Skip to main content

Family Wealth Preservation

Keeping what you’ve got, or “wealth preservation,” is a related yet distinct planning process from estate planning.

Estate planning is performed with the results of wealth transfer in mind, i.e, giving what you’ve got away.

Wealth preservation is performed with the results of keeping as much of the wealth that you accumulate or have accumulated over the course of your life as well as in future generations.

Wealth building is the key component to wealth preservation but in the passion to launch, smallbiz owners often overlook the important legal steps that help build wealth.

Parents should also consider wealth preservation issues long before the children reach college age years. Many parents are co-signers on children’s student loans which means if the child defaults, the parents’ resources may be in jeopardy.

Maintaining Your Net Worth

Once an individual or family has started to consider retirement or a business owner has surpassed the “lean years”, wealth preservation becomes critical.

A number of mechanisms are available to help you protect your assets from the overly zealous litigious individuals. These mechanisms include, from simple to complex: umbrella insurance, malpractice insurance, key-man insurance, LLCs, Domestic Asset Protection Trusts (“DAPTs”), and Foreign Trusts.

I just started my business, why do I need a wealth preservation plan?

Congratulations! Small business owners are the true blood of America’s economy. To answer your question: You need a wealth preservation plan as much or even more so than an established business so that you can make decision that are key for staying in business during the lean and mean years of entrepreneurship.

Be sure to check out our Small Business Services FAQ for key information on special fees for you!