Advanced planning goes beyond investments and addresses the range of an individual’s financial needs such as wealth and lifestyle preservation, wealth enhancement, wealth protection, wealth transfer, and charitable giving. Most successful individuals and families have significant advanced planning needs that require addressing and effectively coordinating with the client’s other trusted relationships and in conjunction with their investment plan.
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Wealth preservation is about having enough money to fund a family’s lifestyle today and tomorrow.
Wealth Enhancement and Tax Impact
Of all the expenses investors pay, taxes have the potential for taking the biggest bite out of an investor’s total returns. That is why it pays to be sensitive to taxes as you work with your financial advisor to build and manage your investment portfolio. The goal of wealth enhancement is to minimize the tax impact on clients’ investment returns while providing the cash flow they need.
Those who have worked so hard to build their wealth also know they need to protect it. A wealth management plan should not only implement strategies for growing wealth, but also recognize the importance of protecting wealth against catastrophic loss, potential creditors, litigants, children’s spouses and potential ex-spouses, and identity thieves.
Your financial legacy can ensure the well-being of your heirs. Just as your financial plan gives you control of your investments while you are alive, a well-made estate plan allows you to decide how your assets will be handled when you pass away or become incapacitated. Estate planning is vital for ensuring that your property is distributed according to your wishes and that any taxes, fees, and work involved in settling your estate are minimized.
Regardless of whether your charitable giving is a result of your desire to improve the lives of others, create a legacy, gain tax benefits, or a combination of the three, it is a good idea to include your charitable efforts as part of your overall financial plan.