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In this episode, Corey and Rachelle discuss how to approach leaving money behind, whether that is for family, charitable causes, or the governmentJust kidding!  The goal is for YOU to be able to direct where your wealth goes, which can include minimizing taxes if possible. 

Listen Here!

What are your goals and your family’s goals for passing on wealth? 

  • Make sure to consider what you really want in terms of legacy and estate planning.  Passing on wealth is not for everyone!  Your goal could be to spend every cent you have and enjoy life to the fullest, and that’s okay too. 
  • If your goal is to leave a legacy, then reassess these goals periodically.  Things change over time. 

If you’ve decided this is an important goal for you: 

  • Spend conservatively and save A LOT.  Remember, you want to have more than enough for your own retirement. 
  • Using Roth and brokerage accounts can be very helpful for passing on wealth in a tax-advantaged way. 
    • If you inherit a Roth account, you do not pay taxes on the growth if you take qualified withdrawals. 
    • Taxable brokerage accounts get a “step up in basis” when inherited.  The dollar amount that is exempt from taxes is not the purchase price, but the price when the investments are inherited. 
  • Think about gifting money (at least up to the gift tax exclusion amount) during your life. 
  • Make estate planning a priority!  Talk to an attorney to make sure your wishes are very clear and to potentially help manage taxes. 
  • Consider charitable donations.  These can be made in a variety of ways to reduce your tax burden during life and on your estate. 

For more financial planning tips from Corey and Rachelle, find them on social media!
LinkedIn: @CoreyJanoff and @RachelleVanderzanden; Instagram: @CoreyJanoff and @VanderzandenRachelle; and Twitter: @CoreyJanoffCFP and @RachelleFinance  


Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.