Angel investors in New York can take a number of steps to ensure that they pass their wealth on to their children, grandchildren and future generations. They can begin setting up trusts to share assets with their children and remove those assets from their taxable estate before there has been significant growth in the assets’ worth. Trusts are also a good way to begin teaching children how to invest and how to manage money. Assets in a trust can be designated for specific purposes such as education or for buying a house.
Some ways of managing charitable and family giving are more effective than others. Giving gifts to family members throughout one’s lifetime is a way of removing assets from the estate before they appreciate while charitable gift giving is best done when the assets have appreciated. This helps to avoid capital gains tax. Both direct giving and donor advised funds can be effective means of charitable donations.