Wealth Preservation : New Strategies to Preserve Wealth

At DCDM Law Group, a lot of what we do revolves around helping individuals and businesses who have either run into difficult times or are looking to protect themselves from any number of eventualities that could diminish the value of an estate. You have worked hard for what you’ve earned, and of course you want to preserve your wealth to pass on to loved ones or charities you believe in.

Have you taken these steps?

Many people come to us because they take pride in providing for their families and want to ensure that their children’s inheritance is kept as intact as is possible. While nothing is a substitute for an in-depth conversation with a skilled estate attorney, these simple strategies can give you an idea of what some typical options look like:

  • Early Inheritance: As people become more concerned about the welfare of their estate, some have started giving their heirs what is called an “early inheritance” while still alive — in addition to ensuring that your children get what you intend for them, you can have the pleasure of witnessing firsthand how they choose to use it.
  • Gift-Giving: You can’t lose what you no longer have, nor can it be taxed. If you’re concerned about preserving your assets, consider beginning to give what you don’t intend to use to your family members, or trusted charities. If this option sounds right for you, speak with one of our attorneys to ensure you stay within the legal limits of giving and avoid potential fraud allegations down the road.
  • Protect Assets with Exemptions: In case of a lawsuit or claim against you, your wealth may be jeopardized. In order to prevent this, consider investing what you can in areas that are exempted from seizure, such as homesteads, life insurance, some vehicles and furnishings, and retirement plans.
  • Avoid Unnecessary Taxation: With this strategy in particular, it is critical that you work with a trusted attorney to ensure that all actions stay well within the bounds of the law. It is possible to avoid some taxation of your assets by establishing them elsewhere geographically or by placing them in various types of trusts or limited family partnerships, among other advanced strategies.
  • Ownership and Liability: Perhaps the most important step you can take in protecting your assets and preserving your wealth is ensuring that you understand exactly what you own and what you may be liable for. Too often, people only learn this when a problem arises with a business partner or a divorce has unexpected financial consequences. At that point, it is possible to do damage control, but little else. The time to look into these matters is before a problem occurs, when you still have time to reconsider and rearrange your assets.

Wealth Preservation in Pasadena

There’s no time like the present to start thinking about the future, and we at DCDM Law Group want to help ensure that you know all of your options in wealth preservation. Whether your estate is going to your family or to a treasured charity, you should know all your options and have all the available information about how your wealth will be managed. Don’t wait — contact our office to learn more.