The United States is a generous nation. Yet, from a practical point of view, charitable giving has valuable income tax benefits that can transform even the less altruistic into full-blown philanthropists.
Building wealth involves hard work, dedication and discipline. Spending your wealth and distributing it is often more complex and requires careful planning. So, what is the ideal time to think strategically about wealth distribution?
After a lifetime of careful stewardship, diligent planning and hard work, many affluent individuals begin to look at how to transfer the assets they have accumulated in the most efficient manner, both for tax purposes and family governance. However, protecting those assets for the long term is all too often overlooked, or considered at most as an afterthought.
Name an executor, check. Retitle bank accounts into the name of your revocable trust, check. Designate beneficiaries for your retirement accounts, check. But not so fast … have you addressed digital assets in your estate plan?