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

Ready For Retirement

James Conole, CFP®

Investment Planning, Bonds, Education, Stocks, Cash, Business, Dividend Investing, Retirement Planning, Retirement, Investing, Tax Planning

5 • 706 Ratings

🗓️ 19 March 2024

⏱️ 28 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

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...

Transcript

Click on a timestamp to play from that location

0:00.0	The primary goal of most people's financial plan is to ensure they're going to be okay for the rest of our lives.
0:04.7	Practically speaking, what that means is do they have enough income to maintain their lifestyle?
0:08.6	And then do they have enough excess or margin left over for those unexpected expenses that will inevitably come up?
0:14.2	But even beyond that, once you've accomplished that goal of ensuring you're going to be okay for the rest of your life, there are still other goals.
0:20.6	One such goal is how can we, in the most effective way, take care of children and even grandchildren?
0:26.5	Whether that means gifting during our lifetimes or passing down assets in the most effective way after our lifetimes,
0:32.8	many people have a desire to take care of family, take care of kids and grandchildren.
0:37.5	So in today's episode of Ready for Retirement, what we're going to do is discuss how you
0:41.4	can think about that and what steps you can take to most effectively pass assets down
0:45.6	or to take care of children and grandchildren.
0:50.3	This is another episode of Ready for Retirement.
0:52.8	I'm your host, James Cannell, and I'm here to teach you how to get the most of the life with your money.
0:57.1	And now, on to the episode.
1:00.7	To do so, we're going to be addressing a listener question, and this question comes from Jerry.
1:04.5	The question is kind of written in bullet points, but I think the gist of it is going to come out as we go through this. Jerry writes this, parents in last year of life,
1:12.1	but they want to start giving some wealth away to see their kids and grandkids enjoy it.
1:15.8	Blessed to have more than they can spend. Should they wait till they are passed or start giving
1:20.6	money to kids and grandkids? Same parent is getting $500,000 in sale of a house, not certain
1:25.9	what to do with money. Invest for my kids and gift when
1:28.6	they pass. What would you invest it in? Parents are in their mid-career or would you give them
1:33.4	money for kids now and watch them spend or advise them to spend it? It is like getting a windfall in your
1:38.2	80s. What should you do if you don't need the money? So that's a question, Jerry. Thanks for writing that in. I know that's kind of a little choppy, a little bit
	...

Transcript will be available on the free plan in -373 days. Upgrade to see the full transcript now.

Previous episode | Next episode

Disclaimer: The podcast and artwork embedded on this page are from James Conole, CFP®, and are the property of its owner and not affiliated with or endorsed by Tapesearch.

Generated transcripts are the property of James Conole, CFP® and are distributed freely under the Fair Use doctrine. Transcripts generated by Tapesearch are not guaranteed to be accurate.