Seniors age 70½ and older may benefit from a unique provision of individual retirement accounts (IRAs) when considering gifting strategies.
Some large estates will owe estate taxes this year and there is a valuable tax deduction that is often overlooked.
When children inherit wealth from their parents, they may seek guidance elsewhere if they do not have a relationship with their parents’ advisor.
Only a small percentage of heirs stay with the financial advisor used by their parents, making it critical for advisors to connect with the next generation.
In a new wave of wealth transfer, $30 trillion is projected to move to the next generation over 30 years, leading some advisors to rethink their businesses.
Most estates may fall within the exemption level from federal estate taxes but investors still need to plan for the orderly transfer of wealth.