Video
The Difference Between Estate Planning and Wealth Transfer
Hi, I’m Jeff Hall, Partner and Senior Advisor at Rather and Kittrell.
The difference between traditional estate planning and wealth transfer is really about what’s prioritized most. In traditional estate planning, the donor and the estate are prioritized, whereas in wealth transfer, it’s all about the beneficiary and the heir who actually receives the wealth.
With traditional estate planning, it’s really about involving professionals first, and family later. Whereas wealth transfer, family is brought in first, and then the professionals are brought in after the fact.
Traditional estate planning begins to implement plans at death, whereas wealth transfer begins implementing plans now so the transfers that historically have happened after someone passes away actually begin while that person is still alive.
Traditional estate planning is somewhat tax-efficiency driven, whereas wealth transfer is more stewardship driven.
If you’d like to learn more about effective and meaningful wealth transfer planning, please visit us at rkcapital.com.
