Building Life Plans, One Client at a Time


Should you begin passing on money to your heirs and charities now? We’ll help you decide if that’s a good move.

You may have established trusts and other mechanisms to benefit your heirs and charities when you’re gone, but you don’t have to wait to share your wealth. If you have more assets than you could foreseeably need to maintain your lifestyle now and through your retirement, you may want to consider beginning to make gifts now to your charities and loved ones. We can help you investigate your options.

Taxes will eventually take a toll on your legacy, but you can reduce that toll by making tax-free gifts to your heirs while you’re alive. In fact, it can be a very astute estate planning move. There a number of ways to start gifting now.

For instance, current tax laws allow you to give loved ones $13,000 a year,* exempt from gift taxes. Your spouse can give an equal amount. You could make contributions to a 529 plan for your grandchild, but that would count against your annual gift-tax exclusion. Instead, you could pay tuition expenses directly to the school on behalf on the grandchild, and that wouldn’t count against the exemption. Similarly, you can cover medical expenses for someone you love by making direct payment to a hospital or insurance company.

You can also set up various kinds of trusts that can start providing benefits for your heirs or your charities now. Some of these allow you to retain control over the assets, while others don’t.

As we work with you to create your life plan, we will help you explore these and other tax-advantaged and perfectly legal ways to protect and share your wealth.

Accretive Wealth Management is not a tax firm or a certified public accountant and cannot offer tax advice. Please consult your tax advisor. If you don’t have one, we can recommend one to you.

*$13,000 is the annual gift tax exclusion in 2012