Making Your Mark Financial Tools and Techniques for Securing Your Legacy |
Posted: August 11, 2020 |
As you map out a path to achieving your legacy goals, you may benefit from the effective use of trusts, gifting strategies and other wealth planning tools and techniques. “Create a meaningful legacy that lives on for generations.” Exploring Trusts as Part of Your Estate PlanTrusts can be used for many reasons, the most common of which is minimizing estate taxes. There are a variety of trust structures, and the type of trust you choose to incorporate into your estate plan will depend on your goals, circumstances and assets. If you are married, there are four main types of trusts to be aware of:
Other types of trusts that may be considered as part of an estate plan include:
Taking Advantage of Federal Gift and Estate Tax ExemptionsUnder current law, each person has a federal estate and gift tax limit of $11.4 million. This exemption doubles for married couples. For 2019, the annual gift exclusion remains at $15,000 for individuals and $30,000 for couples. As part of your estate plan, these exemptions can help minimize the amount of your estate that is subject to the 40% federal estate tax. However, tax laws are complex and subject to change. Working with a trusted team of advisors—including an accountant, estate planning attorney and Financial Advisor—can help you identify and implement lifetime wealth transfer strategies that help you preserve your hard-earned wealth and enable you to create the legacy you envision. DisclosuresArticle by Morgan Stanley and provided courtesy of Morgan Stanley Financial Advisor. Alexander Groman is a Vice President, Financial Advisor Wealth Management in 1 Penn Plaza, Fl 43 New York, NY 10119 at Morgan Stanley Smith Barney LLC (“Morgan Stanley”). He can be reached by email at [email protected] or by telephone at 212-643-5708. This article has been prepared for informational purposes only. The information and data in the article has been obtained from sources outside of Morgan Stanley. Morgan Stanley makes no representations or guarantees as to the accuracy or completeness of the information or data from sources outside of Morgan Stanley. It does not provide individually tailored investment advice and has been prepared without regard to the individual financial circumstances and objectives of persons who receive it. The strategies and/or investments discussed in this article may not be suitable for all investors. Morgan Stanley recommends that investors independently evaluate particular investments and strategies, and encourages investors to seek the advice of a Financial Advisor. The appropriateness of a particular investment or strategy will depend on an investor’s individual circumstances and objectives. Morgan Stanley Smith Barney LLC (“Morgan Stanley”), its affiliates and Morgan Stanley Financial Advisors and Private Wealth Advisors do not provide tax or legal advice. Clients should consult their tax advisor for matters involving taxation and tax planning and their attorney for matters involving trust and estate planning and other legal matters. Alexander Gorman may only transact business, follow-up with individualized responses, or render personalized investment advice for compensation, in states where he is registered or excluded or exempted from registration, Source URL: https://impactwealth.org/making-your-mark-financial-tools-and-techniques-for-securing-your-legacy/
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