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The Threats for Wealthy Families Are on The Rise

Security threats are more prevalent than ever and multi-family offices are being targeted in the most recent round of attacks. According to a recent study, only 9% of all respondents out of 55 family wealth firms were involved day to day in security risk management. Although up to 73% reported recent concerns associating incidents involving their clients.

 

asset protection planner lawyerA comprehensive asset protection planning approach should always be taken for any wealthy family that is concerned about protecting the wealth they have worked so hard to build. The most prevalent type of financial issue affecting wealthy families, according to the study was credit card fraud.
More than half of the respondents indicated that, at least one of their clients was a victim of credit card fraud in the previous year. Another unsuspecting and yet serious trend has to do with tax returns being hijacked. Given that there are many different ways that high net worth individuals can be targeted, including litigation or a spouse attempting to pursue personal assets as a stake in the divorce, it is extremely important for any high net worth individual to schedule consultation with an experienced asset protection planning attorney to talk over the benefits of advanced planning.

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Do You Really Owe Your Kids an Inheritance?

It is never easy to approach the topic of estate planning for anyone. One of the most common reasons that people are uncomfortable with this topic as a whole is that they are concerned that talking about it means reflecting on their own mortality. should you leave behind an inheritance?

This is certainly a challenging act by approaching your estate planning but things can become even more complicated and you may begin to wonder whether or not you owe your children an inheritance and the best ways for leaving behind assets. A recent study conducted by the Insured Retirement Institute indicated that only 46% of baby boomers felt that it was important to leave an inheritance behind to loved ones. In the past, however, that number was closer to the two-thirds rate.

Many people in mid-life expect to spend everything that they have before they pass away; an indication that longevity numbers are certainly having an impact on people’s ability to stretch their retirement income. This also highlights the potentially catastrophic cost of long-term care in health issues.

Planning ahead is key if you do intend to leave behind an inheritance. If you don’t make the proper plans for it, you could be setting up your hires for numerous problems. The state and federal government could end up taking a tremendous amount out in terms of taxes and you could also expose your beneficiaries having this information tapped into by creditors. Leaving behind a legacy is a common goal for many people engaged in the estate planning process and you can accomplish this by consulting directly with an experienced and knowledgeable estate planning lawyer.