#AskLeo - how do you plan to transfer your wealth?
Hi,
for today's #AskLeo, the # tag brought to us by @acesontop, who is one of the most active persons in here, I want to ask a different type of question.
I've read a post from @whatsup, which can be read here. She describes the process she has put up for her crypto holdings in case she passes away.
My question would be, on how you assure the wealth transfer, being it crypto, money, shares, real estate, gold, and so on to your dear ones?
The reason behind it is that the stuff we accumulate now, needs to go somewhere, and I think about my family as I'm doing this for them and the future generations. I'm not a world saver and also don't agree to give it all away. The things owned have been multiple times taxed and there is no reason why give it away to poor administrators.
I'm trying to save on taxes as much as legal possible.
One way I'm dealing with it, is that the things bought, where there needs to be a name on them, I buy them under the name of my son as it is the easiest way and without a headache if something happens to me. Of course, every information is shared with my wife.
Also, as I'm building multiple firms, I reserve the option, where possible, with a notary document, to donate my shares to them. They have this and need only to cash in if needed.
We have now a generation change, where also wealth transfer needs to be addressed. I'm a Millennial and plan and act accordingly, but the real transfer will happen from the Baby Boomers, who are the wealthiest generation in history. They need to act and decide what they will do with their fortune.
So again the question, how you assure the wealth transfer, being it crypto, money, shares, real estate, gold, and so on to your dear ones?
Posted Using LeoFinance Beta
I'm at the point of building in crypto, and should I amass a significant amount, it's something I've considered as well. I have not had anything left to me, and have been lucky enough to have not lost many close family members, but have heard that it's quite a headache.
None of my people here have any interest in crypto, so I'd have to either leave instructions behind, or convert assets into a more traditional form that they could understand. This is something we should all consider because none of us are sure to see tomorrow.
Posted Using LeoFinance Beta
Educate them, it is beneficial for both!
Posted Using LeoFinance Beta
I think that these thoughts are completely legit and also morally fine. As you say: All the wealth you accumulated is probably taxed a few times already. Bequesting your wealth or even better - at least in some countries - giving it away partly before you die, can be totally worth it.
I would definitely also use every possibility to save as many taxes as legally possible. I am also donating to the community - but I want to decide where that money goes.
My biggest "issue" is crypto right now. I don't want to share my keys with to many people - and since we don't have kids right now, it is also quite difficult. My financée knows, that I do have some crypto assets and would know how to access them, in case something happens to me. But the main problem would be, if something happens to both of us. While we do both have a last will, which is settling how our wealth is distributed and inherited, nobody else would probably know how to access my crypto assets. And so most of them would be gone in case I die before having children.
So far there isn't much to be inherited from me. So according to the law of our country, my parents would get all without paying inheritance tax. Same would be the case after our wedding - my fiancée, then spouse would get everything without paying taxes on it.
But hopefully this is going to change in the next couple of years, since I want to grow my wealth. There are a lot of legal ways to keep your taxation low - and/or avoid at least some taxes at all. And yes, I am trying to use them.
As already said, I am already donating to many causes and trying to help many people, also financially. But I do not understand, why I should pay another tax on already multiple times taxed money. Especially when our government is doing many things in ways I completely disagree with.
Cheers,
@andy-plays
Fully agree with you. Do it also, some are for kids that need it and I buy the stuff, and I like to plant trees. I planted over 10k trees in the past 8 years.
Well, where you live, and where I might be living also, there is the rule that they can inherit 400k € each without taxes from you if you did not give them something in the past 10 years. :)
I think the politicians that do this, don't understand what they are doing.
Posted Using LeoFinance Beta
Yeah, that sounds fair!
That is totally true - and right now I am very far from that amount, unfortunately. 😂 But working on it ;-)
Or they have different things in mind than we do.