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Be Wise With Money

Legacy Planning: How to Give Your Best Gift

Leave as much as you can to the ones you love

Grandma embracing young grandchild

There may be nothing more rewarding than the feeling of giving, especially when you know it will help someone in a tangible way and require nothing in return.

Imagine if you could bless those you love, or the charities you care about, in the same way.

What if you could leave a meaningful inheritance for your beneficiaries – one that gives them as much as possible with minimal tax impact?

Perhaps you can. 

How a wealth transfer strategy can help

Whether you're thinking broadly about how you'll leave a legacy, or wondering how to make the most of your resources now that your expenses in retirement are covered, you'll want to ask yourself this important question:

"How can I be sure my assets will be passed down in a tax-efficient manner?"

The secret is having a plan for how you'll move your assets. A wisely crafted wealth transfer strategy can help alleviate unexpected tax consequences, complex legal situations and confusion for your beneficiaries.

Here's another way to think about it: Without the right strategy in place, who's more likely to receive a large portion of your gift – your family or Uncle Sam?

Start planning with help from a financial professional

Rather than wrestling with what-ifs and possible solutions on your own, consider partnering with an experienced financial professional who can help you sort through your questions and determine the most efficient way to leave the legacy you want.

Thrivent Financial professionals have access to a Wealth Transfer tool that can help illustrate scenarios and possible solutions for your particular situation.

Together, you can explore areas such as:

  • Using your required minimum distributions from your Traditional IRA or other retirement savings accounts to fund an income tax-free life insurance benefit for your heirs.
  • Naming a charitable organization as a beneficiary.
  • How the new tax law may impact how you give.

Key takeaway: Taking one step toward creating your wealth transfer strategy – no matter how small – can help you get the traction you need.

Thrivent Financial professionals are here to help. And while they can't provide tax advice, you can count on them to guide you in making wise decisions as you plan to leave a legacy for your family and community. 

Take the first step and start the conversation. Contact a Thrivent Financial professional today.

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