Webinar: Estate Planning Advice for the Retired And High Net Worth

Fort Pitt Capital Group in Estate Planning, Webinar 14 June, 2022

Estate Planning Advice

When is the best time to gift your house to someone? What tax situations will your children run into with a gift from you? What can you gift a child while still alive? Our recent webinar on estate planning for retirees and high net worth individuals answered all of those questions and many more.

Brad Newman, our lead investment advisor in Harrisburg, moderated the informational webinar with special guest Vance E. Antonacci, Esquire, Chair, Estate Planning Group at McNees Wallace & Nurrick LLC. Vance shared that every estate plan is a blank slate, so you can account for any variables you want in the plan.

Estate Planning for the High Net Worth Retiree

Estate planning for high-net-worth individuals can be complex. In many cases, the beneficiaries of these individuals may face considerable capital gains taxes. Financial planning may be one way to lower the burden of these taxes. High net worth individuals also have larger estates, potentially with international assets and multiple beneficiaries, all with unique needs. Good estate planning offers peace of mind and ensures assets go where a retiree intends.

Below are some of the specific questions we covered in our virtual event and how they can help you form a strategy for estate planning:

What Are the Current Popular or Effective Estate Planning Opportunities?

Estate planning for the high net worth retiree involves a balance. These individuals want to retain the assets they need to live the lifestyle they like while simultaneously providing for beneficiaries and charities and avoiding excessive taxation. A popular option now is for highnet-worth individuals to gift real estate while holding onto other assets.

It is possible to give away property, up to current limits, without triggering gift tax or other taxes. However, it is important to be careful about the limits and the gift’s structure. Some parties may see a situation where someone has gifted a house but continues to live in it and pay rent, and the other party does not consider the home a “gift” — therefore, they may pursue that asset.

Should You Be Reviewing Your Estate Plans?

‘It’s important to review estate plans regularly, especially as a high-net-worth individual. Your needs and situation may change from year to year, as could your assets and the tax laws impacting your estate. Additionally, your marital status can change, and decisions about dividing up and leaving your assets to others can also shift. Updating your list of beneficiaries and your will, trusts, and estate plan give you and your beneficiaries the best protection possible.

What Roles Does Charitable Giving Play Right Now?

Charitable giving used to be structured as giving during a lifetime or setting up a family, private or community foundation. Today, donor-advised funds are popular. These allow you to set up an account and support your chosen charities while providing flexibility to how much money you give and when you distribute the funds. Donor-advised funds can also potentially be multigenerational.

Should You Be Making Gifts to Your Children and Grandchildren?

Gifts to children and grandchildren can help beneficiaries avoid taxes after a relative passes. However, it is worth considering which assets should go to which children and grandchildren. If a family member is fortunate also ta high-earning or high-net-worth individual, it may be best to avoid gifting an income-producing asset, which will add to that person’s tax obligation.

Explore Our Services for Guidance on Estate Planning

If you want to gift assets to children and grandchildren and seek to learn more about financial planning, see the range of services Fort Pitt Capital Group offers. Our commitment to exceptional client service, transparency, investment strategy, and internal expertise fully supports clients with financial and estate planning.

Interested in learning more? Why You Need a Living Will

*Content is provided for educational purposes only. Opinions provided include endorsements of the products and services provided by Fort Pitt; however, are not indicative of any specific client experience or testimonial.

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