We are approaching the biggest wealth transfer ever, as Baby Boomers prepare to hand off their life savings to their heirs. However, will their heirs actually get the full amount of the wealth intended for them…or will a large amount be lost to unnecessary taxes?
According to the Exit Planning Institute of Ohio, recent studies show that over 60% of the current U.S. business market is owned by baby boomers (those born between 1946 and 1964), who are ready to exit or transition their business over the next 10 years.
Although you may be excited about the prospect of receiving unexpected money, there are certain financial moves experts say you should make to make sure you’re prepared for that inheritance.
If you really want to help your heirs out, these are some of the best assets to leave them.
If you are one of the many people who start getting serious about their finances as they reach their 50s, enjoy this guide for your next steps.
Creating a list of digital accounts and instructions on how to gain access to them is now akin to having a traditional will or a trust in estate planning.
A TOD account allows the account holder to name a beneficiary on a non-retirement financial account to receive assets at the time of the account holder’s death, thereby (generally – i.e., when used correctly) avoiding probate.
Highfalutin terms like “estate planning” can put off younger adults and conjure grandiose notions of excessive wealth.
Even those who have saved and invested well may not be sharing their financial information with a spouse or loved one. It’s time to do that now.