After a few days with the grandkids, David is ready to talk about ways to give tax-free gifts to beneficiaries, now and in the future. How can you pass some of your legacy onto the next generation? Whether you are well into retirement or still have kids yet to leave the nest, there are a number of ways to do this. David shares three strategies and then discusses what possible downsides you’d want to watch out for.
Firstly, David highlights the often-overlooked benefit of Roth conversions. While these conversions offer several advantages during your lifetime, they can also serve as a gift to your beneficiaries, providing them with tax-free income in the future. In addition, David discusses the option of Roth contributions for your children and grandchildren. Then, David emphasizes the significance of the stepped-up cost basis on your non-IRA brokerage accounts.
Tune in to this episode to learn how you can pass on your legacy to future generations through tax-efficient gifting strategies. Discover the benefits, downsides, and practical considerations that will empower you to create a lasting financial impact for your loved ones.
Here’s what you’ll learn on today’s show:
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CONTACT US
OUR LOCATION
10975 Grandview Drive
Building 27, Suite 190
Overland Park, KS 66210
Get Directions
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