How To Avoid Costly Mistakes When Transferring Wealth Pt.2

How To Avoid Costly Mistakes When Transferring Wealth Pt.2

Given the high number of viewers who found this topic impactful, as well as the nuance that comes with it, we decided to make a Pt.2. In this episode of The Wealth Cafe, we dive even deeper into the subject of passing wealth on, this time as it pertains to parents and children. As we discussed in the previous episode, over $54 trillion of wealth is about to be transferred and most people are ill-prepared, whether it be knowledge of IRS rules or guidelines when it comes to timing. That’s why we’re here! We at The Wealth Cafe want to make sure that your wealth transfers go as smoothly as possible, so your loved ones can avoid tax pitfalls, family strife, and assure your legacy lives on!  What we’ll cover: ✅ How to transfer wealth to children. ✅ Best practices when trying to move wealth tax-free.  ✅ Steps to prepare for the inevitable. ✅ Real-life examples.  The great wealth transfer isn’t a future event; it’s happening as we speak. The women who are most prepared and approach estate and legacy planning with their end goals in mind will be the ones who ‘s wealth will be passed on successfully for generations to come! We highly encourage you to schedule time with your financial team to properly plan, so that the wealth you’ve worked so hard to build doesn’t go to waste. ☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode! 🔍INSTAGRAM:  /  / https://www.instagram.com/tanisfingroup/ [https://www.instagram.com/tanisfingroup/]   LINKEDIN:  /  / https://www.linkedin.com/in/caroline-tanis/ [https://www.linkedin.com/in/caroline-tanis/]  YOUTUBE:  /  / https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w [https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w]  BLOG:  /  / https://tanisfingroup.com/blog/ [https://tanisfingroup.com/blog/]  ------------ 🔗CONNECT Website: https://tanisfingroup.com/ [https://tanisfingroup.com/]   Email: caroline@tanisfingroup.com [caroline@tanisfingroup.com]

How To Avoid Costly Mistakes When Transferring Wealth Pt.1

We’re currently in the midst of an entire generation inheriting over $54 trillion, but completely unprepared to manage it due to lack of financial conversations within the household, while both spouses were alive. In this powerful episode of The Wealth Cafe, we examine the baby boomer generation and why the transferring of wealth from husbands to wives has become fraught with roadblocks for the surviving spouse because of questions left unasked and unanswered. These will be some of the most consequential financial decisions that these spouses will ever make, so if this sounds like your situation, we highly encourage you to tune into this special episode.  What we’ll cover: ✅ How to prepare for a large inheritance. ✅ The Widow’s Penalty explained.  ✅ Emotional & financial challenges when it comes to losing a spouse. ✅ Importance of understanding household finances.  From now on, nothing should be an afterthought. If you have questions or need additional information about how your money works, make sure to ask about it sooner rather than later. The spouses that work together and devise a plan of action for when the inevitable happens are the ones that will avoid the struggle of unnecessary stress and anxiety when it comes to what they’re inheriting, as well as how to manage it. ☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode! 🔍INSTAGRAM:  /  / https://www.instagram.com/tanisfingroup/ [https://www.instagram.com/tanisfingroup/]   LINKEDIN:  /  / https://www.linkedin.com/in/caroline-tanis/ [https://www.linkedin.com/in/caroline-tanis/]  YOUTUBE:  /  / https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w [https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w]  BLOG:  /  / https://tanisfingroup.com/blog/ [https://tanisfingroup.com/blog/]  ------------ 🔗CONNECT Website: https://tanisfingroup.com/ [https://tanisfingroup.com/]   Email: caroline@tanisfingroup.com [caroline@tanisfingroup.com]

