Take a look at this popular way to shift wealth with a minimum of tax consequences for you or your heirs.The intrafamily loan can be a simple and effective wealth transfer strategy, and is often underutilized.With an intrafamily loan, parents can provide a financial resource to their children for a specific use, or create a trust for their benefit.
A will allows you to select the individuals who will receive what you own when you die.A will includes specific directions on how you wish your estate to be distributed after your death, including provisions for any tangible personal property that you may own.If you don’t have a will in place, you can’t select the recipients of your property and the state you reside in will determine how your property is divided.
Motivating your children to achieve financial independence beyond their trust payouts. Family incentive trusts offer innovative strategies for distributing wealth while passing on the family’s work ethic to the next generation.Parents can specify almost any rules they want, reflecting their desire for their heirs to seek higher education or to set up a successful business.
