6 Key Questions: Transferring your wealth

Transferring your wealth.

When you consider the legacy you will leave behind, you want the best possible outcome for the things you care about: your family, your loved ones, and your philanthropic causes. Without a well-designed formal plan, your best hopes may not come to pass. Consider the following questions and contact your Huntington Private Bank® advisor to begin the conversation.

  1. "Do I really need a formal plan?" The truth is, you already have a formal plan: the default plan. The state you reside in has this plan codified in law. If you want your specific wishes to be carried out, even after you’re gone, you will need your own plan and appropriate documents. Your plan should cover all of your goals, from philanthropic objectives to protecting assets from creditors and other priorities.
  2. "Does transferring my assets mean I will no longer control them?" Control doesn’t require ownership. Transferring ownership of family assets to certain types of trusts, family members, or other entities could help protect that property from “creditors and predators.”
  3. "For tax purposes, should I gift assets now or put it all in the estate?" Gifting now or later isn’t an either/or question, whether it’s to your heirs or a cherished charity. As laws and regulations have changed recently, a combination of current and future gifts may be most efficient and effective. Careful planning can help minimize taxes for you and your heirs.
  4. "Do I need to put my assets in trusts?" The exact vehicles for your estate will depend on your goals. Trusts are a workhorse of legacy planning, helping with tax efficiency, asset protection, support and oversight of heirs, and many other priorities. One of the benefits of using trusts is that they can offer professional management.
  5. "Do I need a professional trustee?" A professional trustee can ease the burden on your loved ones after you’re gone. Having professional trustee oversight of a trust, either in conjunction with a family member or on its own, can help ensure that your plans are followed as you wished.
  6. "When should I begin planning?" It is never too late, or too soon, to begin planning. And there’s good reason to seek professional guidance as you identify goals, build an effective plan, and establish trusts and other plan structures. Good planning can be invaluable at any stage, and you’ll need to revisit and update your plan periodically.


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