5 Brilliant Money Moves Baby Boomers Are Making in Retirement

4. Estate Planning and Wealth Transfers

Insider Monkey Score: 23

Baby Boomers have been involved in proactive real estate planning as well as wealth transfers. Skilled attorneys are assisting them in crafting an estate plan designed to optimize tax efficiency, and minimize elements such as estate taxes, inheritance taxes, etc. Another option that is helping Boomers gain tax advantages is opening up a trust.

Trusts allow for the smooth transfer of assets while providing control over how and when beneficiaries receive their inheritances. Another wise move they are making is using gifting strategies to transfer their wealth while they are alive. Strategies such as funding 529 plans and annual exclusion gifts allow for transferring wealth in a rather tax-efficient manner.