Personal Retirement

Money in motion: Migration of Wealth is Underway

Money in motion: Migration of Wealth is Underway

With the aging of America, we are beginning to see the largest flow of wealth from one generation to the next in our history. It is estimated that nearly $59 trillion in wealth — over three times the size of the U.S. gross domestic product — will be changing hands over the next 46 years1.This staggering sum will be bequeathed to younger generations and charities, with a substantial portion paying for estate taxes and closing costs.

Are you prepared?

Estate planning is vitally important, but often neglected. Regardless of your age or financial circumstances, it is important to have a plan and keep it current. Putting your wishes in writing — and making sure that your plan keeps pace with changes in your life, your family and  federal tax policies — will not only help  to ensure that your assets are distributed as you intend upon your death, it will likely reduce the  burden on your loved ones as they  negotiate your end  of life care and  settle your estate.

Dreyfus Transfer of Wealth Kit

To help you craft a plan and keep it current, Dreyfus has created a Transfer of Wealth Kit with important tools and insights, such as:

• An overview of what to consider as you begin making your estate plan

• A document organizer for all your important documents and contacts

• Worksheets to help you, and your executor, value your estate

• A look at some common oversights, assumptions and errors

• A helpful guide to initiating important conversations regarding your wishes

• A checklist to help your loved ones get through the first days

Placing a TOD on a mutual fund account

As you are planning your wealth transfer strategy, you may wish to pass investments directly to your heirs while avoiding lengthy probate court proceedings. Transfer on Death (TOD) registration is a strategy available for accounts with a domestic address that allows you to do just that — pass securities that you own directly, such as your non-retirement Dreyfus mutual fund accounts, to another person or entity (your “TOD beneficiary”) upon your death without the delays of probate. TOD registration is available for Individual and Joint Accounts (Joint Tenant with Rights of Survivorship or Tenants by Entirety).

We are here to help

We encourage you to speak with estate planning and tax specialists for more information on estate management issues. Remember, we are always here to help. To establish a TOD registration, receive your free Transfer of Wealth Kit, or for information on products and services that might be integrated into your estate plan, please call us at 1-800-443-9794, or go to dreyfus.com to download a TOD form.

Transfer on Death (TOD) registrations are not allowed on foreign accounts or for residents within the state of Louisiana.

This information is general in nature and not intended to constitute tax or estate planning advice. Please consult your tax or estate planning advisor for more detailed information on these issues and advice on your specific situation.

1 Source: Center on Wealth and Philanthropy (CWP), Boston College, “A Golden Age of Philanthropy Still Beckons: National Wealth Transfer and  Potential for Philanthropy,” by John J. Havens and  Paul G. Schervish.

This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular investment, strategy, investment manager or account arrangement. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. Please consult a legal, tax or investment advisor in order to determine whether an investment product or service is appropriate for a particular situation. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. The Dreyfus Corporation and MBSC Securities Corporation are subsidiaries of BNY Mellon. ©2018 MBSC Securities Corporation, 225 Liberty Street, 19th Fl., New York, NY 10281.

 

DRD-35871-2018-09-07