Transferring wealth to heirs and beneficiaries in a tax-advantaged way should be everyone’s goal, no matter their income. The IRS allows taxpayers to gift up to $12.92 million over their lifetime without paying gift tax. Individuals can gift $17,000 to any or all heirs each year without receiving a tax bill. Many people think of an inheritance as something that is left to loved ones after death, yet it is possible to transfer property as an inheritance at any time. To transfer money or property before death,
- Put the money/property into a joint account. This allows your heir access to their inheritance while you’re alive.
- Consider a living trust. This allows you to transfer ownership of your assets and assign a trustee to distribute the assets at any time you choose.
- Insurance strategies. Personal insurance, Liability insurance, and Life insurance can help provide income in retirement and allow tax-free wealth distribution to heirs, and more.
If you prefer to wait until you’re gone to transfer assets, they can be distributed with a beneficiary designation on policies or accounts, through jointly held accounts, by probate, or a trust. Alloy Wealth Management offers Estate Planning and Insurance services to help clients transfer wealth with tax-efficiency. Call 800-689-3935 to speak with one of our team members.