Wealth preservation is a hot topic right now. People are concerned about protecting their assets to provide for retirement and to protect their children’s inheritance. Some may find trust strategies for effective wealth preservation by consulting with their estate planning attorney.
Though the concept sounds simple – preserving wealth – the execution of wealth preservation strategies requires careful, knowledgeable planning. In fact, wealth preservation is the most important part of a successful wealth management plan.
Methods of wealth preservation include:
Wealth preservation can also be thought of as asset protection. Some trusts are effective at protecting assets from creditors, divorce, and civil judgments.
However, remember that not all trusts are created equal. For example, a revocable trust typically does not offer asset protection, while an irrevocable trust does. Always consult with an experienced attorney to understand your options and their consequences.
Trusts are always established for a reason. In this case, we are looking at trusts that help with wealth preservation:
It’s difficult to cover all available strategies for effective wealth preservation in this blog. Consulting with an experienced attorney is the best option for learning the trust strategies for effective wealth preservation that fit your circumstances.
The desire to protect your hard-earned wealth may be strong. However, desire is not enough – you need to take action today.
At Law Offices of John Mangan, P.A., we’ve helped many clients develop comprehensive estate plans that meet their goals and needs. We can set up an appointment for you if you just call 772-324-9050 or use our convenient Contact Form.
Located in Palm City, the Law Offices of John Mangan, P.A. also serves clients in Stuart, Hobe Sound, Jupiter, and Port St. Lucie.