Queens Wealth Transfer Planning

• Preventing legal complications: Thorough planning can streamline wealth transfer by reducing the likelihood of legal disputes.
• Personal wish fulfillment: By clearly outlining your wishes in legal documents, you can make certain that your assets are distributed exactly as you intend.
• Reducing stress for beneficiaries: A well-thought-out wealth transfer strategy can ease emotional and financial burdens on loved ones, particularly in times of stress and grief.

Common Wealth Transfer Strategies

Generally, you have two options for transferring wealth. These include lifetime giving and leaving property, assets, and other valuables to beneficiaries after death. Numerous tools are available for accomplishing either, such as:

Wills

A will is a legal document that details how to manage and distribute your assets after death. In your will, you can name beneficiaries, specify which property or assets your beneficiaries should receive, and appoint an executor to oversee the distribution process. 

Pour-over wills are beneficial for wealth transfer, especially in conjunction with a living trust. These wills order any unallocated assets to be placed (“poured over”) into a living trust after a person passes away. This tool can streamline wealth transfer and reduce the difficulties of probate.

Trusts

Trusts are powerful tools for giving assets and property to beneficiaries without probate. This can reduce taxes and simplify the wealth transfer process. Several types of trusts exist, including revocable and irrevocable trusts. Learn more about these estate planning tools and how we can help you utilize them on our trusts page. 

Family Limited Partnerships (FLPs)

FLPs involve transferring asset ownership to a partnership, with family members as limited partners. This allows for centralized asset management, potential tax advantages, and protection from future creditors.

Naming Account Beneficiaries

You can name beneficiaries for assets like life insurance policies and 401(k) accounts, IRAs, and other investment accounts. It is important to be mindful of designations and ensure they align with other estate planning tools. Discrepancies between beneficiary designations and trusts, for example, could compromise your wealth transfer strategy.  

Joint Tenancy with Rights of Survivorship (JTWROS)

In a JTWROS arrangement, two or more people possess bank or investment accounts. When one owner passes away, the other automatically assumes full account ownership. This may be a simple way for you to transfer wealth.