Save Taxes & Create Income With Charitable Remainder Trusts

Have you been holding on to certain assets for decades because of a fear of incurring capital gains taxes? Well, then this is the episode for you! On this episode of The Wealth Cafe, we aim to help you better understand the Charitable Remainder Trusts, which in the long run could help you sell some of those highly appreciated assets, while all together avoiding certain taxation by making charitable donations. Whether your assets are tied to the market, real estate, or something in between we encourage you and your loved ones to listen in as we help walk you through how Charitable Remainder Trusts could help you increase income, while also making a meaningful difference in your community.   What we’ll cover: ✅ How Charitable Remainder Trusts work. ✅ Avoiding capital gains taxes.  ✅ Benefits of charitable tax deductions. ✅ Real-life examples.  The biggest takeaway from this episode is that in this instance doing good and profiting from it can be symbiotic. Supporting organizations and leaving a lasting legacy on them through these Charitable Remainder Trusts can be extremely advantageous from a taxation standpoint, as well as a community standpoint. We highly encourage you to go through your portfolio, as well as charities you’d like to support, and then meet with your financial team to see if a Charitable Remainder Trust is right for your specific situation. ☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode! 🔍INSTAGRAM:  /  / https://www.instagram.com/tanisfingroup/ [https://www.instagram.com/tanisfingroup/]   LINKEDIN:  /  / https://www.linkedin.com/in/caroline-tanis/ [https://www.linkedin.com/in/caroline-tanis/]  YOUTUBE:  /  / https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w [https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w]  BLOG:  /  / https://tanisfingroup.com/blog/ [https://tanisfingroup.com/blog/]  ------------ 🔗CONNECT Website: https://tanisfingroup.com/ [https://tanisfingroup.com/]   Email: caroline@tanisfingroup.com [caroline@tanisfingroup.com]

The Dangers of Making Beneficiary Designation Mistakes

Discussing end of life with loved ones and designating beneficiaries to pass your wealth on to can be very uncomfortable. However, not properly planning for how your legacy will live on could cause major relationship erosion between family members if they end up having to fight it out in probate court to lay claim to the assets you’ve left behind. That’s why on this episode of The Wealth Cafe, we want to prepare you for the inevitable by providing real life examples of some scary situations we’ve seen take place that could have ultimately been avoided with proper planning and guidance. So, if you want to set future generations up for success by better understanding the rules and regulations in this day and age of estate and legacy planning, make sure to give this a listen.    What we’ll cover: ✅ Best practices when it comes to 401(k), IRA, life insurance, & TOD/POD accounts. ✅ How to pre-emptively protect your family from probate.  ✅ The 10-year distribution rule. ✅ Real-life examples.  So, if you’re serious about properly passing on your wealth to the next generation and having as little family strife as possible when you’re gone, we highly encourage you to connect with your financial team to start planning. This is something that shouldn’t be taken lightly and should be a conversation that takes place every time you experience a major life event. You may not have control over how long you have left in life, but you have full control over where your wealth should go once you’re gone.  ☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode! 🔍INSTAGRAM:  /  / https://www.instagram.com/tanisfingroup/ [https://www.instagram.com/tanisfingroup/]   LINKEDIN:  /  / https://www.linkedin.com/in/caroline-tanis/ [https://www.linkedin.com/in/caroline-tanis/]  YOUTUBE:  /  / https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w [https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w]  BLOG:  /  / https://tanisfingroup.com/blog/ [https://tanisfingroup.com/blog/]  ------------ 🔗CONNECT Website: https://tanisfingroup.com/ [https://tanisfingroup.com/]   Email: caroline@tanisfingroup.com [caroline@tanisfingroup.com]

The $15M Estate Tax Exemption Explained

One of our favorite episodes yet! In this episode of The Wealth Cafe, we’ll be talking all about the new and improved estate tax exemption, as well as the common misconceptions around it. Most people think that this exemption is permanent, but “permanent” in the sense of the law means something far different. So, make sure to tune into this informative episode, so that you don’t get caught acting too late on your estate.  What we’ll cover: ✅ New law affecting estate taxes. ✅ Clawback protection strategy. ✅ Common mistakes to avoid. ✅ How gifting can impact estate tax exemptions.  So, if you’re serious about passing on your wealth to the next generation make sure to start having necessary conversations with your financial team about how to properly strategize and plan for your specific situation.  ☕️For more tips and advice, make sure to subscribe to the show so you don't miss an episode! 🔍INSTAGRAM:  /  / https://www.instagram.com/tanisfingroup/ [https://www.instagram.com/tanisfingroup/]   LINKEDIN:  /  / https://www.linkedin.com/in/caroline-tanis/ [https://www.linkedin.com/in/caroline-tanis/]  YOUTUBE:  /  / https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w [https://www.youtube.com/channel/UCHxRZmUZwZVHD4ihCu2iK-w]  BLOG:  /  / https://tanisfingroup.com/blog/ [https://tanisfingroup.com/blog/]  ------------ 🔗CONNECT Website: https://tanisfingroup.com/ [https://tanisfingroup.com/]   Email: caroline@tanisfingroup.com [caroline@tanisfingroup.com]