If you have an asset protection plan in place, a periodic review of your strategy is critical. Tax laws and economic conditions change, as do your personal circumstances, and your asset and estate plan should reflect the most current conditions.
Technology and globalization have brought us to a time and place where economic conditions have begun to change more rapidly than ever before. And, as a result, reviewing and updating your asset protection strategies regularly has become even more important.
Protecting your assets and preserving your wealth is typically accomplished through a combination of investment strategies, estate- and tax planning, under the advisement of an experienced tax attorney. This is the most effective way to ensure that your planning strategies keep up with the changing economic landscape.
The Rapidly Changing Asset Protection Landscape
One of the most intriguing changes that have emerged over the past decade is the increasing focus on social responsibility in asset management and protection, as well as in investments.
Data-driven decision-making is another growing trend in investing, estate and tax planning strategies. High-level data analytics provide a more accurate snapshot into the future than we have ever had. However, as we move into 2020 and beyond, analytical insight will become as ubiquitous and reliable as technology has become.
However, as no proverbial crystal ball yet exists, we must still err on the side of caution and incorporate an appropriate mix of high-, medium- and low-risk strategies into any asset, estate or tax plan.
How Will Future Economic Conditions Affect Your Assets?
Although nothing new, speculation about rising interest rates and the potential for a capital market correction should keep us on our toes as we cruise toward a new decade. Globally, political issues will directly affect economic factors worldwide.
Although few prognosticators envision any catastrophic economic events, ensuring you have effective protocols in place to protect your assets has never been more important. Ensuring you have made provisions for retirement, protecting your family and preserving wealth for future generations deserves your full attention today.
Strategies for Keeping Your Asset Protection Plan Current
If you have not established an asset protection and estate plan, it’s time to get started. But, even if you do already have a comprehensive plan in place, don’t rest on your laurels for too long.
Consulting with an experienced tax and estate planning lawyer can provide a solid basis from which to begin.
The tax attorneys of Cantley Dietrich assist business owners and highly compensated individuals with complex estate plans, tax planning and wealth preservation. With a strong focus on compliance, we work closely with our clients to ensure that asset protection strategies adhere to governing laws and regulations. Contact us today to discuss your asset protection and estate planning with one of our industry-leading tax attorneys.