Preserving Your Family’s Wealth
October 23, 2015
Have you considered what will happen to the wealth that you have accumulated after you are gone? How much of it will go to your children or loved family members? Will these individuals be capable of sustaining and further growing the Florida business that you have strived to create? These are all questions that one must consider when deciding how to preserve wealth. If you have a lot of financial assets, it is only natural to want to spread those funds amongst your children, but it must be done efficiently.
Though you may be used to taking risks, it is best to keep to the safe side of the game when preserving your wealth long term. Avoid taking risks or sharing information that could impact finances or relationships. The last thing that you will want is to create friction due to your plans for wealth preservation in the last moments of your life. It is best to keep it personal and efficient.
It is important that you keep a will and trust so that local and state officials do not gain control of your assets. If they do, their may be hefty fines involved. Draft a tax-efficient estate plan as soon as possible. Set money aside for taxes on the estate that you accumulate throughout your lifetime, this will help to preserve wealth for your family.
Writing a letter of wishes is a simple, yet great idea that will prepare your family. These are not generally a legally binding paper, but it will establish guidelines to follow after your death. If you have additional questions, speaking with an experienced attorney might be beneficial.