From Yahoo Finance: 2025-06-16 09:16:00

Smart, high-income individuals understand wealth is for growing and sharing across generations. Certified financial planners help wealthy clients transfer wealth efficiently. Strategies include annual gifts under the $19,000 tax exclusion, education investments like 529 plans, and using family limited partnerships for high net worth families to avoid estate tax.

Education is a valuable wealth-transfer tool, with 529 college savings plans offering tax advantages and growth potential. Funding education can reduce student loan debt and increase financial freedom for future generations. Access to higher education also provides knowledge and social capital for wealth building in the long term.

For very high-income individuals, a family limited partnership can help transfer assets tax-efficiently to the next generation. This complex strategy allows for the transfer of ownership interests while staying under the annual gift exclusion limit, especially for assets that could exceed the estate tax exemption of $14 million per individual or $28 million per couple. 1. The stock market experienced a significant drop today, with the Dow Jones Industrial Average falling by over 500 points. Analysts attribute the decline to concerns over rising inflation and potential interest rate hikes by the Federal Reserve.

2. A new study published in a leading medical journal suggests that the Pfizer-BioNTech COVID-19 vaccine is highly effective in preventing severe illness and death caused by the Delta variant. The study found that two doses of the vaccine provide strong protection against the variant.

3. The United Nations released a report highlighting the urgent need for action to address climate change. The report warns that the world is on track to exceed the 1.5-degree Celsius warming limit set by the Paris Agreement, with devastating consequences for the planet.

4. In entertainment news, actor Will Smith announced that he will be starring in a new action movie set to be released next year. The film, titled “Fast & Loose,” will be directed by John Wick co-director David Leitch and is already generating buzz among fans.

Read more: 3 Wealth-Transfer Tips I Tell My High-Income Clients