Wealth Transfer

We divide family wealth transfer planning into three areas:

• Testamentary Transfers. The simplest planning tools use a well-drafted will and other planning documents such as credit shelter trusts. This can leave your heirs a large income and estate tax bill, and the federal government a large tax windfall.
• Lifetime Transfers. This approach helps you take advantage of the substantial tax advantages available through the use of lifetime gifts. These gifts can be held by various entities that allow you, the "grantor", to retain control over and income from gifted assets.
• Charitable Transfers. A tax-favored transfer strategy is the shifting of family assets to public and/or private charities. These charities often include family foundations that are managed by family members. The family retains control over the gifted assets and access to income generated by these assets.

At Financial Designs we work with you to develop a comprehensive plan called a "Wealth Transfer Memorandum." In this Memorandum, we focus on the essentials of transferring your assets to the next generations and/or charitable organizations or foundations. The Memorandum includes specific planning techniques for minimizing estate, gift and income taxes in a manner consistent with your overall objectives. The completed Memorandum is a living document understandable, practical and usable. We review this document with you on a regular basis, revising it to make sure your changing objectives and current tax laws are properly reflected.

The Memorandum has two functions. First, it provides an overview of your family's financial situation and current estate planning strategies. Second, it provides you with descriptions of additional planning tools and strategies that can further your ability to meet your wealth transfer needs and objectives.

Click here to see an overview of the Memorandum process.

To complete the family wealth transfer planning process, Financial Designs provides insurance advisory services. Life insurance is a very powerful estate transfer planning tool particularly in an uncertain legislative environment. The actual Wealth Transfer Memorandum details various life insurance applications that apply to your unique family needs. We represent your family's wishes in the life insurance acquisition process. Our experts design diversified and balanced insurance portfolios suitable for current needs and long-term wealth transfer trusts. As independent insurance advisors, we offer you the best products from America's top insurance providers.