Tampa Wealth Preservation Attorney
You have spent a lifetime building your income and wealth. Now the question becomes, How do you protect that wealth moving forward? Obviously, everyone should have an estate plan. But a basic will is often not enough to ensure your family’s financial needs are met, both now and in the future.
Indeed, estate planning should be viewed as just one part of a larger wealth preservation strategy. An experienced Tampa wealth preservation attorney can provide you with invaluable guidance in this area. Knudsen Law is a full-service Florida estate and probate firm that can help you devise a wealth preservation plan that is customized to your financial situation.
Why Do Tampa Residents Need to Plan for Wealth Preservation?
Wealth preservation should not be viewed as a single action or plan. Rather, it is a set of tools used to maintain the value of your assets while minimizing potential legal and financial risks. Essentially, you want to try and sustain what you have while making sure it is available for your future descendants.
Some of the more critical aspects of wealth preservation include:
- Financial Planning: You need to map out your financial goals and how to achieve them. At the same time, making a financial plan is never a static affair. You need to review and periodically adjust your financial planning as circumstances change, both in your personal life and in the market at-large. This includes ensuring your asset portfolio is properly diversified to guard against the periodic downturns that all markets experience.
- Estate Planning: Having a will is just the start of your estate planning, not the end goal. To fully protect your assets and reduce potential estate and gift tax liability, you should consider placing key assets in trusts that are specifically designed to reduce your taxable estate.
- Insurance: Your sudden death or disability can have substantial financial ramifications for your family, in addition to dealing with their personal loss. A good wealth preservation strategy therefore involves purchasing and maintaining adequate insurance, including life insurance, long-term care insurance, and even supplemental health coverage to fill in the gaps left by Medicare.
- Business Succession Planning: If you own, or co-own, a business, you need to start thinking now about how to transition that business when you decide to retire.
- Gifts: If there are family members and other individuals you want to provide for financially, it can make good legal and tax sense to gift them certain assets while you are still alive. This can reduce your potential estate tax liability and actually help to preserve the wealth you have built over the long term.
Reach Out to a Tampa Wealth Preservation Lawyer
Wealth preservation is not a boilerplate or one-size-fits-all matter. It requires individual attention and careful review of a person’s financial, family, and legal situation. If you are interested in learning more, it is best to speak with a qualified Tampa wealth preservation attorney. Contact Knudsen Law today at (727) 398-3600 to schedule a consultation.
