How To Safeguard Your Generational Wealth Against Different Financial Risks

Those who want to pass wealth to their kids & loved ones usually have worries about preserving their assets against inflation and economic fluctuations. Here, we have discussed 5 strategies you can employ to safeguard your wealth against different financial risks. 

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Manage your estate:

Estate planning is a crucial part of ensuring your wealth is allocated according to your wishes in the event that you become incapacitated or when you pass away. It’s important to have this process in place now so that your loved ones will know exactly how you want them to handle your assets when the time comes.

If you have already organized your estate, you might want to review your decisions from time to time. Recent changes in law and your own life may affect the way you want to leave things for your heirs. A certified financial planner (CFP) can help you adjust your estate plan as needed.

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Invest in the market:

Diversification is an essential part of any long-term wealth-building strategy. Because they can grow for many years, market investments such as stocks, bonds, and municipal funds are an ideal part of a diversified strategy for building long-term generational wealth. Start by investing in low-cost index funds, as they come with low fees. Then, expand your portfolio under the guidance of your certified financial planner.

Trust the next generation:

When you have a family business, it’s important for you to get your successors involved in your wealth management strategy. This will help them develop the confidence they need to make smart decisions, and it will also give them the chance to bring their own ideas and creativity to your business.

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Execute a continuity plan:

If your company accounts for a large amount of your generational wealth, create a continuity plan with your family members. This will help make sure that the company passes from generation to generation smoothly and that successors are prepared to assume their roles. It will also help preserve the longevity and efficiency of the company by detailing how to fill positions as people leave.

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Turn to a certified financial planner:

It can be difficult to preserve your generational wealth when handling it alone. Collaborating with a CFP or certified financial planner can help you establish goals that suit your needs and desires, map out an action-oriented plan for the future and guide you through the complexities of wealth management over time.

If you require aid navigating your generational wealth, feel free to get in touch with Haunn Landers & Co! 

For more information visit our website or call us at 905-821-8224. You can visit our business profile for more details

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Disclaimer: This content is created and provided by a third-party online content writer on behalf of Haunnlanders.ca, and is for promotional purposes only. Haunnlanders.ca does not take any responsibility on the accuracy of this article.

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