Preserving Your Wealth
You’ve worked hard to set and meet your financial goals so you can realize your dreams. Unforeseen circumstances as well as inflation, unanticipated expenses and taxes can erode the value of your assets. With longer life expectancies and higher costs of long-term care, preserving what you’ve got becomes critical.
Asset preservation
Clients with increased assets need to preserve themselves from certain “creditors” that may be a threat to their wealth: the IRS and state government, stock market, estate taxes, long-term care expenses and more.
*Asset preservation strategies may involve the use of insurance products. During an analysis of your financial situation, we can help navigate this use of insurance products in your overall financial plan.
Long Term Care*
We won’t admit it but NOW is the time to start planning for our long term care needs. Planning ahead is important because 70%** of people turning age 65 can expect to use some form of long-term care during their lives. And, most likely the older you get the greater the chance you will need long term care.There are a number of reasons many people don’t plan ahead. Maybe you think, that even as you age, you won’t be dependent on others or need assistance. Or, maybe you think you have time to buy long term care insurance. Keep in mind, the older you get the more expensive long term care insurance becomes.
With long term care planning you are helping to reduce the emotional and financial stress on you and your family. It gives you and your family confidence that it deserves.
*Availability varies by carrier and state
**Source: https://www.hhs.gov/aging/long-term-care/index.html
The description above contains only general information and may be suitable for all investors. your specific long-term care planning needs will be discussed during the planning process.
Diversification
Here’s one thing you should always keep in mind: multiplication does not equal diversification. In other words, owning many assets does not necessarily mean that you are truly diversified. Owning many different assets that behave differently during similar times throughout a market cycle is what true diversification really is.
At JS Financial, Joel Barjenbruch can help you create a plan to diversify your assets, address inflation and determine an appropriate withdrawal rate for your retirement needs.
There is no guarantee that a diversified portfolio will enhance overall returns or outperform a non-diversified portfolio. Diversification does not protect against market risk.