A “wealth” of information
It’s important to be proactive, and begin any wealth transfer planning early in an effort to limit any loss of wealth transferred to the next generation due to failure in tax-efficient planning.
Begin with a family dialogue
An effective wealth transfer plan begins with a series of family meetings around the values and goals of both the family, overall, and each individual member. This dialogue is particularly critical when the older generation is running a family-owned business.
Use a multi-disciplinary team
Wealth transfer planning can involve a host of professionals — tax and estate planning lawyers, accountants, insurance and investment experts, business valuators as well as business succession consultants.
Assess the role of philanthropy
“You can’t take it with you” is only too true. A thoughtful philanthropic plan is often a key aspect of wealth transfer planning. It can redirect monies that would otherwise have been spent on taxes so as to enhance the amounts available to satisfy philanthropic goals. Further, a family foundation can serve as a unifying vehicle for subsequent generations.
Recognize that planning is dynamic
An old plan is often a bad plan. Plans need to be revisited periodically and revised when needed. Wealth transfer is inevitable — whether it’s planned and orderly or expensive and chaotic is a choice that today’s wealthy Boomers should make before it’s made for them.
MMFCU Services and Solutions
We offer a wide and well-rounded menu of services for members of every age and lifestyle. Contact Investment Services to learn about 401(k), IRA and other wealth management and transfer options. Learn More >
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Home Equity Options
Using the equity in your home can be an economical option for taking that dream vacation, investing in home improvements, finally buying that RV or boat you’ve always wanted. Borrowing against the equity in your home gives you a low interest rate and only one monthly payment, plus the potential advantage of tax deductible interest. We offer a full menu of equity programs to choose from. Visit with one of our team members to learn about these benefits and options. Learn More >
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