From gifting money to children to transferring ownership of a home, it’s important to understand some parameters for the best way to pass on inheritance.
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.