Trusts, Gifting, and Legacy: Estate Planning Strategies for Generational Wealth

Key Takeaways:

• Know how estate taxes work: Without proper planning, your family could face large tax bills when wealth is passed on after death.
• Understand the exemption limit: The current estate tax exemption is $15 million per person, but planning is important no matter your net worth.
• Use smart estate planning tools: Strategies like gifting assets, creating irrevocable trusts, and forming family partnerships can help lower taxes.
• Work with the right professionals: A CPA, estate attorney, and financial advisor can help make sure your estate is handled according to your wishes.
• Start planning early: Early estate planning helps transfer wealth smoothly and ensures you leave a meaningful legacy for future generations.

 

Chapters:

Timestamp Summary

0:00 Understanding Estate Taxes and Planning for Wealth Transfer

2:42 Understanding Estate Taxes and Their Impact on Inheritance

3:13 Estate Planning Strategies to Minimize Tax Burden

5:24 Exploring Major Strategies in Financial Planning

5:50 Estate Planning Through Gifting and Trusts

7:19 Estate Planning Strategies: Gifting, Partnerships, and Trusts

8:21 Considerations Before Moving Assets Into an Irrevocable Trust

8:59 Discussing Permanent Solutions to Permanent Problems

10:01 Investment Risks and the Importance of Professional Guidance

 

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.