Updated: Nov 9, 2021
Planning an inheritance can keep some people up at night. It’s important to move past any discomfort and to successfully organize your estate for your loved ones. Everyone should have an estate plan in place. Being prepared for the unknown can help us enjoy the present.
We’ve listed a few of the questions everyone should ask themselves in a logical progression below, to help you envision your estate plan. Is it important to you that your wealth is passed on successfully? Once you’ve finished the list, if you have any questions reach out to us and we can help you structure your own customized estate plan.
We can help you implement tax efficient strategies so your family, not the Internal Revenue Service, receives more of your legacy.
1. Who will inherit your wealth?
This would commonly include family members, friends, a charity, an organization, or any combination of those options. Your answer here will affect the planning necessary to transfer that wealth.
2. When will you pass on your wealth?
Would you like to pass some wealth on while still alive? This is a particularly special way to pass on wealth because you can enjoy the effects of your gift. Helping grandchildren with the expenses of college would fit into this category.
3. How will you pass on your Wealth?
Have you arranged a tax advantaged strategy yet? Neglecting to plan can lead to a headache for family members and can even end in the courtroom.
4. How much Money will the Internal Revenue Service get to keep?
It’s possible that taxes can be withdrawn as wealth is transferred. Do you have a plan in place to keep your family from paying unnecessary taxes?
5. How much will your beneficiaries receive?
Would you like to pass on different amounts of your money to different people or organizations? Would you prefer to keep everyone’s inheritance equal?
6. How Much Money Will Your Estate Have to Pay the Internal Revenue Service?
Some methods of passing on wealth will burden the beneficiaries with taxes. Have you considered what your heirs will need to pay the Internal Revenue Service?
If you want to pass your wealth on to your family and not the Internal Revenue Service, isn’t this subject worth discussing with an experienced financial advisor? At PRO Financial Network, we can help arrange your estate and work with you to pass on your legacy in a tax efficient manner.
To schedule a time to speak with Michael Romanello, a financial advisor with over 18 years of experience click or call PRO Financial Network at 440-871-3067.