When we mention Wealth Transition, you may refer to the end-of-life wealth transition. No doubt, this is a very important topic, and the center work of wealth transition planning. This is important because it is a complicated process. Not only do we need to map out the most tax-efficient way to maximize the impact with the given wealth, but we also need to manage emotions and equalization at the same time.
Don’t you find yourself taking “finance” very seriously after you retire? When we choose to forgo the opportunity to actively pursue an income and/or wealth, maximizing what we have accumulated becomes an active task. Your wealth needs to serve a number of purposes at the same time. It will become the foundation for your look-forward-to lifestyle. It will become the source for travel and life experiences. It will also become the umbrella for your family for their safety and continuous prosperity. It is the engine which defines the legacy you choose to leave behind.
Wealth transition is not just simply a wealth transfer at the end of one’s life. It also happens when you
1. Choose to retire (pension and income planning)
2. Sell your business
3. Give and/or receive an inheritance
4. Sell a property
The list goes on. However, the key point is to leverage the taxation system to move and transfer wealth tax efficiently. In fact, tax is the single most important element in these processes. “A dollar saved is a dollar earned!”
With Harmony Financial Solutions, we thrive in providing solutions to a complicated situation. We work with your advisors as a team. The ultimate goal is to achieve the highest efficiency (tax-wise, fee-wise, etc.) in the biggest moments of your life.