Wealth Transfers

If you have not already read the section titled “Estate Plan” on this part of the website, go back and read it. Okay then, we are ready to put more meat on those Wealth-Transfer-Plan bones.

Actually a Wealth Transfer Plan (Plan) is a two-pronged attack that:

1. Deals separately with each type of asset you own, and
2. Uses an organized System to create, monitor and, when necessary, change the Plan.

For Our Purposes, You Can Only Have Four (or Five)Types of Assets

1. Residence.
2. Business.
3. Income in respect of a decedent (IRD)… typically, an IRA, 401(k), or other qualified plan.
4. All other assets… for example, cash, securities real estate, partnership interests, oil wells, etc.
5. If you (or your spouse) are insurable, you have a fifth asset: the ability to use a host of life insurance strategies.

Remember, each type of asset is dealt with separately, using one or more tax-destroying strategies or tax-free wealth creation strategies. The System shows you how.

The Organized System

The System has three main pillars:

1. Assets
2. Goals
3. Strategies

Assets

The first step to create your Plan — easy to do — is get a complete list of your assets.

Goals

The second step is to identify your goals — usually easy, but sometimes not (because of crazy circumstances… more often than not, driven by feelings and emotions).

Typically the goals are divided into three categories:

1. You and your spouse.
2. Your children, grandkids and other relatives (or extended family, related or not.)
3. Your business.

Your goals should take you through two time frames: short-term (3 to 5 years) and long-term (from 10 to 25 years, depending on your age). Remember, as you get older, your goals almost always change. So, your Plan must be flexible to accommodate changing circumstances.

Strategies

There are 23 core strategies and dozens of sub-strategies. And an infinite number of combinations. The large number of strategies (or which ones to use) never causes a problem. Even the most complex Plans — great wealth and many diverse business interests — only use six to nine strategies. Most Plans only need three or four strategies. The System automatically guides you to the right Strategies no matter what your circumstances, complexity or uniqueness.

THE SYSTEM IN BRIEF

Your Wealth Transfer Plan is created by selecting the right Strategies to accomplish your Goals based the Assets you own.

Here are two great options for your wealth transfer plan:

ORDER THE BOOK - Estate Tax Secrets of the Wealthy

ASK IRV ABOUT DEVELOPING YOUR PLAN

Or call Irv at (847)674-5295.