Wealth preservation used to be a relatively small area of legal practice, but it has recently become a much more common concern. Since the economic downturn several years ago, more and more people have been concerned about protecting their assets and doing what they can to keep their estates safe for future generations. You aren’t the only one who will benefit from thinking ahead: by taking a proactive approach to implementing the wealth preservation strategies that are right for you, you also help to ensure that your family will be taken care of in years to come.
Why Planning Pays Off
It should come as no surprise that the best way to ensure that your estate will be handled as your want it to be is to start planning and exploring the options now. Insufficient planning can cause conflict, confusion, and hurt feelings in the future, so it’s better to start the conversation today. Here are a few of the reasons why your family will thank you:
- Your heirs cannot inherit what isn’t there. Put simply, no one will benefit from wealth that is no longer there. One of the first steps to providing for your family in the future is understanding asset protection today. If you are unaware of how taxation or civil law could impact your assets, or the degree to which a business matter could affect your personal finances, it is important to get informed.
- Keep complicated family situations from muddying the water. A number of factors can complicate what you may expect to be a fairly straightforward matter. If you are remarried and/or you or your spouse have children from a previous relationship, it is possible that your assets will be divided differently than you wish. You can determine the distribution of your estate, according to your own judgment and desires for your family.
- Start talking about it now. Increasingly, people are beginning to give what they call “early inheritance:” namely, paying out some of their estate to their heirs early, both to protect the assets and to have the chance to see them enjoy what they’ve been given. If you plan to donate a portion of your estate to charity, there’s no need to wait to have the conversation. By exploring your plans now, you can ensure that everyone’s on the same page and you know exactly where your wealth is going.
- Lead by example. It’s never too early to start having these conversations, and setting an example of taking an active role in preserving your wealth is a gift in itself.
Wealth Preservation in Pasadena, CA
At DCDM Law Group, we are proud to assist each of our clients with their unique asset protection and wealth preservation needs. These are complex areas of law with regulations that differ greatly between states, and the potential for missteps is high without an experienced estate lawyer on your side. There is no easy formula, and the last thing you want when protecting your assets is to leave a problem for your children to solve. We know you only want what’s best for your family, and so do we. Give us a call today to talk about how we can serve you.