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

Tax-Smart Strategies for Wealth Transfer: Secure Your Family's Future James Conole, CFP® 28:25

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 question
2:20 – What is your gifting goal?
3:38 – Gift during your lifetime?
6:51 – Timing and priorities
9:17 – Different tax implications
12:08 – Exemption amounts
14:13 – Tax implications to child
15:33 – Proper beneficiary designations
21:41 – The right time horizon
24:45 – Summary

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