helping those you love to pay for things they may otherwise not be able to afford, like college educations, weddings, children, or even dream vacations. You can gift cash, stocks, bonds, and other assets but there is a limit to how much you can give to each person yearly. Currently the amount is $19,000 but the gift tax limit changes each year. 

You work hard your entire life to build wealth and provide for your family. By using effective inheritance planning strategies you can ensure your wishes are carried out and your loved ones are protected. Call 800-689-3935 to schedule an appointment. We look forward to meeting with you.