Having a robust wealth preservation plan is critical for anyone looking to balance financial security and personal values. However, the journey to successful legacy wealth management isn’t an overnight one–it takes time, patience, and dedication.
In this article, we’ll explore the top legacy wealth management strategies that you can use to protect your assets.
Trusts
Trusts are legal structures set up by individuals or organizations with the intent of preserving their wealth for a particular purpose. Trusts can be used to protect assets from creditors, pass on money to heirs, and protect family wealth from taxation. Trusts are also an effective way of helping ensure that your investments remain in line with your personal values while protecting your financial security.
Tax Planning
Tax planning is one of the most important legacy wealth management strategies you can employ. Tax planning involves understanding and navigating the various tax laws in your jurisdiction to help minimize the amount of taxes owed. It can also involve setting up trusts or other legal entities that will help to reduce your liability and keep more of your wealth in the family.
Investment Strategies
Preserving wealth means making wise investments over time. It’s important to create a well-diversified portfolio that includes low-risk investments such as bonds and certificates of deposit to help ensure that your investments remain in line with your personal values. Additionally, you should consider investing in stocks and other higher-risk investments as long as you’re comfortable with the associated risks.
Estate Planning
Estate planning is an important part of any legacy wealth management strategy. This involves creating a plan for how your assets will be distributed after you pass away which includes setting up trusts, deciding who will receive the assets and how they’ll be managed, and making sure any taxes owed are taken care of.
Insurance
Insurance is another tool that can help protect your wealth. Term life insurance provides a way to help ensure that the people you care about are provided for if something were to happen to you, while disability insurance can help protect against lost income due to illness or injury. Additionally, you may want to look into long-term care insurance so that you’re covered in case of an extended hospital stay.
Retirement Planning
It’s important to save for retirement for you to be able to maintain your lifestyle when you’re no longer working. To do this, you’ll need to create an investment strategy that takes into account your expected rate of return and risk tolerance while also accounting for inflation. Additionally, it’s important to consider Social Security and other government benefits when creating your retirement plan.
Work with us
Keep in mind that legacy wealth management isn’t just about protecting your money and assets. It’s also about making sure that they are used in a way that benefits the people you care about.
At Robert Emmer with Silversage, we strive to provide the best possible advice when it comes to legacy wealth management. We also understand the importance of setting up a strong foundation for long-term prosperity, which is why we offer comprehensive estate planning, investment strategies, retirement planning, tax optimization, gifting strategies, and more. Our team of experienced advisors can help guide you through the process.
Our goal is to provide you with financial confidence to relieve your stress and worry.
Let us show you how our legacy wealth management services can be of assistance! Contact us!
This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of the author, and not necessarily those of Raymond James. Every investor’s situation is unique and you should consider your investment goals, risk tolerance, and time horizon before making any investment. Investing involves risk and you may incur a profit or loss regardless of the strategy selected. Be sure to contact a qualified professional regarding your particular situation before making any investment or withdrawal decision. This material is for general information only and is not intended to provide specific advice or recommendations for any individual. Financial and investment planning inherently involve potential tax and legal implications, with which we are generally familiar. We do not, however, practice as lawyers or CPAs and cannot give specific legal or tax advice. You should always consult with your tax advisor, or your attorney when making complicated legal or tax decisions, however, we’re glad to work with your tax or legal professional to help you meet your financial goals. Raymond James’ financial advisors do not render advice on tax or legal matters.