Key takeaways

  • There are 3 common wealth transfer goals for clients: protecting a spouse's standard of living, providing for nonspouse beneficiaries (such as children and friends) and leaving a charitable legacy
  • Solutions such as life insurance and annuities can help minimize the tax burden on heirs by providing tax-free benefits
  • Many clients want solutions that give them control on how their assets are distributed so they can better meet their family's needs

Summary

With baby boomers growing older, a huge intergenerational transfer of wealth is beginning to take shape. As these clients prepare to leave their assets to loved ones, you can help them choose suitable wealth transfer strategies that maximize tax efficiency. While it may be tempting for clients to assume this refers to estate taxes, it’s often their heirs’ income taxes that need to be prioritized. Therefore, in addition to addressing estate taxes, this guide considers ways to convert the value of a client’s tax-deferred assets into a tax-free inheritance.

Furthermore, many clients will have family circumstances that call for controls over the distribution of assets. This guide also covers potential solutions that accommodate such needs.
Wealth transfer strategies guide thumbnail

Here are some of the strategies you’ll learn about:

  • Trust-based planning
  • Retirement asset optimization
  • Charitable giving solutions
  • Special-needs beneficiary planning
  • Tax-deferred strategies with annuities
  • Asset protection features

Download guide
We’re here to help
Questions about complex planning strategies? Contact your Nationwide wholesaler or the Nationwide Retirement Institute Advanced Consulting Group at advcg@nationwide.com.

Nationwide and its representatives do not give legal or tax advice. An attorney or tax advisor should be consulted for answers to specific questions.