What Is Legacy Wealth Management?
Legacy wealth management is an often overlooked strategy for preserving and passing on your wealth. It’s a form of financial planning that helps you not only manage the assets that will be passed down to your family but also helps ensure those assets are handled properly and efficiently. Legacy wealth management assists with a variety of services ranging from estate planning and asset protection to tax planning and retirement planning.
Why Is Legacy Wealth Management Important?
Preserving your legacy is an important part of leaving something behind for future generations. With good wealth management, you can feel confident that your family is on track for financial independence. Legacy wealth management helps you ensure that your assets are properly allocated and managed, while also providing tax and legal advice. Additionally, legacy wealth management can provide strategies for preserving your assets from potential creditors or other claims against them.
Strategies to Preserve Your Wealth:
- Asset Protection: One of the most important aspects of any legacy wealth preservation strategy is asset protection. This involves structuring and organizing your assets to reduce legal and tax liability and to help ensure that the assets are passed onto future generations in a way that is financially beneficial.
- Estate Planning: While asset protection is important, estate planning and proper management of your estate can help ensure this legacy will be preserved for years to come. Estate plans should take into account taxes, inheritance laws, and any other legal considerations that might come up.
- Professional Guidance: Professional guidance can be invaluable when it comes to preserving your legacy. A financial advisor or trust attorney can help ensure that both assets and estate plans are managed properly and efficiently.
- Invest Wisely: When it comes to investing, there are a number of strategies that can be used to preserve your wealth. Investing in low-risk, long-term investments may be the appropriate allocation strategy. Also, diversifying investments across different asset classes can help protect you from market volatility and help maintain the value of your legacy for the future.
How to get started
Start by seeking professional guidance. An experienced financial advisor or attorney can help create a strategy that helps meet your individual needs and helps ensure the success of your legacy.
Additionally, it is important to stay informed about current trends in estate planning and asset protection, as well as any changes to the law that could affect your plans.
Our professional planning services at Robert Emmer with Silversage can provide the advice and guidance you need to help ensure your family’s financial success. Our team of experienced professionals specializes in providing comprehensive wealth preservation strategies tailored to each client’s individual needs, and we strive to provide the best possible solutions to help ensure that their legacy remains secure for years to come.
Contact us today to learn more about how we can help you create a lasting legacy for your family.
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 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.