Responsible asset protection planning is another benefit of using an independent financial services firm. This means finding legal ways to minimize the amount of money that your heirs will lose to taxes when you pass away. Setting your assets up properly can make a big financial difference to your family when you’re no longer around to protect them.
Taxes aren’t just a concern for your heirs. You know that large check you write to the IRS each spring. Proper tax protection planning can make sure that you’re getting all of the deductions you deserve and aren’t paying any more than your fair share in taxes.
Having adequate life insurance is another essential part of wealth management, just as important as income planning. Life insurance lets your family continue to live as they have even after you’re no longer around to provide for them. Talking with a life insurance advisor can make sure that they will not only be able to pay your final expenses, but will have money for living expenses going forward as well as dreams like college and travel.