Your Internet Browser appears to be out of date! For optimal viewing and security, we recommend that you upgrade your browser

Wealth Transfer Plan

Wealth Transfer Plan

A wealth transfer plan can help minimize the impact of taxation as estates are passed to heirs, charities and other beneficiaries. People building wealth transfer plans often consult financial advisors, attorneys and other specialists to build a strategy that fits their needs.

Strategies often include deploying different types of trusts, wills and, in some cases, life insurance. Points to consider:

  • Gifting is a strategy for transferring wealth to beneficiaries during your lifetime, while also potentially reducing your taxable estate. The 2015 Internal Revenue Service tax exemption limit for gifts is $14,000.
  • Certain types of life insurance, such as single premium permanent life, allow you to instantly leverage an existing sum of money to be passed tax free to your heirs. Such policies can often be held inside a trust.
  • Because beneficiary designations take precedence over instructions you may have left through your will or in a trust, it is important to review them periodically. Assets such as IRAs, annuities, and life insurance list beneficiaries.

User Agent