Category: Legacy Planning
Are You Ready for the Great Wealth Transfer?
Over the next two decades, Baby Boomers are expected to pass down more than $84 trillion, making it the largest wealth transfer in U.S. history. For many families, this inheritance represents a life-changing opportunity, but it also comes with important financial challenges. Navigating an Inheritance: What to Do First Before making any decisions, take time to process your loss. Once you’re ready, gather all key legal and financial documents such as wills, trusts, account statements, and property titles. Not all assets are taxed or distributed the same, so understanding what you’ve inherited is essential. For example, an inherited IRA from a non-spouse falls under the SECURE Act and must be emptied within 10 years of the original owner’s death. If a trust is named a beneficiary, the tax bill can hit faster, so it’s important to establish that quickly. A taxable brokerage account is simpler because you get a step-up in basis to the date-of-death value, meaning little or no capital-gains tax if you sell soon. Non-qualified annuities are trickier. Earnings come out first and are taxed as ordinary income, and most contracts force you to cash out within five years or start lifetime payouts. Common Inheritance Mistakes to Avoid Without careful estate planning, it’s easy to make costly mistakes. One example is naming a trust as a contingent IRA beneficiary without understanding the tax implications. Another is leaving an IRA to one person and expe
Ask These Four Questions When Planning Your Legacy
While many people equate legacy planning with estate planning, they are not the same. Estate planning is a component, but legacy planning involves more than simply deciding who inherits your assets—it's about ensuring your wealth is passed down efficiently and according to your wishes. To help you get started, here are four essential questions to ask when preparing your finances to pass to your loved ones. 1. Is Your Beneficiary Information Up-to-Date? Every financial account you own—from retirement accounts to life insurance policies—requires a beneficiary designation. This can include primary and secondary beneficiaries, and you may even have multiple beneficiaries per account. It’s vital to review this information annually to ensure its accurate and reflects your current wishes. Ask yourself: Have there been any life changes, such as a marriage, divorce, or birth, that might affect your choices? Is the contact information, including addresses and phone numbers, up to date? It’s also wise to have a conversation with your beneficiaries so they understand what to expect. Additionally, consider assigning a Financial Power of Attorney for each of your accounts, and discuss the responsibility with that individual to make the process as seamless as possible in the event of your passing. 2. Are Your Beneficiaries Aligned with Your Wealth Transfer Strategy? Our beneficiaries are often family members—children, grandchildren, ni
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
Crain's Cleveland Business is a print and online newspaper delivering local business news and information to Cleveland's business executives, which is published by Crain Communications Inc. The Crain's list may employ different methodology than described above for similar designations granted in other years. No clients were consulted and no fees were paid to determine the winners; the award is based on assets under management. Neither the participating candidates nor their employees pay a fee in exchange for inclusion on Crain's List. However, recipients may pay a fee to Crain, an affiliate, or an unaffiliated third party in exchange for plaques or article reprints commemorating the designation. The publication should not be construed by a client or prospective client as a guarantee that they will experience a certain level of results if the recipient is engaged, or continues to be engaged, to provide investment advisory services; and should not be construed as a current or past endorsement of the recipient by any of its clients. In 2025, 2024, 2020 and 2019 Lineweaver Wealth Advisors (“LWA”) was ranked in the Top 25 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. In 2023, LWA was ranked in the Top 15 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. In 2021 and 2022, LWA was ranked in the Top 20 of Crain’s of Cleveland’s annual list of Registered Investment Advisors. For all years the awards were based on assets under management.
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