Wealth Transfer And Preservation

What you need to know about Wealth Transfer and Preservation

If you are over age 59½, in good health (or have a spouse who is in good health) and have sufficient retirement income and emergency funds, you should be using a wealth transfer strategy to reduce or even eliminate your remaining assets from the taxable estate at death and potentially leave a much greater amount to your beneficiaries.

With wealth transfer and preservation strategy, you can create a stream of income from the unneeded asset by annuitization or through a systematic withdrawal plan, both subject to income taxation. Then, you can leverage the income stream by using it to purchase life insurance.

If you have money that you won’t need for your retirement, consider these benefits:

  • Wealth transfer strategy gives you the opportunity to potentially increase the amount of wealth transferred to your beneficiaries
  • It is an income tax-free death benefit
  • It offers the potential to avoid probate
  • It offers the potential to avoid federal estate tax

There are many ways to fund your account, including systematic withdrawals or lump-sum deposits from an existing asset, annuitization payments from a current deferred annuity contract or the required minimum distributions from IRAs or qualified retirement plans.

Richard S. Bernstein & Associates will work with your legal or tax advisor to find the best system for you and you family.

Call us today for a free consultation with a wealth transfer preservation advisor Palm Beach 561-689-1000.