8NOVEMBER 20234 COMMONLY USEDWEALTH TRANSFER STRATEGIES By Jeanne Krigbaum, Chief Wealth Planning Officer, Old National Bank Baby boomers are set to pass along more than $68 trillion to their children in what's being referred to as the "Great Wealth Transfer." Sadly, family assets are often lost from one generation to the next. A lot of people don't know to distinguish between general estate planning and wealth transfer planning. For example, wills and living trusts are core estate planning documents, but when it comes to wealth transfer tax planning, you may need to look at some additional strategies.Here's what you need to know about wealth transfer strategies to ensure you pick the right one for your needs. What do we mean when we say wealth transfer? "Wealth transfer" is the process of transferring wealth from one generation to another, and there are several strategies that you can pick from to do so. Each comes with its own unique set of advantages and disadvantages, so it's essential to investigate all of them before deciding where to place your own assets. What are common wealth transfer strategies to consider? Listed below are some of the most common wealth transfer strategies. Be sure to consult with your financial advisor to discuss which would be best for you based on your own goals and circumstances. Irrevocable Life Insurance Trusts Life insurance is a great wealth transfer asset because the proceeds are inherited estate and Jeanne KrigbaumOPINIONIN MY
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