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Tax-Free Wealth Transfer

Tax-Free Wealth Transfer

Inheritance taxes, sometime called death taxes, are optional if planned for ahead of time. In most areas, there are rules that prohibit “death bed transfers.” Usually, if the transfer of wealth is planned and action is taken at least one year before death, you can significantly reduce or eliminate inheritance or death taxes.

The decades of experience the advisors at Integrity Retirement Solutions team has can be instrumental in passing a larger and cleaner legacy to your loved ones or charities.

It’s not just taxes that can deplete a legacy; legal fees, probate fees, greedy hands, estate contests, and the costs associated with delays can reduce your legacy. Proper wealth transfer planning can ensure a much larger legacy with minimal delays, problems, and legal battles. The efficient transfer of wealth should be part of a properly planned estate.

We had an 80-year-old female client who was never married and had no children. She had $1,000,000 to pass to her nieces and nephews. If they inherited the $1,000,000 the way she had planned, her nieces and nephews would have inherited less than $800,000 after a 15% Pennsylvania inheritance tax and legal fees. Our plan had her nieces and nephews inherit $1,700,000 tax-free and no legal fees. And, if the client needed any money for emergencies, it was available.

Working with an advisor who has advanced knowledge in tax-free or tax-favored wealth transfer can make a huge difference in the outcome.

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