What will happen to your client's wealth when they pass?
A crucial element of any financial plan is ensuring a successful transition of your client's assets to their heirs upon passing. Through a consultative approach that relies on proven strategies, you can help your clients achieve their goals for the next generation without sacrificing today's financial dreams
Why Consider Wealth & Generational Planning?
A massive transfer of wealth is on the horizon, and with the sunset of the federal exemption scheduled for 2026, many clients will once again face a shrinkage event when the transfer begins.
As the baby boomers pass their wealth onto the next generations, there is a growing need for generational planning. Consider the following statistics:
Baby Boomers have 51.4% of US wealth.
They make up about 23.70% of the US population.
Generation X has 28.6% of US wealth.
They make up about 21.80% of the US population.
Millennials have only 5.6% of US wealth.
They make up about 24.25% of the US population.
Without proper estate and legacy planning, your clients could face significant losses due to federal estate taxes. But through strategic planning, you could help them transfer their wealth to their beneficiaries in a way that's both efficient and equitable. In addition, wealth and generational planning can ensure that a business owner’s company legacy can persevere after their retirement—and even facilitate the ease of said retirement.
Benefits of Considering Wealth & Generational Planning
You will retain more assets
By engaging with the next generation, you are creating the opportunity to manage the wealth that is being transferred.
Attract new clients
Through the wealth transfer process, you will likely be connecting with family members, friends, and other individuals who will witness the value you are brining to your client.
Make your business more valuable to sell
Through wealth transfer planning, you are increasing the longevity of your business and making it a much more attractive prospect to potential buyers in the future.
NumberCruncher
NumberCruncher is a software tool that computes the gross estate or gift tax, applies the proper unified credit, and determines the net tax payable. It also calculates the remaining net estate and the effective tax rate as a percentage of the net amount passing to the beneficiaries or donees after taxes. This program can also calculate the state death taxes (if any) imposed by any of the 50 states or District of Columbia. In short, this is an effective tool that has a multitude of applications for both estate and financial calculations.
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