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.