I talk a lot about planning and how important it is for you and your family to have everything in place. It is not only important…it is critical.
But one area, and maybe the most visible, that everyone is concerned about is how do you protect your money and assets should something happen to you?
At Generations Law Group, we have decades of experience helping Idaho families and businesses alike build plans for the future, and we are ready to help you explore your options. To begin, let’s look at 4 easy ways to protect your money and assets.
1. Insurance
This is a huge area most people misunderstand. One way to think of it is that insurance is like the moat protecting your castle — life insurance, disability insurance, homeowners insurance, car insurance, liability insurance, medical insurance, and long-term care insurance.
The key is to shift the risk to someone else…namely the insurance companies. But they are critical to helping you ensure your financial security for unplanned events.
2. Social Security
This is an important asset to many people who have worked and contributed to the system.
In fact, social security is one of the few revenue streams that can withstand market downturns and inflation. Waiting to tap into this stream can pay significantly more as the years go by, so hold out as long as you can. These are also taxable so it is important to plan accordingly how you will want to use these benefits.
3. Estate Planning
Estate planning in Idaho is important if for no other reason than minimizing taxes. A well-written plan for a few thousand dollars can save tens of thousands (if not more) for your loved ones.
Another big plus of having a well-designed estate plan is to avoid probate. This allows your assets to pass directly to your heirs and not through the legal system.
Plus, don’t forget about your power of attorney documents and health directives…these are also extremely critical and part of the overall planning effort.
4. Structure (and how it affects taxes)
If you are a business owner, your structure can affect your financial situation.
Whether you are a sole-proprietor, LLC, corporation, partnership, or corporation, how you are structured can impact your financial situation.
Having a strategy for this can have some positive impacts on your tax situation. This is something that needs to be discussed with both your attorney and your financial advisor.
Contact Generations Law Group today
There you have it: 4 easy ways you can help protect your money and assets into the future. And when they are protected, you sleep better at night knowing that everything you have worked so hard to create is safe and sound. Contact us today to get started on your plans.
