Defend Your Wealth: Four-Step Process
Step 1: Discovery
Discover what you want to achieve with your wealth (and business).
- Your vision, values, and goals
- Time frames for achievement
Step 2: Document Audit
Assess your current wealth defense, i.e., what you have done so far to protect your wealth. Identify threats, such as estate taxes, income taxes, marketability of your business, asset protection, premature death, disability, etc. Audit the following documents:
- Wills and trusts
- Tax returns (personal and business)
- Investment statements
- Insurance policies and statements
- Business financial statements (balance sheets, profit and loss statements)
- Business benefits programs, etc.
Step 3: Brainstorming
Evaluate your alternatives and discuss pros and cons of each strategy to defend your wealth.
- Creation of your financial independence model
- Business succession/exit plan
- Wealth preservation strategies
Step 4: Action Plan
Implement your selected action items.
- Assign action items to your advisors (and yourself) to implement
- Impose a time frame to get things done
- Follow up and monitor as internal and external changes occur