One of the greatest benefits of generating wealth is knowing that you can provide for your family’s future. Leaving a legacy through an inheritance trust, charitable donation, or another financial gift can impact your yearly tax planning as well as your long-term financial goals.

At FCS Private Wealth Management our high-net-worth advisors assist our clients in navigating tax-efficient investing, planning for inheritance trust, and all aspects of their financial lives. 

Basics of inheritance tax planning

When you’re planning to leave an inheritance, you need to plan for the applicable taxes. However, you may also be considering the ways you can financially support your family while you’re still present. 

By reducing your taxable estate strategically, you can avoid liabilities and your giving can go further because it’s not being reduced by taxes.

Giving financial gifts can be an effective way to reduce your taxable estate each year while also supporting your family and enjoying your wealth. You just have to be aware of the exemption limits to avoid gift tax.

Setting up an inheritance trust fund can also be a way to limit your tax liability while supporting your heirs. You can contribute annually to the trust fund, and also long as your contributions are under the correct amount, they will be exempt.

Estate planning helps reduce inheritance tax

A large focus of wealth management is long-term goals. You want a wealth management team that’s prepared to help you think about longevity.  

Upfront portfolio construction is important, but so is meeting periodically to rebalance your investments. Life is full of changes; this includes in the market, and optimal portfolio performance requires regular maintenance.

The sooner you can start the estate planning process the better. Leaving an impactful legacy takes intentionality.

FCS: your partners in inheritance tax planning and more

The FCS Private Wealth Management team is prepared to help you maneuver the complexities of wealth management, tax-efficient investing, and estate planning. Our Kansas City based firm serves clients from all over the United States.

For over 31 years, the FCS team has been entrusted by our clients to take care of the details—large and small—of their financial lives. For us, it’s about making the management of great wealth easy.

Reach out, let’s talk. Contact us today.

 

Wells Fargo Advisors Financial Network is not a legal or tax advisor.  Any discussion of taxes represents general information and is not intended to be, nor should it be construed to be, legal or tax advice.  Tax laws or regulations are subject to change at any time and can have a substantial impact on an actual client situation.