You’ve spent your life building wealth and carefully managing investments. Now you need to protect those assets again sudden economic changes and across multiple generations. Long-term financial management often starts by relying on the expertise of skilled advisors who understand the unique needs of high net-worth individuals, along with comprehensive risk management strategies. Below are a few essential tips for effectively protecting your money.

3 Wealth Protection Strategies

1. Asset Consolidation

Investment diversification insulates you from market shifts and downturns in specific sectors, but using several different financial management firms is often a mistake. Maintaining accounts with multiple institutions makes tracking your investments more difficult and can impede growth if your financial advisors are working at cross purposes. Using a single trusted team gives you the benefit of a cohesive strategy designed to minimize risk and maximize growth.

2. Establish a Trust

Retitling assets under a trust shields them from seizures related to lawsuits and other legal judgments. In certain situations, holding property in a trust may reduce your spouse’s tax liability if they inherit the marital home after your death. Most importantly for many families, trusts also give you the power to place conditions on your children’s inheritances, which helps preserve the wealth you’ve created.

3. Invest in Insurance

Because it minimizes risks and shields you from the unexpected, a comprehensive insurance program may be one of the most valuable investments you can make. Along with liability coverage, which protects you from lawsuits, you may also consider investing in disability and long-term care insurance, which covers costs that can quickly drain the resources of even financially secure families.

Drawing on their extensive expertise and proven suite of asset protection instruments, Economic Strategist helps individuals and businesses throughout the Dallas-Fort Worth area of Texas maintain the wealth they’ve built. Their comprehensive range of financial management services is designed to cover every aspect of your life, from tax liabilities to investment accounts and long-term planning. Visit their website for more on their capabilities. Call (214) 383-1350 now to sign up for an asset protection seminar today.