Tax-Smart Strategies for Wealth Transfer: Secure Your Family's Future

from Ready For Retirement · host James Conole, CFP®

James responds to listener Jerry’s question about the optimal time to distribute inheritance or charitable gifts: before or after passing away. James walks listeners through four important things to consider when it comes to gifting and inheritance: your gifting goal, whether you have a strong desire to see the assets gifted within your lifetime, the tax implications of various types of gifts, and what to do with assets you plan to retain for now but are intended for future generations.Questions Answered: Should I give my children and grandchildren their inheritance before or after I die?What are the tax implications to my children when I gift them my assets?Timestamps:0:00 - Jerry’s question2:20 - What is your gifting goal?3:38 - Gift during your lifetime?6:51 - Timing and priorities9:17 - Different tax implications12:08 - Exemption amounts14:13 - Tax implications to child15:33 - Proper beneficiary designations21:41 - The right time horizon24:45 - SummaryCreate Your Custom Strategy ⬇️Get Started Here.Join the new Root Collective HERE!

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This episode is 28 minutes long.

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This episode was published on March 19, 2024.

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