Nevada Wealth Counseling FAQ: What Is Legacy Wealth Planning?

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NEVADA WEALTH COUNSELING FAQ
What Is Legacy Wealth Planning?
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More Than Estate Planning
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Everyone should have an estate plan in place,
regardless offinancial status
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However, when you have accumulated considerable
wealth you have added layers of concern
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High net worth individuals should engage in the
process of LEGACY WEALTH PLANNING
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Preserve Your Wealth
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When you have wealth that could logically remain
intact over multiple generations you must plan
ahead appropriately
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MANY FORTUNES HAVE BEEN LOST as they have been
handed on to SUCCEEDING GENERATIONS
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This can take place for any number of reasons
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Inheritance Mismanagement
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There are those who are not fantastic money
managers
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• Inherited assets are sometimes lost due to poor
  decision-making

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When you are engaged in Legacy Wealth Planning
you can take legal steps to prevent mismanagement
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Federal Estate Tax
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Federal transfer taxes can erode your financial
legacy CONSIDERABLY
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There is a federal estate tax in place that
carries a 40 percent maximum rate
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• At the present time the amount of the federal
  estate tax exclusion is 5.25 million

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Anything that you bequeath that exceeds this
amount is potentially subject to the Federal
Death Tax
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Federal Gift Tax
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We also have a federal gift tax in the United
States
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It is unified with the estate tax, and as such it
too carries a 40 percent maximum rate
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The 5.25 million exclusion applies to gifts you
make during life as well as the inheritances you
leave behind
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Tax Efficiency Strategies
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Effective Legacy Wealth Planning will involve
the implementation of TAX EFFICIENCY STRATEGIES
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• There are a number of legal strategies that can
  be implemented to mitigate your transfer tax
  exposure

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Philanthropy
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Philanthropy can be part of your legacy wealth
plan
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You may want to have your name associated with
acts of charitable giving into perpetuity
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In addition to the personal rewards, there can be
significant tax savingswhen you give to tax
exempt causes, institutions and organizations
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Northern Nevada Wealth Counselors
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If you would like to learn more about LEGACY
WEALTH PLANNING we invite you to contact our
firm to schedule a free consultation
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If you live in northern Nevada give us a call at
775-823-WILL to make an appointment
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If you live in northern Nevada give us a call at
775-823-WILL to make an appointment
Or visit our website
www.Wealth-Counselors.com