Is there a reasonably simple, tax effective way to transfer my savings at my death?

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Is there a reasonably simple, tax effective way to transfer my savings at my death?

Past my children, past my grandchildren for the educational benefit of my great grandchildren, if any, and beyond. If no progeny at that generation to give all to a specific qualified charity of my choice, all administered by “retained” professionals who would be responsible for the year to year accounting, tax reporting and following my directions for benefit qualification requirements. Should I establish residence in a “better” state (and any other major contingent that I have missed).?

Asked on October 20, 2013 under Estate Planning, Wisconsin

Answers:

Anne Brady / Law Office of Anne Brady

Answered 7 years ago | Contributor

The easiest, tax effective way to transfer money at your death is to put the money in a revokable trust and make the beneficiaries the people you want to leave money to.  You can do the same thing by setting up an account with a pay-on-death provision.  But you can't do any of these things if your beneficiaries have no names and have not been born yet.  You could with a charity.  You should hire a wills, trusts and estates attorney in your area to help you set this up.


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