Leveraging Strategy for Big Wealth Transfers

More than $68 trillion will flow from baby boomers to their adult children or grandchildren. In an upcoming generational wealth transfer, this can often raise many important questions about what to do with your assets and how to effectively plan ahead. Choosing the right strategy to empower your loved ones while limiting possible tax consequences is key, especially if you want to maximize the value of what you’re passing on to future generations.

A significant part of your legacy planning involves thinking about different generations of family members and the role that emotions play.

When cross-generational wealth as well as unique family dynamics become involved, it is often easy to overlook logical steps and to rule with your emotions. Intergenerational conflict can also up the ante with estate planning conversations, and it is very important to think about the value of involving outside experts.

This is especially important if your family has significant dysfunction or if you intend to purposefully disinherit. Someone working with a knowledgeable estate planning attorney can help you walk through these issues and to decide what is most important about helping your loved ones.

Finding a qualified and experienced estate planning attorney can make sure that your estate plan is in line with your individual goals and what you intend to accomplish with family members. With significant intergenerational wealth on the line, it is important to also think about tax consequences and opportunities to minimize the size of your estate. Contact a dedicated and experienced estate planning lawyer in Virginia to learn more about your options.