Wealth Transfer & Legacy Planning in Virginia Beach & Hampton Roads
Pass on more than money: a clear plan, fewer taxes and less stress for the people you love. Call (402) 649-1418 to schedule your consultation.
Wealth Transfer and Legacy Planning for Hampton Roads Families
Wealth transfer and legacy planning is the process of deciding how your money, property and values pass to the next generation, and then putting the tools in place so it happens the way you intend. Legacy Solutions Estate & Income Planning helps families across Virginia Beach and Hampton Roads coordinate beneficiary designations, trusts, life insurance and lifetime gifts so heirs receive more, pay less in taxes and avoid confusion and conflict.
Beneficiary designations on retirement accounts and life insurance override your will, so they must be kept up to date.
Many heirs struggle not with the size of an inheritance but with access to cash to pay final expenses, taxes and debts. A beneficiary liquidity plan solves that.
Different assets carry different tax consequences for heirs, so which asset goes to which person matters.
A legacy plan also passes on your values and wishes, not just your money.
Common Wealth Transfer Mistakes
Some of the most costly estate problems come from simple oversights. Beneficiary forms that still name a former spouse or a parent who has passed away. Retirement accounts left to the estate instead of to people, which can speed up taxes. Minor children named directly as beneficiaries, which can require a court-supervised guardianship.
Other families leave heirs without access to cash for funeral costs, debts and taxes, or divide assets equally on paper while leaving very different tax bills. A coordinated wealth transfer plan catches these issues early, while you can still fix them.
Call (402) 649-1418 or fill out the form below to schedule your wealth transfer consultation.
What Is Wealth Transfer Planning?
Most families spend decades building wealth and only a few hours deciding how it will pass on. Wealth transfer planning closes that gap. It looks at every asset you own, how it is titled and who is named to receive it, then makes sure the pieces work together. Without a plan, assets can end up in probate, go to the wrong person, arrive with an unexpected tax bill or be spent quickly by an heir who was not prepared.
Legacy planning goes a step further. It considers what you want your wealth to accomplish, such as paying for grandchildren’s education, supporting a cause you care about or keeping a family home in the family, and how to share those wishes with your heirs while you are here to explain them.
Who Needs a Wealth Transfer Plan?
Parents and grandparents who want to leave an inheritance that is fair, clear and tax-efficient.
Blended families who need to provide for a spouse and children from a prior marriage.
Families with a child who has special needs and must protect eligibility for government benefits.
Owners of IRAs, 401(k)s or the TSP who want to reduce the tax burden on their heirs.
Military families whose beneficiary forms for SGLI, VGLI and the TSP may be out of date after a move or life change.
Anyone who has not reviewed beneficiaries since a marriage, divorce, birth or death in the family.
How the Legacy Planning Process Works
Education first. We explain how each type of asset passes at death and what that means for your family.
Inventory and map your assets. We list what you own, how it is titled and who is named as beneficiary today.
Clarify your goals. We talk through who you want to provide for, when and how, including any concerns about a particular heir.
Design the plan. We recommend beneficiary updates, life insurance, gifting strategies and, with your attorney, trusts that carry out your wishes.
Prepare your family. We help you organize documents and, if you choose, hold a family meeting so heirs know what to expect.
Tools for Passing On Wealth
Beneficiary designations. Retirement accounts, life insurance and many bank and investment accounts pass directly to the people you name, outside your will. Keeping them current is one of the simplest and most important steps.
Trusts. A trust drafted by your attorney can control when and how heirs receive assets, protect a vulnerable beneficiary and help avoid probate.
Life insurance. A policy can create an inheritance, equalize what each child receives or provide tax-free cash to pay final expenses.
The beneficiary liquidity plan. Heirs often need cash quickly for funeral costs, debts, taxes and the expense of settling an estate. We plan ahead so that money is available right away and heirs are not forced to sell a home or investments at a bad time.
Lifetime gifts. Giving during your lifetime lets you see your gifts at work. Annual gifts up to the federal exclusion amount generally do not require a gift tax return.
What to Bring to Your First Meeting
Your current will, trust, powers of attorney and any prior estate planning documents
Recent statements for retirement, investment and bank accounts
Copies of life insurance policies and current beneficiary designations
Your deed and a list of other property such as vehicles or a family business
Names and contact information for your heirs and any guardian or trustee you have in mind
Legacy Planning for Military Families
Military families often have beneficiary forms spread across SGLI or VGLI, the Thrift Savings Plan, DFAS and private accounts, and those forms are easy to forget after a deployment, PCS move or family change. As a military spouse, Shannon helps families bring every designation into one coordinated plan.
Serving Virginia Beach and All of Hampton Roads
Legacy Solutions Estate & Income Planning is based in Virginia Beach and works with individuals and families throughout the 757, including Virginia Beach, Norfolk, Chesapeake, Portsmouth, Suffolk, Hampton and Newport News. We also host free educational workshops. See our upcoming events or explore all of our services.
Legacy Solutions Estate & Income Planning
2 Constitution Drive, Suite 101, Virginia Beach, VA 23462
Phone: (402) 649-1418
This page is for general educational purposes. Legacy Solutions Estate & Income Planning does not provide legal, tax or investment advice. Consult a licensed attorney, tax professional or financial advisor about your specific situation.
Legacy Planning Guidance From Shannon Raitt
Shannon Raitt helps families coordinate beneficiary designations, trusts and life insurance so wealth passes to the next generation clearly and efficiently. As part of a second-generation, family-owned firm, she understands how much a well-organized plan means to the people left behind, and she helps you prepare your heirs as well as your paperwork.
Wealth Transfer FAQs
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Estate planning creates the legal documents, such as a will, trust and powers of attorney. Wealth transfer planning makes sure your accounts, insurance and beneficiary designations work with those documents so assets reach heirs efficiently. Learn more about our estate planning services.
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Yes. Retirement accounts, life insurance and accounts with a payable-on-death or transfer-on-death designation pass to the named beneficiary regardless of what your will says. That is why reviewing beneficiaries is one of the first steps in any legacy plan.
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It is a plan to make sure heirs have immediate access to cash after a death to pay final expenses, debts, taxes and settlement costs. Life insurance and properly titled accounts are common tools. It keeps heirs from having to sell assets in a hurry.
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Options include Roth conversions during your lifetime, leaving traditional IRAs to charity and other assets to family, life insurance and choosing which assets each heir receives. Learn more about our tax mitigation strategies.
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A trust drafted by your attorney can pay out over time or for specific purposes instead of all at once. Some life insurance and annuity contracts can also pay beneficiaries in installments. We help you choose the right approach.
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Review it every few years and after any major life event, including a marriage, divorce, birth, death, move or large change in your finances.
Schedule Your Legacy Planning Consultation
Tell us a little about your situation and we’ll follow up to set up a time to talk. Prefer the phone? Call (402) 649-1418.