Your wealth doesn’t just represent security, freedom, and   opportunity for you. It offers that for your family as well. And the
time comes when you must look to the future and determine how you want   your wealth to impact your family, your community, and society as a
whole. For those with the goal of leaving a lasting legacy, developing a tax-efficient wealth transfer strategy is a decision that can impact generations
to come as well as to foster harmonious relations in the family. The following are strategies you may consider in developing a wealth transfer plan: Gifting You can start transferring your wealth while you’re still alive through appropriate gifting mechanisms that may reduce your tax liabilities.
Trust With the right trust solutions, you can manage your assets without disruption in the event of your death or disability
and pass your holdings efficiently to loved ones and favorite charities. Specifically, trusts can help you address a wide range of situations, from paying
for your children’s or grandchildren’s education and ensuring that special needs children are properly cared for throughout their lifetimes to supporting
a charitable cause or even involving family members in philanthropy. Life Insurance You can use this to help maintain beneficiaries’ lifestyles
or provide liquidity for paying estate taxes. And you can do more than preserve wealth, you can actually increase the amount passed onto a recipient, and
do so in a tax-efficient way. For example, a death benefit from a policy is passed tax free to a beneficiary. Because those funds can count towards the
gross value of an estate, however, it’s best to ensure the policy is part of an irrevocable life insurance trust. Mintco Financial recommends suitable
wealth-transfer strategies for you based on an in-depth analysis of your desires. We will help to create efficient ways to pass your assets to loved ones
and favorite charities. www.MintcoFinancial.com Call us at 813-964-7100
Source: Blog