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Wealth Preservation

The Ins & Outs of Strategic Wealth Preservation

Simply put, wealth preservation is the protection of the financial assets you have accumulated. Wealth preservation can deal with different things, including legally protecting your assets as well as preventing the depletion of those assets during your retirement years. You must take care of both sides to ensure your hard-earned savings will be there for you during your retirement years.

Your assets may be at risk if you don’t have adequate insurance. A legal claim, unplanned medical expense, or uninsured medical needs can require you to deplete your retirement savings prematurely. Insurance protection can help with that. Your investments may also be at risk if the assets decline in value. Proper asset allocation and risk analysis are important to preserve your wealth. Finally, without a retirement income plan, you may withdraw more money than you should and reduce your retirement savings too early.

Wealth preservation strategies include proper estate planning and management, adequate insurance protection, a retirement income plan, and the continued administration of your wealth-building assets. Our financial planners can help you to preserve your wealth not only for your own future, but for your heirs as well. 

Common Wealth Preservation Strategies

Our goal is to help you protect and preserve your wealth in order to protect your lifestyle, your goals, and your future. Our financial planners routinely use a variety of strategies aimed at preserving and growing your wealth, including but not limited to:

  • Portfolio evaluation
  • Insurance
  • Diversification
  • Estate planning
  • Tax planning

The first step always includes an evaluation of your assets and your financial goals. Before you build additional wealth, it’s important that you have adequate insurance to protect the wealth you’ve already built. For example, you may own a million-dollar house, but without adequate liability insurance, one lawsuit can cost you your family home. 

With the right insurance policies in place, the next step is to ensure your assets are diversified properly. Putting all your eggs in one basket is short-sighted and won’t help you reach your goals. If you’re already making withdrawals from your retirement accounts, diversification is also important to provide the cash flow you need without sacrificing opportunities for growth.

FAQs about Wealth Preservation

What Is Wealth Preservation?
At its core, wealth preservation is about protecting your financial assets from disaster of any kind. Insurance can protect your wealth in case of legal claims, accidents, or health-related emergencies. Our financial planners also help you preserve your wealth by steering you toward the right investment vehicles and considering taxes and income needs before and during retirement.

How Do You Preserve Your Wealth?
The best way to preserve your wealth is to hire financial experts to assist you. There are many steps involved to prevent your assets from losing value. It’s not just about making the investment decisions that are right for you, but it’s also about looking at the big picture of your finances.

How Do You Protect Your Wealth?
Your accumulation of wealth can be at risk from several factors, including lawsuits, incidents not covered by insurance, and taxes on your earnings. Protecting your wealth includes securing proper insurance coverage, diversifying your assets, and engaging in proper tax planning. Our financial planners will discuss the steps you need to take to give you the peace of mind you deserve.

Let Us Help You Preserve Your Wealth

Let Us Help You Preserve Your Wealth

With wealth preservation, the main objective is to maintain your existing wealth, whereas before your main goal was to build up your assets. A lot of factors work against you, including inflation, long-term care needs, and capital market risk. If you’re extricating yourself from a business, there are additional tax implications to consider.

Our financial experts are ready to help you with wealth preservation planning. We don’t just look at your portfolio to determine the next steps. Instead, we examine the big picture: your insurance coverage, asset allocation, and tax and estate planning strategies all play a role in how your wealth is managed. Let us help you protect your hard-earned wealth!

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