Creating Strategies to grow, protect and transfer wealth.
Growing Wealth
When we first talk about growing money, the process is to review, among other things, risk tolerance, investment time frame, need for access to the money invested, special outside situations, age of investors, current investments and future income needs. Non-qualified investment options could include fixed rate annuities, mutual funds, money market accounts and cash. Qualified money investment options for individuals could include SIMPLE IRA's, IRA's, ROTH IRA's, SEP IRA's and Individual 401K's. Qualified investments, through employers, could include SIMLE, SEP, 401(k)'s and defined benefit plans. Finally, if we are growing for children / grandchildren, options could include custodial accounts, 529 plans and joint accounts.
Protecting Wealth
As in our growing wealth segment, reviewing goals, money usage and outflows, what portion is to be set up for passage to heirs, and other relevant issues are to be determined before deciding what strategies are implemented. Tax issues usually arise and their implications are considered as well.
Transferring Wealth
Depending upon the size and complexity of the estate, there could be estate planning and tax planning professionals involved. Strategies would include, among others, gifting, A and B trusts, life insurance trusts, last survivor polices, proper consideration of long-term care insurance and long-term care planning, and proper structuring if minor aged recipients are involved.
