There are few things more important to successfully transferring wealth than solid financial planning. The failure to plan a tax-efficient wealth transfer can greatly diminish the amount of wealth that ultimately reaches the next generation. With so much focus on building an effective retirement plan, creating an equally effective plan for transferring hard-earning assets can unfortunately be an afterthought.
Some key points to consider when planning a tax-efficient wealth transfer include being proactive, involving family members in the process, finding an experienced and trusted advisor, exploring the various options and developing a charitable giving plan.
With sufficient time and planning, you, your family and your advisors can design a wealth transfer plan that is both tax-efficient and fair to all. Proper planning for wealth transfer is an area of specialization for Solomon Financial and we welcome the opportunity to help craft a plan that you and your family can be proud of.