Do you have the proper strategies in place to safeguard your legacy? If you’re unsure about your goals and whether they’re on track for you to retire wealthy, here are 5 things you need to get set up today.
If you think having a will is enough to protect your legacy, think again. Only a solid estate plan can give you and your family the peace of mind to know that your wishes will be properly carried out as you intended. A will only outline how assets are distributed, but an estate plan will also cover other important areas, such as how beneficiaries will deal with significant inheritances and which is the best way to move assets to avoid paying extensive taxes or probate fees.
Your business is your legacy, and you deserve to be properly compensated for it. To ensure this happens, you need to make the right choices with your business to secure cash flow, tax efficiency, succession planning, and to have an efficient exit plan in place. Your business is a major component of your wealth, so be sure to plan for the sale or transfer of your business when you can no longer run it to prevent it from falling into the wrong hands.
We all want to live comfortably in our retirement without having to worry about running out of money. If you have accumulated substantial wealth, it’s essential to have a well-structured plan in place to ensure your wealth remains intact for the duration of your retirement and far beyond. Knowing how much you need to save today to achieve your dreams and goals is only one step. Tax planning, cash flow, pension options and investment planning all need to be carefully considered as part of your wealth plan.
Leaving your accumulated wealth in a savings account is not a very efficient way to grow your wealth. Moving your money into an investment portfolio that is diversified to make maximum returns is a much better option. High net-worth individuals can also benefit from hiring portfolio managers to actively manage their personal wealth plan and safeguard their returns well into the future.
Another way to protect your legacy is through tax optimization strategies. Reducing your taxes when it comes to your business, estate, retirement, and investments can increase your overall wealth for you and your family. If you don’t know the rules of effective tax planning, hire a professional who does.
Get a strategy tailored to your goals and risk tolerance today to ensure that your legacy grows optimally and is protected now and into the future. At The Beacon Group of Assante Financial Management Ltd., our team can provide you with a complete plan that will address all aspects of your financial life to pave a safe and secure future for you and your loved ones. Contact us today to take the next steps forward.