How to Preserve Generational Wealth

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How to Preserve Generational Wealth

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About this listen

Who would you hand your financial assets to after you’ve passed away? Ever wonder? Perhaps your loved ones. But have you planned it properly?

Explore your options and make the transfer of your wealth as smooth as can be, after life bids you goodbye, in today’s episode of Go Money. Our star topic for today is ‘revocable trusts’, but we’ll also discuss ‘wills’ and the differences between the two. Learn how to create them, the resources you can use for help in doing that, and leveraging them for better flexibility and tax benefits on your legacy wealth.

Since just about 33% of Americans, including celebrities and wealthy superstars, have created their own revocable assets (as per survey), I’m aware of the lack of awareness the majority of us have around it. So, I’ll cover most, if not all, of its benefits (the tax benefits are incredible!), and steps-to-caution to ensure you’ve checked the must-have points before handing over your wealth to the next person. Plus, always remember, a revocable living trust can be changed in the future, so it doesn’t have to be a freezing one-time decision.

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