Manage Personal Wealth

Understanding The Need For Managing Personal Wealth

Substantial personal wealth is typically accumulated through a successful business or career, wise investing, receiving an inheritance, or a combination of these. As your wealth increases, your desires and lifestyle may change, and your sights and standards may become higher.

Your interests may include:

Protecting and growing your assets.

Preserving your financial freedom.

Continuing to enrich your personal life.

Expanding your business.

Supporting important charities.

Making gifts to your children or to other family members.

While achieving wealth may free you from routine financial concerns, your financial position also brings significant financial management responsibilities.

A comprehensive wealth management plan protects and preserves your assets now and for generations to come.

Protecting Your Assets

To achieve your financial goals, you must first protect your assets. Effective money management demands time, resources and expertise to maximize wealth-expansion opportunities. If you are like many people, taking the time to pursue your individual dreams, whether in business or leisure, makes it difficult to do the research and make the many decisions required to keep up with today's multiple financial opportunities.

Financial Concerns Of The Affluent

Different types of wealth create different financial concerns. Each requires its own distinct strategy and solution. Below are some concerns that face the affluent.

If You Are A Business Owner...

Tax management involves personal and business taxation.

Lack of time. You need to focus on running your business.

Business succession. Will ownership of your business transfer to the proper party at the appropriate time?

Estate problems. You need a plan to preserve your wealth for your heirs.

Key employee retention. How can you keep your most valuable employees?

If You Are Retired...

Tax management involves minimization of income taxes for yourself and estate taxes for your heirs.

Lifestyle adjustment. Retirement brings many changes, both financial and emotional.

Income strategy. You need your wealth to provide sufficient income, while it continues to grow.

Medical/healthcare concerns. You need to plan for possible healthcare and long-term care needs.

Asset diversification will help protect your wealth, and an estate plan will help preserve your wealth for your heirs.

If You Have Inherited Wealth...

Tax management involves reduction and deferral of capital gains and income taxes.

Lack of experience in investing. An experienced advisor can help you define your financial goals.

Lifestyle decisions. Will your sudden wealth change how you live?

Estate problems. You need a plan to preserve your wealth for your heirs.

Asset diversification will help protect your wealth.

A Complete Financial Program

Cutting Taxes

Most wealthy people would agree when it comes to finances, a very important immediate concern is taxation. You may now be paying an unnecessarily high percentage of your income to the government. A complete financial plan will address your income and estate tax concerns and may save you a significant amount in taxes, allowing more of your wealth to work for you.

Positioning Your Assets

There are thousands of potential investment choices. It is important for one in your financial situation to assure that your assets are properly positioned. Growing and protecting your investments through diversification and discipline will be critical to your continued financial success.

* Securities products are offered through Carillon Investments, Inc.

Protecting Yourself From Creditors

In today's world, litigation is commonplace. The more affluent you are, especially if you are a business owner or professional, the greater your potential for exposure to litigation. Financial vehicles such as annuities, IRAs and life insurance may help protect your assets from creditors.** You may want to include one or more of these types of assets in your comprehensive wealth management plan.

** State and federal laws determine creditor protection offered by various financial vehicles.

Your Partner For Success

A strong financial plan can help you preserve your financial position. There are a number of investment choices from which you can select to manage your assets and preserve your wealth. These may include annuities, mutual funds, life insurance, and other asset types. Your individual goals and tolerance for risk will determine the best strategy for you.

The development of a comprehensive financial strategy is essential to protecting your wealth and making sure that your legacy is passed on intact to your heirs. The key to preserving your assets is the establishment of a long-term working relationship with a financial advisor.

Working with other professionals that may include your attorney and accountant, your advisor can customize an asset management plan to help you accomplish your goals. Then, through regular assessment of your plan's effectiveness, you can make your vision for the future a reality.

Where Do You Go From Here?

Wealth creates complex demands. With these demands comes the need to protect and preserve your financial position. By meeting with a financial advisor to refine your goals, you can create a dynamic asset management plan. By taking action now you can protect and preserve your wealth, for yourself and for the ones you love.

Additional information about insurance products and terms can be accessed on www.life-line.org.