As you approach your later years, you likely have concerns about your wealth staying in the family or going to causes that matter to you. Macino Financial Services has years of experience assisting clients with their wealth transfer & gifting needs. We would be honored to assist you in this area.
Unfortunately, you have no control over your wealth transfer and gifting if you pass away without a will or trust in place. State law determines the distribution of your assets instead. We are comfortable to work with, even when creating a will. We actively listen to ensure that your will truly reflects your desires.
At this stage of financial planning, it’s also a good idea to make sure that your retirement plans, annuities, life insurance policies, and other investments are payable to the “named” beneficiary of your choice. This is especially important in Ohio where no beneficiary life insurance laws exist. Additionally, different laws are in place depending on whether you have a 401K or individual retirement account (IRA) that we will clarify for you.
Gifting gives you the opportunity to transfer part of your assets to beneficiaries during your lifetime to reduce your taxable income. By implementing sophisticated gifting techniques, you can provide ongoing income for yourself or your heirs, pay for your child’s education, or leverage your annual exclusion gifts. An individual can gift someone up to $14,000 and a married couple can gift up to $28,000 without having to file a gift tax return. This is called the annual exclusion.
You can reduce estate taxes and avoid probate by transferring your wealth to one of the following:
The above represent just a handful of examples of how we can assist you in creating a wealth transfer and gifting plan. Please contact Macino Financial Services to schedule an initial consultation to learn more.