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Wealth Transfer

Wealth Transfer

Wealth Transfer & Gifting

What You Need to Know About Wealth Transfer and Gifting

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.

Distribute Assets by Creating a Will and Naming Beneficiaries

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.

Providing Gifts to Individuals

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.

Using Trusts to Transfer Wealth

You can reduce estate taxes and avoid probate by transferring your wealth to one of the following:

  • Irrevocable Gift Trust: This provides your beneficiaries with access to gifted funds until they reach an age you establish.
  • Life Insurance Trusts: This allows you to keep the death benefit of your life insurance policy out of your estate.
  • Revocable Living Trusts: This allows you to transfer wealth to your heirs more efficiently, but remains a part of your taxable estate.

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.

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Investment advisory services offered through Virtue Capital Management, LLC (VCM), a registered investment advisor. VCM and Macino Financial Services are independent of each other. For a complete description of investment risks, fees and services, review the Virtue Capital Management firm brochure (ADV Part 2A) which is available from your Investment Advisor Representative or by contacting Virtue Capital Management.

 The content of this website is provided for informational purposes only and is not a solicitation or recommendation of any investment strategy. Investments and/or investment strategies involve risk including the possible loss of principal. There is no assurance that any investment strategy will achieve its objectives.

Information provided is not intended as tax or legal advice, and should not be relied on as such.  You are encouraged to seek tax or legal advice from an independent professional.

Investment advisory services are offered through Virtue Capital Management, an SEC Registered Investment Advisor. Macino Financial and VCM are independent of each other. The firm only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements. SEC registration is not an endorsement of the firm by the Commission and does not mean that the adviser has attained a specific level of skill or ability. All investment strategies have the potential for profit or loss. Changes in investment strategies, economic conditions, contributions or withdrawals may significantly alter a portfolio’s performance. There is no guarantee that any specific investment or strategy will be suitable or profitable for a particular client. Past performance is no guarantee of future success. We cannot guarantee that a portfolio will match or outperform any particular benchmark. None of the content should be viewed as an offer to buy or sell, or as a solicitation of an offer to buy or sell the securities discussed. Information on this website does not involve the rendering of personalized investment advice, but is limited to the dissemination of general information on products and services. A professional adviser should be consulted before implementing any of the options presented.