An estate plan outlines how you’d like your assets to be distributed upon your passing. It helps ensure that your wishes are upheld, your legacy is cemented and your loved ones are cared for. It can also spare your family from unnecessary confusion, conflict, and tax burdens. For these reasons and more, estate planning is a pillar of any comprehensive financial plan regardless of your wealth or the number of assets you own.
Gifting money to your children and grandchildren is more than just a way of showing them how much they mean to you — it’s a way to contribute meaningfully to their financial futures, helping ensure they have the means to pursue their dreams and take advantage of life’s opportunities. But when it comes to passing wealth down to your loved ones, the strategy you employ can bear significant tax implications for you and for them.
Creating an estate plan doesn’t have to be difficult when you consult a financial advisor. Contact an Elevage Partners advisor today for help selecting the right options for you, your family and your WHY.