In an article published on statefarm.com this month, Co-Founder Zach Morris offered his insight and expertise on wealth transfers.
One reason some people focus on building wealth over a lifetime is to be able to pass along resources and provide opportunities to their children and grandchildren. But it takes time and planning — as well as conversations about expectations and shared values — to have this transfer work well for everyone.
The concerns about wealth transfer vary, from worrying about estate taxes to keeping a home in the family. So what is the best way to pass on an inheritance and set up an estate transfer the way you want? Consider these steps.
Establish some wealth transfer goals
While some people want to leave a large sum to their children, others are more interested in bequeathing their assets to charity, says Zach Morris, co-founder of Paces Ferry Wealth Advisors in Atlanta. Still, others prefer to complete a wealth transfer to their children during their lifetimes.
We have a lot of people who say, “I gave my kids a great education, and now my savings are there so I can enjoy my retirement,” Morris says. “For other folks, helping their kid buy their first home or paying for a large wedding is something that’s very important.”
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Paces Ferry Wealth Advisors, LLC is a registered investment advisor with the U.S. Securities and Exchange Commission (“SEC”). This material is intended for informational purposes only. It should not be construed as legal or tax advice and is not intended to replace the advice of a qualified attorney or tax advisor.