Important things to know about Wealth Transfer

Feb 15, 2023Financial Literacy

Wealth transfer is the process by which ownership or rights to an asset are passed from one person or another.  Inheritance may seem like one of the most common reasons a wealth transfer would take place but making a large donation, transferring ownership of a property, funding an individual’s business, or setting up a trust can also be reasons for a wealth transfer. Another common use of wealth transfer can be to cover a loved one’s education expenses.  This is commonly done via a cash gift, utilizing a 529 plan, or direct payments to the institution.   

Using the free *Native American Financial Services Association (NAFSA) Financial Literacy Program, you can explore online playlists with many modules that relate to overall financial competency, whether this is understanding checking accounts or paying for college, our curated playlists will provide you with important information.

Wealth Transfer:

Wealth transfer often has taxation and legal complications, and even in what may seem like a simple transfer, things can become convoluted.  Tax accountants, financial advisors or planners, and estate attorneys are some of the types of professionals you may seek out for assistance.  

Our Wealth Transfer module, located in the Preparing for Retirement playlist discusses the types of wealth transfer, the way wills and trusts handle transfers, tax implications of wealth transfer and so much more.  Understanding wealth transfer can be important whether you are a future giver or beneficiary.  Working through this module will cover some of the fundamentals to help you prepare yourself or your loved ones.  

The NAFSA Financial Literacy Program provides a variety of modules and tools with easy-to-understand information to help people better comprehend their finances and make more informed decisions.

Explore the program today:

*The NAFSA Financial Literacy Program content contained on the NAFSA web page(s) referenced above, and on any subsequent pages created by our service providers/partners, provides general consumer information. It is not legal advice or regulatory guidance. There may be other resources that also serve your needs and you are always encouraged to, and should, consult with your own professional advisors prior to making any financial decisions.

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