Women Investors Need Advanced Estate Planning

Women who have significant assets set aside in investments should be prepared to accomplish both estate planning and asset protection planning together. NJ-estate-planning-women

A recent advisor authority study found that as the pandemic has raged throughout 2020 and 2021, many women investors have become more concerned about the state of their finances and are worried about the future. In that study approximately 75% of women who had over $100,000 in investable assets indicated that the pandemic had negatively impacted their ability to retire at the age of their choice.

Fewer than one third of the women investors who participated in the study had an optimistic financial outlook throughout 2020 and 2 in 10 said they will have to delay taking retirement income as a result of the impacts of the pandemic.

Although these findings are concerning, many women have turned to financial professionals and estate planning attorneys to help them to accomplish their individual goals and ensure that they have considered all possible places where they are exposed to risks.

Scheduling a consultation with a knowledgeable estate planning lawyer should be the first step in identifying how your estate or financial picture might have shifted as a result of the pandemic and the steps that you should take in order to protect yourself.       

Keeping up with the Jones? How the Wealthiest Families are Protecting Themselves

While asset protection is important for many individuals, it is particularly important for high net worth families. Asset protection strategies for these families should account for the fact that there is often much at stake. A recent article discusses how the wealthiest families are protecting their assets.

In order to begin the process of asset protection planning, a family must first consider the range of risks that they may face. Often, wealthy families are threatened by business liability, personal liability, risks to assets, and health care risks. Many become targets because they are perceived to have “deep” pockets.

One common way wealthy families protect themselves is through the creation of business entities to hold valuable assets. Families who own investment properties, for example, often create a separate business entity for each investment property. If a person slips and falls in one of the investment properties held by a limited liability company (LLC), the person would only be able to pursue the assets located in the limited liability company, rather than the individual’s personal assets.