New York residents who have significant assets to transfer to future generations may be lost as how to best do so. In some cases, it can be a good idea to give the money to charity. In others, it could be worthwhile to give assets to family members. Giving to charity can reduce the amount of tax an estate may pay after the donor dies.
It can also set a good example for children or grandchildren to follow in their own lives. Giving money to family members can be difficult without proper advance planning. However, by teaching loved ones to appreciate what can be done to help others with the money that they have, it can reduce their desire to accumulate it. Generally speaking, family members should be treated equitably if not equally. Those who already have their own wealth will likely understand if they get less than their hard working siblings.
Individuals who receive money from their family members should consider it a blessing as opposed to a birthright. Instead of taking it easy and acting entitled, the money should be used to help others as much as it helps themselves. By carrying this mindset, beneficiaries can show their own children that money won't and shouldn't change them either.
The use of estate plan documents like a will or trust may allow individuals to create several strategies to transfer their wealth. For instance, beneficiaries may receive their inheritance in a trust to control how they use it. They could also be given property through the use of beneficiary designations to make it easier to pass down without the need for probate. An attorney may assist in creating documents or creating an overall estate plan strategy.