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Wealth / Estate Preservation

Essentially, wealth transfer planning is the process of positioning assets that will not be needed during a person’s lifetime so that they may be transferred in an efficient manner to the next generation. An effective wealth transfer plan will allow you to transfer wealth to your heirs in a financially sound and, in some cases, a tax-advantaged manner. Most anyone should be concerned with wealth transfer planning at some level. A common misconception about wealth transfer planning is that it is only for the wealthy. While the wealthy may require sophisticated estate planning, wealth transfer planning is beneficial to everyone who has assets that will need to be transferred upon death. Depending on a person’s age, family status and asset mix, the wealth transfer process may be as simple as repositioning assets. It could also be as complex as establishing and funding Irrevocable Life Insurance Trusts (ILITs), or setting in place a variety of tax-reducing strategies.