#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?

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