How Should You Transfer Wealth to the Next Generation?

Scaling Your Business and Wealth PodcastHost: Eric Tashlein, CFP®, CEPA®Episode Summary: How Should You Transfer Wealth to the Next Generation?Transferring wealth to children and grandchildren is about more than simply choosing an account. In this episode, Eric Tashlein explores several wealth-transfer strategies, including Trump Accounts, outright gifts, UTMA/UGMA accounts, trusts, and 529 plans. He explains how each option can serve a different purpose and why the right strategy depends on your goals, the amount being transferred, and the age and financial maturity of the recipient.Key Takeaways:Trump Accounts may provide a way to begin investing for eligible children while they are young.Outright gifts offer flexibility but also mean giving up control over how the money is used.UTMA and UGMA accounts allow a custodian to manage assets for a minor, but the child eventually gains control of the account.Trusts can provide greater control over when, how, and for what purposes wealth is distributed.A 529 plan can be an effective strategy when education is the primary goal.Wealth-transfer planning should consider not only how much you give, but whether the next generation is prepared to manage it.Core Message:When transferring wealth, don't start by asking, "Which account should I use?" Start by asking, "What do I want this money to accomplish?" The right strategy is the one that aligns the wealth with your goals and the people you're trying to help.Connect with Eric Tashlein, CFP®, CEPA®:📞 203-350-4050🌐 OES Wealth Partners: https://www.oeswealthpartners.com/🔗 LinkedIn: https://www.linkedin.com/in/eric-a-tashlein/Disclosure:Securities are offered through Registered Representatives of Cambridge Investment Research, Inc., member FINRA/SIPC. Advisory services are offered through Cambridge Investment Research Advisors, Inc., a registered investment advisor. OES Wealth Partners, LLC and Cambridge are not affiliated. This podcast is for informational purposes only and should not be considered investment advice.