Every situation involving wealth transfer planning has elements that make it unique. In terms of what makes wealth transfer planning effective, it’s being able to focus on the current and potential future needs of the beneficiaries you choose. This process commonly begins with taking care of a couple’s current needs, followed by providing for the surviving spouse. From there, the focus may shift to children, grandchildren and/or a charity.
During the wealth transfer planning process, it’s important to take time to consider each beneficiary on an individual basis. This will give you the ability to assess different needs and figure out how to best use your wealth as a solution. Handling planning in this way can ultimately lead to the realization that certain beneficiaries may not have a need for your wealth or would actually be harmed by too much of it.
You may also decide that it doesn’t make sense to distribute your wealth evenly or that giving all your assets to your children isn’t the approach you want to take. Another potential discovery is assistance can have more of an impact on a beneficiary now than it would in the future.
Not only will Life Care Legal Counselors guide you through these important decisions, but we’ll provide you with peace of mind by putting an initial plan in place to provide a reliable course of action to follow in the unfortunate event that you pass away before the wealth transfer planning process is completed.