Article
Preserve generational wealth by incorporating real estate into your legacy plans
Dec. 12, 2022 · Authored by Terry Dickens, Isabella Risucci
Estate planning can be a challenging and emotional process as you assess how you want to shape your legacy. Overlooking some of the more technical aspects — like taxes, for instance — could prevent your plans from having their full intended impact.
Creating a framework to successfully transition your wealth to the next generation of your family requires a clear asset management strategy, especially when your plans involve real estate.
Incorporating real estate tax implications into the estate planning process and evaluating all succession options is key to preserving your wealth for your beneficiaries and providing peace of mind.
Consider these estate tax planning strategies that may help to ensure a smooth transfer of real estate assets from one generation to the next.
Benefits of estate tax planning
Effective estate planning strategies could help you make the most of your capital gains and could also:
- Manage estate taxes
- Create a clear plan for beneficiaries
- Simplify the inheritance process
- Preserve assets
How to pass your assets to the next generation
When including real estate and property assets in your estate plan, you’ll have to consider the tax consequences behind each method.
Gifting, selling, or allowing your beneficiaries to simply inherit the property holds a variety of different tax implications that can affect how your real estate wealth is passed from generation to generation.
Explore your options of where to start and key steps in the process below.
Identify your beneficiaries
Knowing who will inherit your assets can help guide your legacy-planning choices.
Choose your method
Gift real estate to your beneficiaries
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The information provided here is of a general nature and is not intended to address the specific circumstances of any individual or entity. In specific circumstances, the services of a professional should be sought. Tax information, if any, contained in this communication was not intended or written to be used by any person for the purpose of avoiding penalties, nor should such information be construed as an opinion upon which any person may rely. The intended recipients of this communication and any attachments are not subject to any limitation on the disclosure of the tax treatment or tax structure of any transaction or matter that is the subject of this communication and any attachments.