Mike Armstrong, Armstrong Advisory Group, Mike Monk discussed on Ron St. Pierre
Jack. Thanks very much. Armstrong advisory groups New Guide for this month is our research magazine estimates that upwards of 40 trillion You heard that number right will pass from baby boomers to future generations over the next three decades. Mike Armstrong from the Armstrong Advisory group joins me now, Mike, what? What should families be thinking about when it comes to the eventual passing of this wealth? Yeah, I think there's a lot to go through. But I think by far the most important is just If I'm going to be passing along wealth to my kids, and I don't think it matters if it's you know, $500 or $500,000, but it's going to be passing along this well, give it some thought in terms of Is the person that I want to pass it to ableto handle it. Ah, too young. Do they have different issues going on? What is the best way for them to receive this money? And you know something Go wrong if if they do received, I was speaking with someone the other day. Uh, unfortunately, a family member had a drug habit. And certainly yet that person you don't want inheriting a lot of money directly, so giving thought to how to pass money along when should do it, Who to include. I think it is by far the most important decision point that needs to be made. What about the estate tax what people have to be aware of? Yeah. So the state taxes you know, I think one that probably gets even more negative publicity's than Ah, that it deserves. Because in a lot of places, people won't end up paying an estate tax. But here in the Northeast, you know most Northeast states do in fact, have an estate tax in Rhode Island, Massachusetts. Pretty much everywhere. But near camp, sir. There is both the federal estate tax as well as the state estate tax, and it's complicated in terms of a formula, but you should be where that it exists. That if you end up living here until the day you die and own a certain dollars of assets, you end up your your heirs will end up paying it. You should also be aware that there are some steps that states that estate plans can use to mitigate and in some cases eliminate that estate tax, so I think, just ignoring it in assuming that it must be paid. No matter what my financial situation isn't quite the case, you should speak to somebody about it about recent tax law changes When it comes to charitable donations, anything we should need to know. Well, yeah, I mean, they really changed how it all works. So if you go make a donation these days, you won't necessarily get to take it on your taxes, Which isn't the reason to do one. But it was certainly a nice benefit. And so you can look at things like qualified charitable distributions that the distribution of your IRA There's a lot of really stretch guidelines there. Or a lot of people look at, you know, bunching it all together into one year, say I used to make a donation every year. Well, I am going to make it now. Every three years. There's a There's a lot of tactics that are getting used now account Cheryl Distributions. Um, here we go through this and a lot Maurine. This guy, obviously it's really just Few different steps that people can take that we talked about, but Really This whole God is about multi generational planning and the items to be thinking about if you are likely going to be passing on wealth to the next generation, and as much as we all would love to do spend it. Like you mentioned $40 trillion passing between generations. So if you would like a copy of the guy, they could go to our website armstrong advisory dot com. We've got a month the guys button right there, or they can call our office on that stone numbers 800. 393 for 001. Okay. Mike Monk are strong from the Armstrong advisory group. Thanks for joining me. I appreciate it and a reminder that the views expressed right there by my car. Mlle. Strong aren't necessarily those of I heart media and we advise you to check in with your own personal financial advisor for their advice. Now, 7 30. We'll have that food news coming.